As a result of intermediary feedback, the building society will now accept applications from borrowers who have been in a debt management plan for over 12 months without a missed payment, and from prospective borrowers who may have missed one mortgage payment in the last year.

Hanley Economic launched its first near prime product in September 2017 and now has three such products.

David Lownds, head of marketing and business development at Hanley Economic Building Society (pictured above), said that supporting customers who have had a 'life event', such as a redundancy or relationship breakdown, was a very mutual thing to do.

“We believe such people should still have access to a mortgage at a competitive interest rate and that's why we initially entered the near prime sector.”

The building society's near prime product deals start from 3.19% at 50% LTV with a £500 fee, rising to 5% at 70% LTV with a fee of £1,250, with advances available up to £500,000.

There is no credit scoring across the range and self-employed, as well as employed, income is allowed.

“Following a successful launch period, we have carefully extended this range and engaged with the intermediary community to implement the kinds of criteria changes demanded by their clients,” added David.

“Our aim is to become the first alternative for intermediaries within this sector, and we are constantly striving to better support their needs and those of their clients.”