N&P is offering a range of two-year fixed and tracker products, dependent on the buyer’s credit situation.
Homebuyers with a ‘light adverse’ credit rating, such as those with a maximum of GBP2,000 in CCJs within the last two years or a maximum of one mortgage arrear in the last year and none in the last six months, could take a mortgage with a bank base rate at 0.49% for two years alongside a 90% loan to value.
Those with more recent CCJs, larger debt, or for buyers whose bankruptcies have been discharged or who have settled an individual voluntary arrangement with a lender, other products and rates will be available.
Credit impaired mortgages are a growing market. Whilst we are careful about lending in what is a higher risk area of mortgage business, this type of lending has become commonplace and using our affordability index means we have a clearer picture of an applicant’s earnings and outgoings and an accurate view of whether they can really afford the mortgage, commented Richard Barker, product manager for N&P.
