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.
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