Adverse Credit Mortgage
The current 'credit crunch' is forcing many to consider the cost of their borrowing, their ability to service these debts and whether a remortgage to consolidate debts is the right move.
Please go to the Learning Zone for further information and an idea of how we might be able to help you.
Your home may be repossessed if you do not keep up repayments on your mortgage.
For mortgage advice you can choose how we are paid: -
- No fee. We will receive commission from the lender when your mortgage completes.
Or
- A fee. A fee of typically £580 payable on completion of your mortgage. Any commission received from the lender will be refunded to you.
Or
- A combination of a fee & commission. A fee of typically £280 payable on completion of your mortgage. in addition we may receive commission from the lender.
---pagebreak---
Concerned about your credit rating . . . ?
A bit more background info: -
- We have experienced many, many reasons for Customers having impaired, or low credit ratings - and there is generally always an answer!
- Whatever your past experience - unemployment, illness, divorce, over commiting on other loans, or just the nature of your employment / pay - our Advisers are all fully trained & authorised to advise.
- We frequently experience customers being 'ripped off' with what we consider to be extortianate fees - it really isn't necessary.
- Terms you may come across include: - 'sub prime'; 'non prime'; 'non status' & 'non conforming'. We prefer not to use such 'labels' but would suggest your needs might be more 'complex' and needing more specialist advice.
THE FIRST THING TO DO IS OBTAIN AN UP TO DATE CREDIT REPORT, and you can do this with an Experian Credit Report, accessed using our Links page.
The positives: -
- Mortgages are available from both specialist, and high street lenders.
- Sound advice will ensure solutions ARE AFFORDABLE, now and in the future.
- Best advice may consider that there is a more appropriate, alternative to arranging a mortgage, this may include entering into an informal, or legal debt management programme.
- Good advice will result in, not only an improved financial position, but often a better quality of life with a few less worries!
- A good plan will result in a 'repaired' credit rating and provide the opportunity for further improved arrangements in the future.
The downsides: -
- Lenders will charge higher interest rates, and these will depend on their assessing the issues involved.
- Lenders will often charge an Arrangement Fee, increasing initial costs.
- Early repayment charges may apply in the early years of the mortgage.
- As stated earlier, some mortgage brokers do make VERY HIGH charges for their advice - be careful!
Areas in which we may be able to help you
If the following mortgages match your circumstances and are of interest, please enquire now:
1. Up to 3 CCJ's totalling up to £2000.
A variable 2 year discounted rate of 0.95% above LIBOR (currently 5.90%), giving a current rate payable of 6.85%. Then changing to the standard variable rate which is 2.85% above LIBOR (which, based on current LIBOR of 5.90%, gives a rate payable of 8.75%).
Early repayment charges may apply if you repay the mortgage within the first 2 years.
The overall cost for comparison is 9.0% APR. The actual rate available will depend upon your circumstances. Ask for a personalised illustration.
2. 2 months mortgage arrears in the last 12 months (not in last 3 months).
A variable 3 year rate which is 2.69% above the Bank of England Base Rate (currently 5%) giving a current rate payable of 7.69%. Then changing to 2.89% above the Bank of England Base Rate (5% currently - giving a rate payable of 7.89%).
Early repayment charges may apply if you repay the mortgage within the first 3 years.
The overall cost for comparison is 8.4% APR. The actual rate available will depend upon your circumstances. Ask for a personalised illustration.
3. Individual Voluntary Arrangement (IVA) - conducted satisfactorily for 12 months.
A fixed rate of 8.19% until 1st October 2011. Then changing to a variable rate 3.29% above the Bank of England Base Rate (5% currently - giving a rate payable of 8.29%).
Early repayment charges may apply if you repay the mortgage within the first 3 years.
The overall cost for comparison is 8.9% APR. The actual rate available will depend upon your circumstances. Ask for a personalised illustration.
Your home may be repossessed if you do not keep up repayments on your mortgage.
For mortgage advice you can choose how we are paid: -
- No fee. We will receive commission from the lender when your mortgage completes.
Or
- A fee. A fee of typically £580 payable on completion of your mortgage. Any commission received from the lender will be refunded to you.
Or
- A combination of a fee & commission. A fee of typically £280 payable on completion of your mortgage. in addition we may receive commission from the lender.
.