nigel woollsey

Nigel Woollsey

Online Writer
Published: 21/01/2020

The Cambridge Building Society has recently announced that it is launching a new range of Credit Assist mortgages, with the aim of targeting residential customers who have a history of missed payments, County Court Judgements (CCJs) or defaulting on credit agreements.

This new range of mortgages replaces The Cambridge Building Society’s previous Home Solutions mortgage products.

Customers will have a choice of either a fixed rate or discounted rate option on both new products, the Credit Assist Mortgage and Credit Assist Mortgage Extra.

The two new mortgage products carry different qualifying criteria, with the Credit Assist Mortgage being available to consumers who have missed up to five payments in the last two years on credit card, mail order or utility bills, as well as those who have unsatisfied defaults within the last two years.

The Credit Assist Mortgage Extra offers hope to customers who have a more challenging credit history, specifically those with three or more unsecured loan repayments, two missed secured loan repayments, as well as CCJs or those who have unsatisfied debts up to £5,000.

Neither of the new mortgage products are likely to be easily suitable to first-time buyers as a minimum of 15% equity is required for the Credit Assist Mortgage options, which rises to 30% equity for the Credit Assist Mortgage Extra products.

Tracy Simpson, head of lending, commented: “At the Cambridge we’re committed to introducing solutions that help a wide range of customers, and our newly launched Credit Assist range specifically aims to help those mortgage customers who have experienced credit issues in the past and who are finding it difficult to secure a mortgage. Credit Assist helps these customers get back on track. In addition, our experienced team review each application on an individual basis, which provides the highest level of support.”

The Cambridge Building Society offers mortgages for residential properties in Bedfordshire, Buckinghamshire, Cambridgeshire, Essex, Hertfordshire, Norfolk, Northamptonshire and Suffolk.

For a more in-depth treatment of home-buying options for those with a poor credit background, take a look at our dedicated guide: Obtaining a mortgage if you have a bad credit history. In addition, our mortgage comparison charts give you the low-down on the latest deals across the whole UK marketplace.

Disclaimer

Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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