Chorley Building Society has added new Credit Renew mortgage products and updated lending criteria, in response to broker feedback.

The society has increased the LTV on both its Credit Renew 1 and Credit Renew 2 products.

Credit Renew one – two year discount is now available at 90% LTV (previously 80% LTV) and Credit Renew two – three year discount is now available at 75% (increased from 70%).

Also available are 60% LTV options on both products.

Chorley’s Credit Renew 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.

Chorley’s head of business development Stuart Bryce commented: “We understand that sometimes a client may experience a life event that impacts their credit file.  At Chorley Building Society we offer a range of credit renew products that are available to those who have recovered from this life event, but may not meet our standard lending criteria.

He added: “We have now introduced additional LTV’s to further reflect the differing needs of clients.”

Defaults up to £1,000 can now be accepted on standard lending (subject to still meeting being registered more than six months ago and no more than two in last two years).

If a client has a default, they are now able to settle this with the loan, subject maximum LTV.