Chorley Building Society has boosted and updated its Credit Renew range for customers with lower credit scores.

The mutual says there are now two loan-to-value products available in each Credit Renew category, with an improved discount that lowers the initial interest rate.

The business says its “range of Credit Renew mortgages are designed for customers who are not credit impaired but have recently experienced a life event they have recovered from which has impacted their credit profile meaning they do not meet our standard lending criteria”.

Criteria examples of this include customers who may be subject to more than one county court judgment against them in the last three years, “not connected with a mortgage, loan or revolving credit”. The total of all judgments must not exceed £500.

Also, borrowers can be subject to more than two defaults within the last two years, “not connected with a mortgage, loan or revolving credit regardless of the total amount”.

The lender says these products are split into category one and category two, “which acknowledges the differing stages that customers may be at, in their recovery from life events”.

Its new Credit Renew range is as follows:

Credit Renew 1 at 75% LTV – two-year discount – currently 2.99% (3.00% discount from standard variable rate)

Credit Renew 1 at 85% LTV – two-year discount – currently 3.69% (2.30% discount from SVR)

Credit Renew 2 – at 70% LTV – two-year discount – currently 3.49% (2.50% discount from SVR)

Credit Renew 2 – at 80% LTV – two-year discount – currently 3.99% (2.00% discount from SVR)

Chorley Building Society head of lending Liz Pearson says: “Our underwriting team have a great deal of experience in Credit Renew cases. They are very happy to advise brokers on any cases that they may have that may fall into this specialist lending.”