When buying a home, some lenders can take on a rather sanctimonious attitude. They want to deal only with people who have faultless credit histories, perfect work records and adequate deposits. But money problems can affect everyone. For example, adverse credit mortgages, sometimes called bad credit mortgages, can be linked to a loan default, county court judgements, debt management plans, missed or late payments, arrears, IVA's or a discharged bankruptcy.
Sometimes people get into debt through no fault of their own and, even if they have been to blame, want to sort things out. Unfortunately, this can sometimes mean that people need debt consolidation to get things in order. Indeed, no one taking out a mortgage wants to see their property repossessed.
However, some good news is that some specialist lenders are willing to provide adverse credit mortgages. However, deals are unlikely to match standard mortgages; lenders in the adverse credit market will charge higher rates, sometimes described as 'sub-prime' or 'non-conforming'.
While the lenders want to keep some degree of separation between their standard and adverse credit divisions, their deals are less punitive than in the past. Most lenders will also cut the interest rate if borrowers keep a good payment record. And, after three years, it may be possible to switch to a more mainstream lender.
Your application will be thoroughly vetted and the interest set according to the risk the lender believes you pose.
We are experts in the following areas:-
No credit history, Low credit score, Late payments, Missed mortgage payments, Mortgage with Defaults, Mortgages after a CCJ's, Mortgages in an IVA, Mortgage after a Debt management Scheme, Mortgages after Repossessions, Mortgages after a Bankruptcy, Payday Loans and customers with multiple credit problems.
You might want to read some of our blogs for a bit more information related to your specific enquiry.
A mortgage may not be available in all cases, but we'll always try our best. So why not call us today and see how we can help you.
We are independent mortgage brokers covering Mansfield, Mansfield Woodhouse, Forest Town, Rainworth, Blidworth, Sutton-in-Ashfield, Kirkby-in-Ashfield, Hucknall, Shirebrook, Warsop, Ravenshead, Clipstone, Chesterfield, Nottingham & surrounding areas.
If you would like to talk through your mortgage options without obligation, use the contact us section below, tell us about your circumstances, and we'll give you a call to have a friendly chat about the best way to get you a mortgage.
If you've had bad credit in the past this doesn't mean you can't get a mortgage in the future
We love our customers, so contact us to ask for an initial telephone chat about your mortgage needs.
We are independent mortgage brokers covering Mansfield & Sutton-in-Ashfield. So if you need a mortgage broker in Mansfield or a mortgage broker in Sutton-in-Ashfield, we're here to help.
Mansfield Business Centre, Ashfield Avenue, Mansfield, NG18 2AE
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Terms & Conditions
Lewis Shaw, FCA registration number 927754, trading as Shaw Financial Services, is an appointed representative of King Mortgages Ltd, which is authorised & regulated by the Financial Conduct Authority, FCA registration number 803561.
There may be a fee for arranging a mortgage. A typical fee is £499; however, this could be up to £998. Any fees will be discussed with you and agreed, in writing, prior to any work commencing.
You may have to pay an early repayment charge to your existing lender if you remortgage.
Some forms of Buy To Let mortgages are not regulated by the Financial Conduct Authority. There is no guarantee that it will be possible to arrange continuous letting of the property nor that rental income will be sufficient to meet the cost of the mortgage.
The guidance &/or advice contained in this website is subject to the UK regulatory regime and is therefore restricted to consumers in the UK. As with all insurance policies, conditions & exclusions will apply.
THINK CAREFULLY ABOUT SECURING OTHER DEBTS AGAINST YOUR HOME.
YOUR HOME (OR PROPERTY) MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
Registered Office Address - Mansfield Business Centre, Ashfield Avenue, Mansfield, NG18 2AE
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