Aiming to support borrowers with a history of adverse credit, the range includes four residential credit repair products
Harpenden Building Society has introduced a new residential credit repair product range, aimed at supporting borrowers with a history of bad credit who have since settled their debts but still find themselves unable to access mainstream financial services.
The offering, which is initially being made available through a select group of intermediary firms, is designed to cater to individuals previously affected by missed payments, defaults, county court judgements (CCJs), debt management plans, and bankruptcies.
The range includes four residential credit repair options, featuring fixed rate and variable rate terms. The loans are available up to a loan-to-value (LTV) ratio of 70% and a maximum loan size of £750,000.
For customers who have cleared CCJs and defaults up to £2,000, and who have had no more than two missed payments in the last two years, the products include two-year variable rate options starting at 7.19% and fixed rates beginning at 7.39%. An arrangement fee of £995 is applicable to these options.
“As a specialist lender, we aim to provide lending solutions to underserved borrowers,” said Mike Cutler (pictured), commercial director at Harpenden Building Society. “In recent years, there have been significant challenges for many borrowers resulting in financial blips and poor credit histories and who are finding that now that they wish to move house or refinance, they find themselves excluded.
“We are launching initially through selected distributors so that we can ensure our pricing and criteria drive the right level of demand, then we will look to open this out to the wider market to help more borrowers.”
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