The mortgage is suitable for borrowers with a poor credit history because of CCJs, bankruptcy or because they have defaulted on loan repayments. The application removes the need for homebuyers to disclose financial information face-to-face with an intermediary or adviser and a decision in principle is given online.
The mortgage is a three-year fixed rate at 5.87 per cent. The maximum amount loaned is 80 per cent of the value of the property. There are no valuation fees for purchasers, but a £395 arrangement fee is charged and £100 fee is payable upon application. A further £295 fee will be added to the loan upon completion.
