The number of lenders who provide remortgages
and mortgages for people with credit problems is decreasing. There are now just a handful of lenders who will help
people with CCJs, defaults, mortgage arrears, discharged bankrupts
individuals with a poor credit score or bad credit rating.
The adverse, sub-prime or bad credit mortgage industry as itís often known has certainly come out of the shadows in the last few years. A decade ago it was a byword for unscrupulous brokers charging high fees and lenders tying you in with huge rates of interest.
Until recently there was a
much broader product range which was more competitively priced, less punitive and more innovative in terms of deals.
However in the past 12 months the market has changed again and
lenders have become more wary about lending to people with
less than perfect credit history.
Having a poor credit rating can be a deflating and traumatic experience, whatever the reason. But there
may be deals out there for you. Specialist lenders offer what are known as credit repair deals. Here, you will have to pay a higher interest rate than you would with a conventional
deal and put down a sizeable deposit. However, once you have maintained your payments on one of these
deals for a sufficient period (usually about three years) your credit history
may be in a better position to remortgage back on to a high street deal and reap the benefits of more competitive rates.
People often find it useful to contact a mortgage broker who has
experience in the area of adverse credit lending and non standard
mortgages. You can do this by simply completing the no
obligation contact form on this website. There are a few specialist lenders out there and they get most of their business through
A truly independent broker will look at your
individual circumstances and find the best mortgage for you.
They may be able to help you find a
mortgage even if you have been turned down elsewhere.
Each enquiry will be dealt with by an experienced advisor in
a constructive and sympathetic manner. Even if you have County Court
Judgements, credit card defaults, loan defaults, mortgage or
rent arrears, bankruptcy, IVA, are self-employed or have
difficulty proving your income, there may be suitable products
available for you.
Just get in touch with a broker, tell the broker about your situation,
and let them do
the hard work.
Whatever your credit history, click here
to contact a broker today.