Colin Franklin, head of sales at Coventry, commented: “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.
“This is a fast growing sector of the mortgage market and by introducing specific credit impaired mortgages we are filling an important gap in our mortgage portfolio. We can now help individuals with past credit problems and enable them to move onto the Coventry’s standard products as their credit worthiness improves. We believe the products will offer a compelling combination of value, affordability, flexibility and transparency.
“We are offering the products directly to our mortgage introducers for their clients who fall into ‘near prime’, ‘extra light’ and ‘light’ adverse categories. Our online systems have been designed to automatically identify the available credit impaired product range and lending criteria for individual clients. In addition, 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.”
