
Melton Building Society is launching credit repair mortgage deals with no completion fees.
The products for borrowers with light to heavy adverse, which are categorised from near prime enhance at the lightest end of the scale, to credit recovery at the heaviest.
Its new credit repair range deals have a £199 application fee but no completion fee.
For those with the lightest and least recent credit blip in its near prime enhance category, Melton is offering a two-year fixed at 80% LTV for 6.29%.
This is available to borrowers with up to two missed secured credit payments in the past 24 months, one of which may have been within the last year, but none in the last six months.
For near prime borrowers, a two-year fixed at 75% LTV is available at 6.44%.
In the credit assist category, a two-year fixed at 75% LTV is 7.24%.
In the credit recovery category, which allows up to three missed secured credit payments within the last year including one in the past three months, a two-year fixed at 75% LTV is 7.64%.
All of the above products offer a free basic valuation.
Head of product and marketing Jamie Hyland says: “We are delighted to introduce these new products to our credit repair product range.
“We believe that these changes will provide options for those that might consider completion fees as a barrier to borrowing.
“As a mutual building society, we’re dedicated to providing fair value lending options for a wide range of applicants, including those with impaired credit.
“As a mutual building society, we’re dedicated to providing fair value lending options for a wide range of applicants, including those with impaired credit.
“We remain committed to helping those who perhaps do not meet the traditional lending criteria of high street lenders, and we hope these reductions will encourage those who have experienced a financial hiccup to pursue their home ownership ambitions.”