Melton Building Society has reduced interest rates on its credit repair mortgages, which are aimed at borrowers with poor credit histories.
The mortgage lender said it would be reducing rates across the range of credit repair deals by up to 0.49% as of today (Thursday 15 February).
The rate reductions come as many lenders have been adjusting their prices downward. But Melton said, by lowering prices on its credit repair range, it was reaffirming its commitment to helping make home ownership aspirations a reality for those who have suffered light to heavy adverse credit.
The product range, which includes two-year discounted and fixed rates, aims to support applicants who have suffered a period of adverse credit to get their credit back on track and provide long term security through home ownership.
The Society said it would consider applicants looking to borrow up to 70% LTV whose credit history may include:
- IVAs or Debt Management Plans
- CCJs
- Bankruptcy
- Repossession
- Defaults
- Mortgage arrears
Dan Atkinson, head of intermediaries, said: “We’ve listened to feedback from our brokers and we’re delighted to provide new lending options for a range of applicants.
“We are committed to helping people who do not meet the traditional lending criteria of high street lenders, and hope to provide more borrowers with opportunities to own their own home with our new range of products.”
Meanwhile, the building society is also introducing a brand new self-build mortgage which does not have any early repayment charges.
It aims to offer those borrowing to build or renovate their dream home more choice and flexibility when it comes to their lending. The Standard Self Build 2 Year Discounted deal has a rate of 6.35%, up to 75% loan-to-value with a £199 application fee and a 0.50% completion fee.
