Chorley Building Society Expands Credit Renew Range with New Mortgage Products

Chorley Building Society has announced the launch of new mortgage products and updated lending criteria for its Credit Renew range, following feedback from brokers. The society has increased the loan-to-value (LTV) on both its Credit Renew 1 and Credit Renew 2 products.

Applying for a mortgage can be a complex process, but Chorley Building Society is making it easier for those with imperfect credit histories.

The Credit Renew 1 product now offers a 2-year discount at 90% LTV, while the Credit Renew 2 product offers a 2-year discount at 75% LTV, up from 70%. Additionally, 60% LTV options are available on both products.

Stuart Bryce, head of business development at Chorley Building Society, explained that the society understands that life events can impact credit files. “At Chorley Building Society, we offer a range of credit renew products that are available to those who have recovered from this life event, but may not meet our standard lending criteria. We have now introduced additional LTVs to further reflect the differing needs of clients.”

“We understand that sometimes a client may experience a life event that impacts their credit file.”

— Stuart Bryce, head of business development, Chorley Building Society

In addition to the updated LTVs, Chorley Building Society has also relaxed its lending criteria to accept defaults up to £1,000, subject to certain conditions. Clients with defaults can now settle these with their loan, subject to maximum LTV.

Mortgage brokers can now offer their clients more options with Chorley Building Society’s expanded Credit Renew range.

Liz Pearson, head of lending, emphasized the experience of the society’s underwriting team in handling Credit Renew cases. “Our underwriting team have a great deal of experience in Credit Renew cases. They are very happy to advise brokers on any cases that they may have that may fall into this specialist lending.”

With these updates, Chorley Building Society is making it easier for brokers to find mortgage solutions for their clients with imperfect credit histories. The expanded Credit Renew range offers more options and flexibility for those who may not meet standard lending criteria.

With Chorley Building Society’s expanded Credit Renew range, more clients can now access the mortgage market.