Ipswich Building Society has unveiled a credit repair range of mortgages.
Borrowers who make all their payments over the discounted period are guaranteed to be able to switch to its standard range.
Richard Norrington, chief executive of Ipswich Building Society, said: “This launch strengthens our commitment to tackling diversity in the mortgage market.
“Our manual approach to underwriting, at the heart of our mortgage business, provides the flexibility to consider applications from borrowers deemed to be ‘mortgage misfits’ by many other lenders.
“By offering a credit repair guarantee we are offering the opportunity for many people facing credit repair to get back on track.”
Ipswich now offers a near prime 2-year discount variable product at 4.29% to 75% loan-to-value with a £250 application fee and £1,000 completion fee.
The society is also offering a ‘feather prime’ 2-year discount SVR at 4.69% to 60% LTV with a £250 application fee and £1,750 completion fee.
Meanwhile it has a credit recovery 3-year product at the SVR plus 0.95%, meaning it stands at 6.19% to 60% LTV with a £250 application fee and £2,250 completion fee.
All new products are available for purchase and remortgage but exclude first-time buyers, while they have a minimum loan amount of £350,000.