Credit Renew Category 2 – 2 Year Discount 75% LTV

This product is available for applicants who fall into Category 2 of the Society’s Credit Renew Criteria. Please refer to the Credit Renew Criteria for guidance.
Maximum Loan to Value (LTV) 75% LTV
Initial Variable Interest Rate, currently: 4.15% (1.09% discount from our Standard Variable Rate for 2 years. The discount is subject to a minimum interest rate “floor” of 2.00%).
Followed by our Standard Variable Rate thereafter, currently: 5.24% (The Society’s Standard Variable Rate is set by its Board of Directors).
The Overall Cost for Comparison is: 5.3% APRC
Interest Calculated: Daily

Minimum – 18 years

Minimum – 2 years
Maximum – 40 years

Minimum Loan £50,000

Maximum Loan £1,000,000 (Maximum Loan amounts vary by LTV, please refer to our current criteria for details)

Debt Category 1 Category 2
CCJ Subject to 1 or more CCJs in the last 3 years up to value of £500 that are connected to a credit agreement
·          Registered 3 or more years ago and;

·          Settled over 12 months ago


·          Registered in the last 3 years and;

·          Settled less than 12 months ago, or still outstanding


Must be settled before completion
Default Subject to 1 of more default within the last 2 years connected with a credit agreement
·          1 default that does not exceed £500 and;

·          Settled over 12 months ago

·          More than 1 default and;

·          Overall amount is above £500 and;

·          Settled within last 12 months or remains unsettled

Must be settled before completion
DMP Subject to a DMP within the last 2 years
·          Settled over 12 months ago ·          Settled within the last 12 months or remains unsettled
·          Applicants must not be impaired.

·          Any CCJ, Default or DMP related to unsecured/secured lending is unacceptable, if the cumulative arrears reached equivalent of 3 or more monthly payments within last 2 years.

·          To be able to apply for the Category 1 Product the applicant must meet all the requirements e.g. registered CCJ more than 3 years ago but only settled in last 12 months would place in Category 2 and all CCJs would need to meet the criteria in Category 1 if the applicant had multiple CCJs.

·          If during underwriting criteria for the Category 1 product is found not to be met the applicant would be only be eligible for Category 2 product.


The following multiples apply:

For 1 or 2 Applicants Up to 4.49 x Total Income

For 3 or 4 Applicants Up to 3.25 x Total Income

Our decision to lend will depend on whether the loan is affordable, which we will determine from an assessment of your income and other financial commitments, alongside the impact of future interest rate increases. To get an idea of how much you may be able to afford please speak to your mortgage advisor.


Application Fee There is no application fee payable for this product.
Scheme Fee 1.00% of the loan (can be added to the loan, subject to LTV, or paid on completion. Fees added to the loan will accrue interest. Further details are available on application).
Mortgage Exit Administration Fee £75 (paid on redemption).
Valuation Fee Paid directly to valuer by the applicant – see Valuation Fee Scale for details. A standard mortgage valuation is required on all properties.
Procuration Fee A Procuration Fee will be paid by the Society upon completion of the mortgage. Please refer to your mortgage broker for details.
Early Repayment Charge 1.09% of the redemption balance for 2 years.
Overpayments The Society will allow overpayments of up to 10% of the capital balance per annum without invoking an early repayment charge.
Portability You can keep this mortgage should you move to a new property. This mortgage is portable subject to your status meeting our criteria.
Insurance Buildings insurance is compulsory in all instances, the Society will require a copy of the customer’s policy in advance of completion.
Representative Example: The following is a representative example based on a mortgage of £159,144.00 payable over 25 years initially on a discounted variable rate of 4.15% for 2 years followed by our Standard Variable Rate of 5.24%. In this example you would make an initial payment of £943.53 then 23 monthly payments of £853.30 followed by 276 monthly payments of £946.20. The total amount payable would be £283,942.07 made up of the loan amount plus interest of £122,576.63 and the following costs, a Scheme Fee (£1,591.44), a Chaps/Telegraphic Transfer fee (£25), a Valuation Fee (£200.00), Legal Fees (£330.00) and a Mortgage Exit Administration Fee (£75.00).

The overall cost for comparison is 5.3% APRC representative. Note: What you will pay may vary from this and will depend on your personal circumstances.