Norwich and Peterborough launches adverse credit mortgage schemes

22 June 2005
Norwich and Peterborough Building Society (N&P) is to move into the adverse credit market with the launch of two new mortgage schemes.

Dubbed Light Adverse by N&P, the schemes offer those with less than perfect credit histories the chance to get a foot on the property ladder.

They are aimed at customers who want to move away from a previous bad credit position, homebuyers who have suffered from bad debt after relationship breakdown but are now looking to get back on track, and people with arrears that have been settled.

The discounted variable rate scheme offers a rate of 4.9 per cent (1.65 per cent discount) for one year, followed by the standard variable rate (currently 6.55 per cent).

For customers more interested in a fixed rate deal, the two-year fixed rate Light Adverse scheme offers a rate of 6.74 per cent for two years, after which it reverts to the standard variable rate.

"Credit impaired mortgages are a growing market and we have looked carefully at how we should be helping our members before launching these products," said Gary Lacey, group product manager for N&P.
Both schemes carry a reservation fee of £395.

Click here to find out more about adverse credit mortgages.

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