Poor Credit Mortgages
Is your credit impaired?
you'll need a helping hand
The cost of living is the highest its ever been, and credit offers (over the last few years) have been dangled in front of us like a Carrot on a rope! It's very easy to understand how somebody can end up in a situation where maybe they've pushed themselves financially to the limit and fallen behind on payments, especially after: the loss of a job, a relationship breakdown or a period of poor health. At James Raynor we will never, ever judge a persons circumstances, just do our utmost best to try and provide a solution for you. Many lenders now offer products that cater for those who may have had a credit hiccup in the past, and at James Raynor we deal with the whole market place and with that many lenders you may not be familiar with. Whether you have had a CCJ registered, suffered payment defaults on credit agreements, made late payments on your Mortgage or credit committments, been repossessed in the past, satisfied an IVA or had a bankruptcy order discharged, we can try to help you find the right Mortgage finance package. Sub-Prime Mortgage, Adverse Credit Mortgage, Poor Credit Mortgage, they're not dirty words. Instead they are products designed to enable you to purchase or even remortgage your home and allow you the opportunity to clean up your credit file and get your life back on an even track. Many lenders now offer different levels of tolerance, those clients with just a small credit blip being offered rates that are more competitive than you might think. Indeed, if you have had a poor credit mortgage in the past and your credit has been maintained well over the last year or two, you may well be able to obtain a far more competitive product this time around. Because we deal with the 'whole Mortgage market' we have access to many lesser known lenders that can offer very competitive Mortgage products in this specialised niche area. Should you want free and confidential advice on your debt position, then you can contact CCCS by clicking on the link on this page.
Consolidating your debts
It may be easier to manage
Remortgaging your home is one way to provide the capital needed to repay credit cards, personal loans or clear Mortgage arrears. The main benefit of remortgaging is in replacing many expensive payments with a single, more competitive and more manageable one. However, it is only one of several courses of action you may want to consider when trying to improve your financial situation. For example, it may be more beneficial to reduce the size of your property and mortgage commitments to pay off your existing loans. Remember that Securing your debt against your home may result in repaying the debt over a longer term than your current arrangements and may mean paying much more interest on the debt. Your home may be repossessed if you do not keep up repayments on your mortgage.
Shop around for the right Company
Ask about the charges first!
A word of warning. Throughout the Mortgage Industry there seems to have been a penchant for Brokers to charge clients with an adverse credit history a huge fee for arranging a Mortgage. We recommend that you shop around and avoid paying what we can only describe as excessive Broker charges. At James Raynor we charge a fee of £495 only or nothing if you arrange a Life Assurance policy, and you'll receive the same very special level of service and attention that we offer each and every client of ours!
Keep your Mortgage payments on time
Contact the Lender in difficult times
If you are having financial difficulties, then try to keep your Mortgage and any secured loans paid on time. Lenders do not view missed credit card or unsecured loan payments as being as significant as missed Mortgage payments. Just be wary that too many missed payments will eventually result in the Lender placing a default notice on your credit file. In some cases making at least 75% of your monthly Mortgage payment can prevent your lender from registering a late paymet on your credit file. You should also always contact the Lender if you know that you will not be able to meet payments on time. You may be able to agree to a new payment plan that could ease the situation.
Get a second opinion
Just to be on the safe side!
Unfortunately our Industry still has a few 'bad apples' that will recommend a client uses an Adverse credit Mortgage lender due to the higher commissions earned. If in any doubt with any advice you receive then get a seond opinion. We have seen many instances in the past where people have been advised to apply to an Adverse lender and therefore arranged a Mortgage that ultimately costs more than it should! Some High Street lenders have a tolerance for adverse data that could be showing on your credit file. Call us for more information.
What if I've missed Mortgage payments?
You'll need professional advice
Recently and mainly due to the 'credit crunch', Lenders policies with regards to adverse credit have become much stricter. There is now a shortage of Lenders allowing adverse credit, and the rates are somewhat higher than they were a year ago. More than a few missed payments will mean having real difficulty trying to find a new Lender, so unless you really have no option it may be actually more cost effective to stay with your existing Lender and try to find a way to keep your payments up to date. Speak to use and we'll review your position in complete confidence.
Disclaimer
James Raynor is Authorised and Reulated by the FSA (463141). You may be charged a fee for the processing of your application and this fee and we estimate that this fee will be £195. Your Home is at risk if you do not keep up the repayments of a Mortgage or any other loan secured against it.
