A selection of two-year
fixed-rate and
tracker mortgages are now available at Norwich and Peterborough
Building Society .
The
credit repair
mortgages have been aimed at homebuyers who may be suffering from
adverse credit problems.
Individual circumstances dictate which
mortgage customers can take out, with homebuyers holding a "light adverse"
credit rating entitled to a
home loan with a rate of
bank base rate plus 0.49 per cent for two years and a
loan-to-value of 90 per cent.
Alternatively, people with larger
debt problems, recent
county court judgements or those who have settled an
individual voluntary arrangement will have access to other
poor credit mortgage products.
Richard Barker, product manager for the building society, remarked: "Credit impaired mortgages are a growing market.
"Whilst we are careful about
lending in what is a higher risk area of
mortgage business, this type of lending has become commonplace."
He added that by using the building society's affordability index, the
company can gather a clearer picture of an applicant's incomings and outgoings, as well as a precise view of whether they will be able to afford a mortgage or not.
Norwich and Peterborough Building Society is one of a number of
mortgage lenders who offer deals that aim to give something back to the
environment .
