Spring Finance has introduced a new second charge mortgage.
The offer is a 75 per cent LTV product set at a variable rate of 9.65 per cent.
It is aimed at clients with minor adverse blips on their credit profiles who might still fall into niche lending that many other lenders would reject, according to the firm.
Spring Finance head of sales Graeme Wade comments: “Here at Spring Finance we want to be seen as a proactive and reactive credit lender that adds true value to the lending market we sit in.”
Promise Solutions managing director Steve Walker says: “Credit repair is an area many brokers overlook because they cannot place this type of business on a remortgage basis.
“It is good news for borrowers as it allows them to return to mainstream borrowing a year or so down the line whilst potentially reducing their credit outgoings which puts them in better shape to maintain a good credit history in the interim.
“It is also good for brokers as they can be rewarded for the loan and subsequent mortgage transaction whilst often gaining a customer for life.”