"We're here to help, even if you've been turned down elsewhere"
If you have Bad or Adverse credit and you need a mortgage, you have landed on exactly the right page, why, because it is what we specialize in, and we are very good at what we do. We spend a massive amount of our time talking to lenders who are prepared to help, and they want to lend where they can.
We are special because we know our market, and our lenders trust us because we are totally honest and transparent with them from day one. We are not time waster’s we make no upfront charges, so if we cannot help you we will tell you as soon as possible.
Our business model is that we want to see everything from you up front, your credit file and any information that will have an impact on your application. If we can see very early on what the lender will see when looking at you, we are in the driving seat, and we can, if at all possible take you to the lender who will say YES.
Give us a call, we speak in plain English, we do not make promises that we cannot keep, and if we cannot help you, we do not get paid, so as you will appreciate it is not in our interests or yours to waste your time or ours. But if we can see a way of helping you we will fight all the way to make it happen, and we just hate to say no.
A great many clients are still being turned down by our High Street lenders for what in most cases turns out to be historical minor adverse credit, which in 99% of cases will mean that they will fail the credit score.However, do not despair, all is not lost. There are lenders out there who do not base their decision on how many points you score. They will credit check, as every lender does, but the decision to lend or not is made by a human being, yes that is right, a person (an Underwriter) will decide, not the computer. If you are in any doubt about your current credit status then you should obtain a copy of your credit file from one of the main credit agencies, Experian, Equifax, or Call Credit which you can now access for a one off payment of £2.
When we know exactly what Bad credit you have registered against you, when it was registered, the amounts involved, and if it has been satisfied, we can then give you an accurate assessment of your mortgage potential, without having to carry out a credit check, which will have a very negative impact on your credit score. We have lenders who will accept Bad and Adverse Credit, they may need a slightly larger deposit, 15-25%, and they may charge a bit more than some of the more recognised lenders, but they are there to help you and they want to lend, unlike the majority of the High Street lenders who are just cherry picking and trying to maximise their profitability on the business they write.
We have built up, over many years, a unique understanding of the Bad Credit market and the lenders who will help us, with clients who may have had an historical credit problem that is now in the past, and the clients have tried hard to rebuild their credibility. So do not give up if you have been unlucky and have been turned down by a mortgage lender, talk to us. We will explain in plain English what we can do for you, and if we place your mortgage, our key facts illustration ( KFI ) will set out in very clear terms all of the costs of arranging the mortgage and the actual repayments based on the chosen product.
The overall cost for comparison is 6% APR. The actual rate available will depend on your circumstances. Ask for a personalised illustration.
What We Specialise In
Credit scoring is totally impersonal and cannot make any allowance for the reason behind the problem, however extenuating that reason maybe.
We now have a different breed of lenders who will credit check and find any adverse credit, but the decision to lend is made by an underwriter who can take a view based on the client’s credit history, the loan to value and any circumstances that may have been beyond the client’s control. I think that I would call it commonsense lending, that wonderful word that has almost disappeared from our language
What are the issues that will effect any lenders decision to lend.
• Late or missed payments on credit arrangements
• Mortgage arrears
• Defaults on credit arrangements
• Poor conduct of your bank account
• County Court Judgments ( CCJ’S )
• Previous repossession
• Individual voluntary arrangements.( IVA )
• Debt management.
There are of course other factors that will influence most lenders;
• How long have you been in your current employment
• Is your employment permanent
• Are you on the electoral roll
• Are you servicing your current commitments in a satisfactory manner?
• Your age
• Type of employment
• Will your travelling expenses increase by moving
• Is the property construction going to raise any problems
Your credit history however is the main factor when it comes to Bad Credit mortgages and any adverse credit on your file will remain there for six years paid or not.
What do our lenders do that is different apart from the underwriting, well if they are going to accept what is a higher perceived risk, they will balance this by asking for a higher deposit, normally 20/25 % of the purchase price or valuation and you may find that the interest rate margin is slightly higher.
Each of our lenders who accept mortgage applications with an element of bad/adverse credit will want to know exactly when the problem occurred and when it was satisfied. The only way in which you can answer those questions is to obtain a copy of your statutory credit file from Experian at a cost of £2 payable by credit or debit card. Please log onto www.experian/statutoryfile.co.uk
By letting a competent broker view your file the response that you get will be 100% accurate and not a shot in the dark which could have an adverse effect on your credit score.
The actual interest rate and fees payable by the client will reflect upon the individual circumstances of that enquiry. Please ask for a personalised illustration.