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Stroud & Swindon aims to offer credit-repair loans within a year

Stroud & Swindon Building Society predicts that it could be offering credit-repair mortgages in 12 months as it reveals its online intermediary arm.

Last week, the company revealed it will be launching its broker arm as an online-only operation only in October. It will offer S&S prime, self cert and buy-to-let products but sales and marketing director Linda Will says within a year it could be offering credit-repair mortgages.

Will says: “Stroud & Swindon had the intermediary proposition planned last year but a full launch seemed somewhat inappropriate right now. We had the online proposition 99 per cent up and running so we decided to carry on with it.

“I am quite convinced that we will get into credit repair within the next 12 months. The market is getting back on its feet. Right now, it is just a matter of confidence rather than funding. Adverse will not go back to the way it was as people will have learned their lesson.”

Checkmate Mortgages executive chairman Stephen Knight says: “Lenders will seek higher-margin business, and light-prime and medium adverse are obvious opportunities.

“But the timeframe is uncertain and I think that it is unlikely that we will ever return to heavy adverse and unlimited sub-prime lending.”

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