When it comes to buying a home, some lenders can take on a rather sanctimonious attitude. They want to deal only with those who have faultless credit histories, perfect work records and adequate deposits. But money problems can affect everyone. Adverse credit problems sometimes called bad credit mortgages can be linked to a loan default, county court judgements or being a discharged bankrupt.
Sometimes people get into debt through no fault of their own and, even if they have been to blame & want to sort things out. This can sometimes means that people need debt consolidation to get things in order. Certainly no-one taking out a mortgage wants to see their property repossessed.
However, there is some good news in that some specialist lenders are willing to provide adverse credit mortgages. Deals are unlikely to match standard mortgages; lenders in the adverse credit market - which is also sometimes described as 'sub-prime' or 'non-conforming' - will charge higher rates.
While the lenders clearly want to keep some degree of separation between their standard and adverse credit divisions, the deals they are offering are less punitive than in the past. Most lenders will also cut the interest rate if borrowers keep up a good payment record. And, after three years, it may be possible to switch to a standard loan.
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, Defaults, CCJ’s, IVAs, Debt management Schemes, Repossessions, Bankruptcy, Payday Loans and customers with multiple credit problems.
A mortgage may not be available in all cases, but we'll always try our best. Why not give us a call today and see how we can help you.
We are independent mortgage brokers covering Nottinghamshire and Derbyshire.
Mortgage broker Mansfield, Mortgage broker Sutton-in-Ashfield , Mortgage broker Chesterfield.
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 feel free to call or email during normal business hours. If you live in Mansfield, Sutton-in-Ashfield or Chesterfield and want to talk about your bad credit mortgage options or are considering debt consolidation please contact us
Office 11 Mansfield i-centre, Oakham Business Park, Hamilton Way, Mansfield NG18 5BR
Terms & Conditions
Shaw Financial Services is a trading name of King Mortgages Ltd which is authorised & regulated by the Financial Conduct Authority (FCA). King Mortgages Ltd is entered on the Financial Services Register https://register.fca.org.uk/ under reference number 803561.
There may be a fee for arranging a mortgage and the precise amount will depend on your circumstances. This will typically be £499 but will be no more than 3% of the mortgage amount
Think carefully about securing other debts against your home
Some forms of Buy To Let mortgages are not regulated by the Financial Conduct Authority. 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.
YOUR HOME (OR PROPERTY) MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
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