The Cambridge has launched its Credit Assist mortgage range, designed to support borrowers who have an impaired credit history due to missed payments, CCJs or defaults on credit agreements.
The new range of Credit Assist mortgages replaces the Cambridge’s previous Home Solutions mortgage products.
The Credit Assist mortgage range is offered to those who have up to five missed payments in the past two years on credit cards, mail order, utilities or communications.
The range is also applicable to those who have unsatisfied defaults up to the value of £100 in the past two years.
The 2-year fixed rate product is available at 3.49% up to 85% LTV and the 3-year discounted rate available at 3.94% up to 85% LTV with no early repayment charges.
Tracy Simpson, head of lending at the Cambridge Building society, said: “At the Cambridge we’re committed to introducing solutions that help a wide range of customers, and our newly launched Credit Assist range specifically aims to help those mortgage customers who have experienced credit issues in the past and who are finding it difficult to secure a mortgage.
“Credit Assist helps these customers get back on track.
“In addition, our experienced team review each application on an individual basis which provides the highest level of support.”
The Credit Assist Mortgage Extra range is offered to customers who have had three or more unsecured loan missed payments, up to two secured loan missed payments and CCJs or defaults satisfied or unsatisfied up to the value of £5,000.
In this range, the Cambridge are offering a 2-year fixed rate product at 5.29% up to 70% LTV and a 3-year discounted rate product at 5.19% up to 70% LTV with no early repayment charges.