“We’re here to help, even if you’ve been turned down elsewhere”
Mortgages are what we specialize in, and with nearly Fifty years of experience in Financial Services we have the knowledge and skills together with our research via the most up to date Sourcing systems to make sure that we find the most competitive product to meet your requirements.
We are Independent Mortgage advisers with access to the whole of the market, and to all of the Mortgage Clubs which offer Exclusive Products only via Intermediary. Our level of service is first class and we just hate to say no to any client, we like to feel that if a mortgage can be arranged we will find that product for you.
What We Specialise In
The overall cost for comparison is 5% APR. The actual rate available will depend on your circumstances. Ask for a personalised illustration.
We are specialists in helping clients with Bad or Adverse Credit who are trying to obtain a mortgage in this very difficult market. Since the downturn in the Economy in 2007, property prices have fallen across the UK around 5% pa apart from Central London which still seems to be a little Island all on its own.
We have seen a massive change in the property market since the latter end of 2013 with property prices across the UK on the rise and with the help of the government Help To Buy Schemes part 1 and 2 we have seen lenders now willing to lend to first time buyers at 95% LTV which has seen a massive surge in interest from the first time buyer market.
This has resulted in late or missed payments on loans, mortgages, credit cards, store cards and even services like mobile phones and hire purchase. With most lenders Credit Scoring, any late or missed payment is seen as a default on an arrangement to pay and results in a Bad Credit profile.
We now have an increasing number of specialist lenders who will take a view of adverse credit, particularly where it is historical and has been satisfied. There are other lenders who will ignore adverse credit as long as it is more than two years old satisfied or not. So it is not a NO as you will get from most of the high street lenders, they may want you to put in a bit more as a deposit and the interest rate may reflect the perceived additional risk, but its marginal and will not kill the deal. What these lenders will require in most cases is that the client has a minimum of a 15% deposit or equity in an existing property.
With a mortgage being the largest financial transaction that most clients will undertake in their lifetime it is so important to get the right level of quality advice and make an informed decision about what is the most appropriate mortgage product to suit your particular needs.
When we came out of the recession in 2013, we had a very small number of lenders who would accept bad credit on a normal mortgage application. This has changed dramatically now that the property market is very positive and we have a number of specialist lenders and challenger banks who are taking a much more relaxed view on historical bad credit. All lenders without exception now have to carry out an affordability check on the client to make sure that the mortgage repayments are affordable with their existing lifestyle. Clients are advised in every case to access a copy of their credit file prior to making any mortgage application to see how they may be viewed by lenders.
Its what we are very good at, finding the right plan, talking to the underwriters and mortgage clubs who offer us exclusive plans so that we can be confident that we have done our very best for you. Finding the right mortgage plan in this very demanding market has never been so complex with lenders cherry picking the clients that they want to lend to with the margins and fees being very much in the lenders favor. For clients who do have a bad or poor credit record, we do not have the same choice of lenders who have helped us in the past and clients have to accept that will have to find a larger deposit, and the terms and conditions of the mortgage plan will reflect the level of bad credit.
Clients should obtain a copy of their credit file from either Experian or Equifax, which you can now obtain for £2 on line before they approach a mortgage specialist like us. By having access to your credit file this will enable us to place your enquiry based on the information contained in the file rather than asking us to carry out a search which will have a negative impact on your credit score. It is so important that we get the right plan for you on our first decision in principal enquiry to the lender, rather than fishing around in the dark, which can be very detrimental to your credibility. In this very difficult market we do not currently have access to Self Certification of Income Mortgages, which have been very widely used by the Self Employed and those workers who were unable to prove some of their income or who may have had more than one income stream.
I have no doubt a revised or watered down version will resurface when the property market becomes positive and lenders feel more comfortable with mortgage plans that carry a bigger risk to them. Having said that there is no evidence that self cert schemes have attracted any more arrears than plans where income had to be proved. We are setting out below for you some of the many types of mortgage plans that may apply to you, but please remember you are an individual and if you would like an illustration tailor made to suit you please call us on 03452 605506, we are more than happy to help and advise you.
(In certain circumstances where we use a specialist lender, the terms would reflect the level of adverse (bad) credit, the date registered and if the debts have been satisfied. In these circumstances an APR of 6% maybe applicable.)