A new two-year tracker mortgage launched by Infinity Mortgages offers a discounted mortgage rate to borrowers with adverse credit problems.
The tracker mortgage comes with no redemption overhang and a discount of 1.25 per cent in the first two years of the mortgage term, the Mortgage Introducer website reports.
This mortgage leads the poor credit mortgage market, the head of marketing and communications at Infinity Mortgages told the website.
Simon Biddle adds that with mortgage rates starting at 5.35 per cent, this poor credit mortgage offers "exceptional" value to mortgage borrowers.
Mortgage borrowers can take out this poor credit mortgage for a maximum loan-to-value of 95 per cent, which is based on the mortgage lender's extra light criteria.
It further accommodates county court judgments (CCJs) of up to £2,000 and a month's mortgage arrears upon application, but the mortgage lender warns that funds are limited and will be allocated on a "first come first served basis".
The mortgage lender has also increased its allowable builder deposit to 15 per cent.
"The increase in the new build deposit underlines our commitment to the new build market," Mr Biddle concludes.
Poor credit mortgage launched by Infinity Mortgages
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Poor credit mortgage launched by Infinity Mortgages
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