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Mortgage Advice Center

 

Mortgage Advice Center - Adverse Credit

 

Estimates show that one in five people have had a mortgage application turned down as a result of bad credit. Factors such as divorce, illness, redundancy have resulted in people having credit problems at no fault of their own. There are various reasons why people are not categorised as standard borrowers and dot have a great credit rating. Reasons such as they have no credit history, not being registered on the electoral roll, moving numerous times in a short space of time can affect your credit rating.

Some high street lenders will consider clients with minor credit problems such as a settled £100 county court judgment . We will always make sure we have considered the high street lenders before we look at adverse credit lenders. Mortgage lenders will charge higher interest rates and may be less flexible when lending to people who have bad credit because they are a bigger risk than a standard mortgage borrower.

You should not apply for a mortgage to see if you get turned down because this goes down as a black mark on your credit report. Before you apply for a mortgage you can look at your credit record, you can order it online, telephone or have it posted from agencies such as Experian or Equifax.

It is important to contact a mortgage advisor so they can explain the credit problems to you, they will also know what lenders to approach, ones that will consider the application. They will make sure that all the paper work is correct to ensure that no more black marks are put on your record. A adverse credit borrower may need a self- certification mortgage if their income comes from different sources, an advisor will be able to find the most suitable mortgage provider for you. A lot of adverse credit lenders do not deal directly with the public, an advisor will be able to apply on your behalf.

There has been alot of bad publicity attached to adverse credit mortgages and excessive fees, this is not part of the mortgage centers ethos where we will get you the best value adverse credit mortgage.

The below need not be a problem

Bankruptcy

Defaults

Impaired credit

County court judgments

Mortgage or rent arrears

Property repossession

Contact the mortgage center and our advisors will look into every avenue to find the right mortgage for you. Once you have a mortgage this will start to repair your credit rating.

 

 

 

Think Carefully when securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.