The deal is fixed for two years at 3.35%, and L&G claims it is the only offer of its kind currently on offer.

Martin Smith, head of mortgages at Legal & General, 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 mortgage, 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.

Melanie Bien, director of mortgage broker Savills Private Finance, said:

“A product that uses old-fashioned underwriting rather than a formulaic credit score is welcome as this is very rare in the mainstream market, and the rate is also quite competitive.”

However, Bien pointed out that borrowers should be exercise caution as th elender is likely to apply more stringent manual underwriting criteria to this product than it would to those being assessed with a credit score.

She said: “For example, it may take a harder line with regard to existing debt, loan multiples, and other properties in the background.”