It will also now accept applications from borrowers who have missed one mortgage payment in the last 12 months.
Hanley Economic Building Society has started accepting near prime applications from borrowers who have been in a Debt Management Plan for over 12 months without a missed payment.
It will also now accept applications from borrowers who have missed one mortgage payment in the last 12 months.
David Lownds, head of marketing and business development at Hanley Economic Building Society, said: “Supporting customers who have had a ‘life event’ i.e. redundancy or a relationship breakdown is a very mutual thing to do.
“We believe such people should still have access to a mortgage at a competitive interest rate and that’s why we initially entered the near prime sector.
“Following a successful launch period we have carefully extended this range and engaged with the intermediary community to implement the kinds of criteria changes demanded by their clients.
“Our aim is to become the first alternative for intermediaries within this sector, and we are constantly striving to better support their needs and those of their clients.”
Hanley Economic launched its first near prime product in September 2017.
It has three products in the range, including one at 3.19% to 50% LTV with a £500 fee to 5.00% to 70% LTV with a fee of £1,250
Advances are available up to £500,000.
