Hinckley & Rugby BS launches range for borrowers with complex credit history
Hinckley & Rugby Building Society has launched a Credit Renew range to support borrowers who have historical adverse credit, but have since rebuilt their financial health.
The mutual said the range was designed to give brokers an improved range of options to choose from for their formerly credit-adverse clients.
Credit Renew introduces a two-tier approach to the mutual’s credit proposition, offered alongside Credit Assist.
Credit Assist is aimed at borrowers with lighter historical credit issues, while Credit Renew is designed for borrowers with a more complex credit history who have since re-established their financial stability.
The new range includes two products available for purchase and remortgage, each offering £250 cashback. Both products carry an £800 completion fee and a payable valuation fee.
The two-year fix at 75% loan to value (LTV) is offered at 6.54%. The two-year discount rate is offered at 5.94% variable up to 75% LTV.
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Christopher Holmes, senior product and proposition manager at Hinckley & Rugby Building Society, said: “Credit Renew has been created for borrowers who may have faced financial difficulty in the past but are now in a stronger and more stable position. Life events such as unemployment, illness or relationship breakdown can affect anyone and may lead to
significant, but often temporary, financial challenges.
“Many people work hard to rebuild their financial stability, and we believe they should have access to a considered lending approach that looks at their current circumstances, not just their credit history.
“By combining broader criteria with individual underwriting, Credit Renew gives brokers more flexibility and helps us respond to the real needs of today’s borrowers.”
