Adverse Credit
There are varying degrees of poor credit and the adverse credit - or sub prime - market reflects this. Different lenders have different terms for these specialist mortgages but impaired, sub prime, non-conforming and adverse all mean essentially the same thing but rates vary according to the severity of your previous or current credit problems.
Many people have poor credit records through no fault of their own. You might have a CCJ marked against your name for a trivial misdemeanour such as missing a book club payment, for example. And people can often fall into arrears on divorce, when solicitors instruct both parties to cease payments pending a settlement.
Fortunately, there are a growing number of specialist lenders sympathetic to non-standard borrowers. Many of these lenders belong to mainstream operations, but are set up under different brand names.
Whatever your circumstances, Mortgage Financial will put you in contact with one of our specialist advisers who are here to help you.
Mortgage Financial can source mortgages for people with
- CCJ’s (county court judgements)
- Defaults
- Mortgage Arrears
- IVA’s (individual voluntary arrangements)
- Missed Loan Repayments
- Bankruptcy
- Repossesion
A better choice of adverse credit mortgages
It used to be the case that if you didn't have a perfect credit history you couldn't get a mortgage from a high street lender. But now the lending market has become so diverse that there are products to fit every credit profile.
The non-standard lenders will look at the facts in each and every individual case and assess its level of risk. They will then offer a mortgage priced accordingly. As you will be deemed a higher than standard risk in underwriting terms, the deals available to you as a non-standard borrower will never be the lowest on the market. However, the range of rates, such as discounted, trackers and fixed deals, for example, is growing.
The overall cost for comparison is 7.6% APR. The actual rate available will depend upon your circumstances. Ask for a personalised illustration. APR variable and based on a usual case'.
Securing your debt may result in a longer term than your current arrangements. Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.
- Telephone: 01443 842 452
- Fax: 01443 841 723
- Address: 1st Floor Unit 6, Charnwood Court, Heol Billingsley, Parc Nantgarw, Cardiff, CF15 7QZ
- info@mortagefinancial.co.uk
