Credit impaired lending policy improved by Coventry
Published On 27 October 2006
Coventry Building Society has announced that it has improved its lending policy on credit impaired mortgages.The lender claims that its new policy for its range of credit impaired mortgage products will help more people secure the kind of mortgage that suits them and is a response to industry suggestions.
The changes take immediate effect and include provision for up to 90 per cent loan to value (LTV), no early repayment charges (ERCs), and customers can opt to transfer to prime products in the future.
Under the terms of the new credit impaired mortgages, all defaults and any county court judgements (CCJs) registered more than 36 months ago are ignored.
PMS managing director, John Malone, welcomed the move, claiming that it had been an effective response to debt advisors' comments.
Colin Franklin, Coventry head of sales, added: "We have made these improvements to our lending policy as a result of listening to feedback from our introducer contacts and designing what they want for their clients. The combination of products and policy offer value, affordability, flexibility and transparency."
Coventry Building Society has been in the credit impaired mortgage lending market since July 2007 and offers market-leading rates starting from as little as 5.9 per cent for borrowers with poor credit ratings.
