Homeowners with adverse credit problems could now apply for one of two new poor credit mortgage schemes from Norwich and Peterborough Building Society (N&P).
The launch of these two "Light Adverse" mortgage schemes is the Society's first venture into the poor credit mortgage market.
The first poor credit mortgage scheme is available at 4.9 per cent discounted variable rate over a year, and the other at 6.74 per cent.
Gary Lacey, N&P's group product manager said the poor credit mortgage market is growing, and before launching these mortgages, the Society looked carefully at how it should be helping members.
A successful pilot of these two poor credit mortgage schemes showed that homeowners with adverse credit problems are not already satisfied with the poor credit mortgage market.
"Whilst we are very cautious about lending in what is a higher risk area of mortgage business, this type of lending has become very commonplace," Mr Lacey commented.
"Using our affordability index means we have a clearer picture of an applicant's earnings and outgoings and a more accurate view on whether they can really afford the mortgage."
Both poor credit mortgage schemes are available at 85 per cent loan to value.
These two poor credit mortgage schemes are aimed at customers who are looking to move away from a previous position of adverse credit problems.
They would also appeal to homebuyers with arrears and CCJ or bankruptcy that have been settled or where a bankruptcy has been discharged.
Homebuyers who have suffered from adverse credit problems after relationship breakdown could also make use of these mortgages to help them get back on track.
Poor credit mortgage schemes launched by Norwich and Peterborough
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Poor credit mortgage schemes launched by Norwich and Peterborough
Tue, 21 Jun 2005
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