Real Mortgage For Real People
Our recent focus has been on the Near Prime Market .We spoke in our previous article about the appearance of the near prime lenders. We thought it would be helpful to give you an idea of actual criteria and circumstances where we can help. We are committed to educating our clients through making you aware of what is out there in the market. The easiest way to this is to relate it to real life.
Simon lost his Job
Two years ago amongst other people, Simon lost his job. Simon found it hard to make ends meet and ended up with a small CCJ’s and 2 defaults. Simon is now in work but still has large monthly commitments due to the accumulated debt when he was out of work. He is now looking to capital raise so that he can pay off his unsecured debt. His house is at 70%LTV and he wishes to consolidate to reduce his monthly outgoings.
We have access to lenders who will capital raise up to 80% LTV and will except CCJ’s, defaults and a good credit report for the last 4 months.
Nick didn’t manage his money well
During the boom Nick was doing well, he never really took care of his credit profile because he didn’t think it would matter or cause too many problems. He has just got a new job and needs to relocate. He needs to move house and relocate and has applied online and has applied to a high street bank. On both occasions he has been turned down due to his credit.
We have lenders who will take into account CCJ’s and Defaults up to 80% LTV. We would be able to apply for the mortgage and would then review him once his credit has been repaired to see if we can get him on a better rate.
Debbie is looking to downsize
Two years ago Debbie went through a divorce. As a result, she ended up with 2 month’s arrears and a couple of defaults. About 6 months ago she had worked to clear off her arrears and now she is back on track and her finances are all up to date. She still has the house and is looking to downsize however, she has found it hard to get a mortgage agreed because of her previous finance problems.
Debbie’s credit file is now clear and she has had no problems in the last 6 months. As long as her income fits affordability, (we have lenders who will look at 3 missed mortgage payments in the last 3 years), we would be able to give her mortgage options.
Catherine wishes to reduce her credit card commitments
During the boom, Catherine took out credit cards attracted by the 0% interest rates, however, although the Bank Of England Interest Rate hasn’t increased, her credit cards payments have. She has had quite a few late payments and a registered default 6 months ago against her loan. She is looking to consolidate her debts to reduce her payments.
As Catherine has managed her finances well over the last few months and she has good income we have access to lenders who specialise in these sort of cases. Even though she has missed payments and a default, we’ll be able to help.
Harry wants to do home improvements
Harry wants to do some home improvements but has missed a few payments on his credit cards. He was thinking of a secured loan but it worked out to be quite expensive. He has tried his current lender for a further advance but he was declined due to his credit score.
We would be able to advise Harry on the cheaper option of raising finance through his mortgage. We can look at capital raising to 80% LTV and the missed credit card payments should not be a problem.
Shazac had mortgage arrears
Shazac has had arrears in the past, he is on a good tracker rate at the moment but is afraid of what will happen if rates rise. His present lender is not offering any new products and he would have to remortgage to a new lender. He wishes to do this before rates rise.
Shazac can remortgage to another lender, his options are reduced because he has had arrears in the past however we have lenders who will take into account 3 missed mortgage payments in the last 3 years. The lenders also have access to cash back and refund of valuation to help with costs.
In the real world there are many people that will fit the descriptions above, many of them thinking that they have no mortgage options and are paying too much in monthly outgoings. If you feel that you fit into to one of these categories then you are not alone and there are now lenders out there that can help.
Complete our short form on the right side panel and one of our qualified mortgage advisors will be in contact to answer any questions you may have.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
There may be a fee for Mortgage advice. The precise amount will depend upon your circumstances but we estimate that it will be £250