Leeds Building Society is launching a new 'lending channel' to provide mortgage loans to customers whose credit record impairs their chances with other lenders.
Evidence on a putative customer's credit record including County Court Judgements, mortgage defaults, IVAs and bankruptcy often counts against them among conventional lenders, but Leeds will be "sympathetic to their individual circumstances", according to general sales manager Kim Rebecchi.
The service targets "customers with impaired credit" including "people who have had their credit ratings detrimentally affected as a result of divorce or separation".
Meanwhile, GE Money Home Lending (GEMHL) has revealed that sub prime mortgages, which target customers with impaired or low credit ratings who find it difficult to obtain loans from traditional sources, are set to constitute almost a quarter of mortgage brokers' business by 2010.
The survey of mortgage brokers also found that one in five brokers anticipates issuing a higher number of sub prime mortgages over the next 12 months.For more information about bad credit mortgages, click here.
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