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No Credit Score Mortgages Legal & General Mortgage Club has launched a new mortgage where applicants do not need to be credit scored.

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No Credit Score Mortgages

April 21, 2010 at 2:15 AM

Legal & General Mortgage Club has launched a new mortgage where applicants do not need to be credit scored. The two-year fixed-rate mortgage, which has a rate of 3.35pc, is the only offer of its kind available to borrowers.

A spokesman for L&G said: "Credit scoring has its place but complex prime cases are not always catered for by this approach. There are many reasons why an otherwise creditworthy borrower might generate a low credit score. Ditching credit scoring is an innovative, back to basics way of looking at lending and the rate on this product is extremely competitive too."

The product, which is provided by Hanley Economic Building Society, comes with a £100 booking fee and a £1,399 administration fee and is available to a maximum loan-to-value (LTV of 75pc).

Any mortgage that uses old-style underwriting rather than a formulaic credit score is welcome as this is very rare in the mainstream market, and the rate is also reasonable competitive.



Tags: mortgage news
Category: Best Mortgage Deals

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