Would-be homeowners get ‘second chance’

HOUSEBUILDER Barratt is offering wannabe homeowners across the region who have struggled to secure a mortgage a second chance.

The company has launched a new specialist mortgate product from Aldermore Bank, which is working in partnership with Barratt Homes’ independent mortgate broker, Acumen Finance.

Through the collaboration, Barratt customers who have previously been declined by high street lenders because they have failed to meet strict credit score criteria, may now have the chance to borrow under the Help to Buy – Equity Loan scheme.

Aldermore says it does not use a rigid credit score system based solely on a computer-based decision. It’s team of mortgage specialists carry out a “human” credit check and manually underwrite mortgage applications.

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.

Mark Francis, managing director  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.”