Legal & General Mortgage Club has announced the launch of four exclusive new products with Atom bank.
From today, advisers placing business with Atom bank via L&G Mortgage Club will benefit from four exclusive two-year fixed rate product options.
As near prime products, the mortgage club suggested the new options are suitable for those with “less than perfect” credit scores, such as borrowers who may have missed a payment, as well as those with a past county court judgement or default.
The first product is available at up to 60% LTV and is priced at a rate of 2.45%, while the second option offers up to 65% LTV with a rate of 2.69%. Two other options are available and include a 70% LTV product with a rate of 2.74% and a 75% LTV option at 2.89%.
L&G Mortgage Club head of lender relationships, Danny Belton, commented: “The unprecedented economic challenges caused by the global pandemic clearly demonstrate the importance of offering a varied and accommodating range of products for borrowers.
“We are therefore proud to announce these new product exclusives with Atom Bank which are tailored to support those with credit impairments, and we look forward to expanding our offering in the coming months.”
Atom Bank head of lending, digital mortgages, Paula Mercer, added: “Our near prime mortgages are built for customers with less-than-perfect credit. We are delighted to offer L&G advisers access to an exclusive range of near prime products, opening up the market to those who may have trouble securing a mortgage from a traditional lender.
“The range allows us to support borrowers who have had previous financial difficulties, such as CCJs, defaults, and missed payments.”
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