Hopeful homeowners at Barratt's developments across the North West who have previously struggled to secure a mortgage with high street lenders are being offered a second chance - thanks to a new specialist mortgage product from Aldermore Bank, which is working in partnership with Barratt Homes' independent mortgage broker, Acumen Finance.
Through its collaboration with Acumen Finance, Barratt Homes customers who have previously been declined by high street lenders because they have failed to meet their strict credit score criteria, may now have an opportunity to borrow under the Help to Buy - Equity Loan scheme.
Unlike most of its competitors, Aldermore does not use a rigid credit score system based solely on a computer-based decision. Its team of mortgage specialists carry out a "human" credit check and manually underwrite the mortgage application, which views each case on an individual basis, taking time to understand the client's requirements and ability to repay the loan.
Commenting on the new mortgage, Barratt Homes Head of Sales and Marketing, Michaela Lancaster, said: "We're delighted to be able to offer our customers this mortgage exclusively though Acumen. Aldermore's brand new product provides a much need alternative for buyers who have been declined by the high street lenders' automated credit scoring systems.
"Since its launch less than a week ago, we've already seen a sharp surge in re-applications and new prospective buyers across all of our developments. It's a very positive and exciting opportunity."
Mark Francis, MD of Acument Finance said: "This new product plugs a crucial gap in the mortgage market, which is currently governed by extremely stringent lending criteria. It doesn't take much to fail a computer-generated credit check, as many of our customers have discovered. It can be as simple as one missed credit card payment or unsecured agreement, CCJ or default registered more than three years ago.
"The rate is competitive at 3.98% available fixed for two years, which also gives customers a level of security. We're expecting a high take up of this product, and look forward to working alongside Barratt customers to help them become home owners."
For enquiries contact Barratt Manchester on 0844 5566 166. Or contact Acumen Finance on 0161 688 1111.