Those with
adverse credit problems who are hoping to find a
poor credit mortgage can now apply for
poor credit mortgages by Cheshire Building Society online.
The
mortgage lender believes these
poor credit mortgage deals can help repair borrowers'
credit by allowing them to apply for a standard mortgage once the fixed term of the poor credit mortgage has come to an end.
Available to
first-time buyers, homebuyers and
remortgage customers with
adverse credit problems, the mortgage lender's Credit Repair three-year
fixed rate mortgage offers a maximum
loan-to-value of 80 per cent.
Mortgage borrowers can take out a poor credit mortgage valued between £25,000 and £350,000 at a fixed
mortgage rate of 5.87 per cent.
The mortgage lender's standard variable rate will be charged at the end of the fixed term.
No higher lending charge applies and
insurance is optional. Three months of Mortgage Care insurance is added free of charge.
Overpayments of up to £5,000 a year will be allowed penalty-free, while underpayments and payment holidays will also be allowed. Mortgage borrowers may also make lump sum withdrawals.
