The Mortgage Works introduces adverse credit range

Amanda Jarvis

January 24, 2005

The new mortgage portfolio offers Light Adverse and Credit Repair mortgages at low fixed and discounted rates with no extended early redemption charges.

Commenting on the new range, Matthew Wyles, Group Development Director, said, “The Mortgage Works is already an innovative and fast growing specialist lender. This product launch will act as our bridgehead into the adverse market from which we intend to build a much broader presence. We hope to see many of our impaired credit borrowers graduating over time into our highly competitive prime mortgages and becoming members of Portman Building Society. If they make their payments on time, we will do the rest.”

Products in Brief:

Light Adverse
– 5.99% 2-Year Fixed, without extended tie-in
– 5.99% 2-Year Discount, without extended tie-in
– Designed for applicants who have an impaired credit history, but have been free of arrears or defaults for the past 12 months or longer. These are clients who have satisfied all their requirements and are meeting their current commitments.

Credit Repair
– 6.49% 2-Year Fixed, without extended tie-in
– 6.49% 2-Year Discount, without extended tie-in
– Designed for applicants with outstanding judgements against them who are looking to restructure their finances to get back on track. Provided there are no current outstanding arrears, they may have missed one mortgage payment in the previous six months.

Once servicing the loan without problems, borrowers will then be offered a range of standard rates.

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