Chorley Building Society updates credit renewal products

Chorley Building Society has updated and expanded its credit renewal products based on broker feedback.

There are now two loan-to-value (LTV) products available in each credit renewal category, with enhanced LTV products that have a discount enhancement that reduces the initial interest rate paid.

The lender’s credit renewal products are divided into category one and category two, which recognize the different stages customers may be at in their recovery from life events.

There are four main changes. These include the renewal of credit of a product at 75% LTV with a discount of 2.99% over two years, a discount of 3% compared to the SVR of the mutual.

Chorley’s credit renews one at 85% LTV has a two-year discount at 3.69%, a 2.30% discount from SVR.

The credit renew two products at 70% LTV is on a two-year discount at 3.49%, a discount of 2.50% of SVR while the credit renew two at 80% LTV has a discount of two years at 3.99%, a discount of 2% of SVR.

Liz Pearson, Head of Loans at Chorley, said: “We have now introduced additional LTVs to better reflect different customer needs. »

“Our underwriting team has extensive experience in revolving credit cases. They are very happy to advise brokers on any cases they may have that may fall under this specialist loan.”

Stuart Brice (Photo)Business Development Manager at Chorley Building Society, said: “We understand that sometimes a customer may experience a life event that impacts their credit report. At Chorley Building Society we offer a range of loan renewal products which are available to those who have recovered from this life event but may not meet our standard loan criteria.

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