Bad Credit Mortgage Advice In Mansfield

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.