The portfolio includes fixed and discounted rate mortgages with no extended early redemption penalties and is comprised of light adverse and credit repair products.
The light adverse is designed for applicants with minor CCJs and mortgage arrears of up to two missed payments in the last 12 months with a maximum of one in the last six months and arrears to be satisfied on or before completion.
The rate is 5.99 per cent fixed or discounted until 31 August 2007 with a maximum LTV of 85 per cent at £300,000 and 75 per cent at £600,000. The criteria includes CCJs to a maximum of £5,000 and bankruptcy discharged for more than one year.
The credit repair product is aimed at more recent credit impairment including mortgage arrears of up to three missed payments in the last 12 months also with a maximum of one in the last six months and arrears to be satisfied on or before completion.
The rate is 6.49 per cent fixed or discounted until 31 August 2007 with a maximum LTV of 85 per cent at £300,000 and 75 per cent at £600,000. Also included are CCJs up to a maximum of £6,000 and bankruptcy discharged for more than six months.
Matthew Wyles, group development director at The Mortgage Works, said: “We entered this market cautiously at the beginning of the year and now feel ready to write a broader range of business. We have maintained our pricing at the leading edge of the market and loosened our criteria.”
Gordon Steyn, mortgage operations director at Thinc, said: “This is a good, bold moove since it cherry-picked the products when launching but now the widening of its criteria will make it much more attractive to the borrower.”
