CAN YOU GET A MORTGAGE WITH ADVERSE CREDIT HISTORY? WITH FINANCE4HOME'S HELP - YES YOU CAN!

ADVERSE CREDIT

CAN YOU GET A MORTGAGE WITH ADVERSE CREDIT HISTORY? WITH FINANCE4HOME'S HELP - YES YOU CAN!

ADVERSE CREDIT

ADVERSE CREDIT HISTORY

Are you struggling to get a mortgage or remortgage because of Adverse Credit History?

When it comes to taking a mortgage most lenders have taken a very strict view as to who they consider to be worthy of a mortgage. They prefer to deal only with those who have faultless credit histories and adequate deposits.

You are not alone!

Money and credit problems can affect anybody at any time due to a number of reasons. Having just gone through one of the most turbulent and prolonged financial crises globally in modern times, it’s hardly surprising that a lot of people have been affected by the recession.People can get into financial difficulties through absolutely no fault of their own and even if they were not blameless, they would like the opportunities to sort things out.

There is a solution

There is some good news. There are some specialised lenders in the market place that are very willing to provide mortgages for people with adverse credit situations. The deals that they can offer are unlikely to match those of a standard mortgage. These lenders were previously known as either “sub-prime” or “non-conforming”. They will, however, almost certainly charge higher rates.

Your chances of getting a mortgage are improving

While these lenders want to separate the standard mortgages from the adverse ones, the deals that they are now offering are less harsh than in previous years. There would be a good chance that after a few years of having a good payment record, a standard mortgage may be achievable.All applications are underwritten on an individual basis and quite often, manually, so you will be treated as individuals. The interest rate applied is set according to the risk the underwriter and lender believe is posed. There is usually an Early Redemption Charge applicable with an adverse credit mortgage but these should go after three years.

How Finance4Homes can help

Here at Finance4Homes we can help find the best mortgage for you, even if you have adverse credit. The future could be more promising than you thought –

Call us today on 020 3002 0933 to find out more.

Looking for remortgaging help? Click here

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Low Credit Score?

Having a low credit score or a poor credit history would normally mean that someone might not be able to obtain a mortgage or re-mortgage whatever the history is behind it. Trying the normal sources usually termed High Street lenders, would see a decline. Then another lender would be tried and declined again and so on and so forth. This might result in more and more searches getting carried out and inevitably this may go against the credit record and possibly even make the credit score even lower than it was before.

No two High Street lenders have the same scoring system and on top of that, normally lenders use only one of the three main credit reporting systems and there can be different information on each of them, which can lead to even more difficulties in obtaining a mortgage. There are many reasons why an individual’s credit score can be low. Believe it or not, actually having no credit at all can be a big factor in having a low score.

The more obvious reasons for a poor credit file are for having “derogatory information” registered on your file by a lender. This could be anything from one or more late or missed payments whether on your existing or previous mortgage or even unsecured credit such as credit cards. Default notices stay on your file for six years and notify other lenders that you have been in default with credit. A County Court Judgement (CCJ) is where a lender has obtained a judgement against an individual for non payment and a County Court district judge has registered this as such. Bankruptcy is where an individual has been declared as insolvent. Individual Voluntary Arrangement (IVA) is an arrangement made and granted in the County Court to repay outstanding debts at a specified amount and usually over a five year period. Once a default, CCJ or an IVA has been repaid, this will usually show as satisfied on your credit report and won’t normally be removed until the six years from the date of entry have passed. A bankruptcy will be discharged one year after it has been registered but stays on the file as well. Taking Payday loans within the last twelve months is also a possible factor in mortgages being declined. Lenders look at this as an individual not being able to manage their income properly.

There can be many reasons why these events happen. Illness, redundancy, divorce, business failure, or just making some bad decisions.

This is why there are specialist lenders who will consider lending to people who may fall into one of these categories, It is a specific area that at Finance 4 Homes Limited, we specialise in.

So, if you are looking to consolidate debt, raise capital for Home Improvements, or any other legal reason. Then get in touch to see if Finance 4 Homes Limited can help.

THINK CAREFULLY ABOUT SECURING OTHER UNSECURED DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DON’T KEEP PAYMENTS ON YOUR MORTGAGE

Call us today on 020 3002 0933 to find out more.

FREQUENTLY ASKED QUESTIONS

Finance 4 Homes Limited is an Appointed Representative of Beneficial Life (London) Limited, which is authorised and regulated by the Financial Conduct Authority.
You may be charged a fee for mortgage advice which could be up to 2% of the loan. The precise amount will depend on your circumstances but we estimate it to be 0.75% of the loan amount. Registered in England and Wales no.11215166. Registered office: Spectrum House, 2b Suttons Lane, Hornchurch, Essex RM12 6RJ The information on this website is intended for guidance purposes only and does not constitute advice. Furthermore, the information on this website related to the UK market for consumers living in the UK only.

Special Note: Most Buy to Let mortgages are not regulated by the Financial Conduct Authority

THINK CAREFULLY ABOUT SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP PAYMENTS ON YOUR MORTGAGE