Coventry Building Society has today launched into the sub-prime mortgage market, after announcing its intention to do so earlier this year.
It is offering what it calls near prime, extra light and light adverse deals. It also claims to be the only top 20 mortgage lender to offer all of its introducers credit impaired products with no early repayment charges.
Head of sales Colin Franklin says: “We believe this is a completely fresh approach to credit impaired lending by offering products without any early repayment charges across our whole range. We have listened to our introducer contacts and are determined to provide the flexibility they want for their clients which has been so absent from the market.
“We are filling an important gap in our mortgage portfolio. If a client qualifies for a standard residential mortgage instead of a credit impaired mortgage, the system will automatically move the application to the correct product range.”