New research by the company revealed the extent to which potential homeowners could be affected. The research, conducted by independent research agency BMRB, shows that one in five people in the UK are affected by credit rating problems and one in four do not realise that simple things like ‘numerous credit searches against your name’ or ‘late credit card payments’ could affect their credit rating. Moreover, 55% would not know where to turn if rejected by their bank or building society for a mortgage.
The new service, Credit Assist, aims to find a better mortgage arrangement for those with credit problems by placing their business with a mainstream lender with a reasonable rate of interest. By broking the market, Towry Law Mortgages will seek to reduce the potential cost of a mortgage with savings of approximately £275 per month (£3,303 per annum) for those people homebuying and £239 per month (£2,868 per annum) for those remortgaging. If Credit Assist is unable to arrange a mortgage with a mainstream lender, they will subsequently approach a sub-prime lender but waive the fee for their advice.
