Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Solutions. Read the original article for full details.

Hinckley & Rugby BS Unveils Mortgage Range for Complex Credit Borrowers

Hinckley & Rugby Building Society has launched a new Credit Renew mortgage range aimed at borrowers with a history of adverse credit who have since improved their financial standing. The range is designed to provide brokers with more options for clients who have previously faced credit challenges.

The Credit Renew range introduces a two-tier approach to the building society’s credit proposition, offered alongside its existing Credit Assist range. While Credit Assist is intended for borrowers with lighter historical credit issues, Credit Renew is specifically targeted at those with more complex credit histories who have re-established financial stability.

The new range includes two products available for both purchase and remortgage. Each product offers £250 cashback, an £800 completion fee, and a payable valuation fee. The two-year fixed rate is set at 6.54% up to 75% loan to value (LTV), while the two-year discount rate is 5.94% variable, also up to 75% LTV.

For letting agents and inventory clerks, the introduction of these products may be relevant for tenants or landlords who have experienced financial difficulties in the past but are now seeking to purchase or remortgage property. The availability of mortgage options for those with complex credit histories could potentially broaden the pool of eligible buyers and landlords in the UK property market.