UK lender offers credit repair mortgage
Cheshire Building Society started offering credit repair mortgage to the consumers with bad credit. What's more, anyone can apply online, which is very convenient for someone who doesn't like the idea of sitting with loan officer and explaining his credit problems. This is the first time credit repair mortgage application is available online in UK from a mainstream lender.
Applicants must meet certain parameters, here are some of those:
- 20% down payment
- no bankruptcy within last 12 months
- no first time buyers
- no County Courts judgements or defaults in the last 6 months
There is 3-2-1 early repayment charge meaning that if the consumer remortgages or sells, he will be charged 3% of the original mortgage in the 1st year, 2% in the 2nd year and 1% in the 3rd.
This mortgage program have 6.27% Fixed Mortgage Rate until August 31, 2008. Such credit repair mortgage will hopefully improve customers' credit ratings so they can later switch to mainstream mortgage products.
Visit Cheshire credit repair mortgages
Wed Jan 18, 2006 02:01PM by Tony | More in Credit Repair |
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