Whilst it is frustrating not getting the mortgage you want for a house purchase, because of bad credit history what about if you already have a mortgage. Perhaps your fixed rate is ending or an interest only loan is coming to term and you need a bad credit remortgage because your circumstances have since changed.
What are your options?
Step 1 Dont Panic.
Step 2 Give Mortgage Success a call.
As a specialist in complex mortgages and adverse credit remortgages, we listen, assess your circumstances and find the most suitable mortgage product from the most suitable lender. Thats it!
We do this day in day out so we can give you a no nonsense and confidential discussion and even though we deal with mostly adverse credit cases our success rate is very high.
Being a complex case mortgage broker we can secure bad credit remortgages for numerous adverse credit situations. Whatever the scenario such as personal unsecured credit arrears, low credit score, C.C.J.`s, defaults or other changes in circumstances. Dont give up just yet!
Because we are a Whole of Market Mortgage Broker we can source from the entire UK mortgage market. By not being tied to any lender we can find the most lenient lender profile that is most suitable to your circumstances.
Some Mortgage Lenders Are Human
It may sound a harsh statement. Or true if you have been let down by the high street. But the fact remains that high street banks and many UK mortgage lenders aren’t human as they dont have human input in assessing your case.
Instead they rely on credit scoring and computer algorithms to score your application. With this the circumstances and history behind your application count for nothing.
Whether you lost your job, got divorced, suffered a bereavement or had any other host of the many life changing events that can impact your credit score. The sad truth is that whilst the human inputting your application at the bank is sensitive to your story, it matters not, as they dont have any influence on the outcome.
The computer says no, springs to mind.
Whatever your story there are lenient mortgage lenders out there that do have humans who listen to Mortgage Success, acting on your behalf. Our job is finding the best lender for you.
Perhaps you’ve missed a few credit card payments, had a County Court Judgment awarded against you or have previously been made bankrupt, leaving you with a poor credit rating.
There are a number of bad credit scenarios below that we see every day, and yet have success with, every single day.
Fixed Rate Ending but now have Bad Credit
Given the economic uncertainty we have seen for many years after a prolonged recession it is no surprise that people who took out fixed rate mortgages may now find themselves in a less than favourable situation.
Often the standard variable is very high but the mortgage applicant doesn’t qualify for a new rate because the credit score has dipped since taking out the original mortgage. Like we say, dont panic. This is a very common situation and depending on the level of adverse credit we regularly secure very attractive interest rates for bad credit remortgages of this nature.
Had a Bad Credit Mortgage and now need the Remortgage
Many past customers of ours come back after a couple of years to remortgage when their bad credit has improved and they can get a lower rate.
Often the adverse credit can still be on their credit file. But now that more time has elapsed and with a couple of years of trouble free mortgage payments behind them, more and more doors for remortgage begin to open. It pays to let us shop around for you.
A typical scenario is that someone comes to us with very recent bad credit history such as CCJ or and IVA etc yet we secure them the initial mortgage loan. However, its now 2 or 3 years later and time to shop around and get a more competitive rate.
With the adverse credit history now 3 years old but still on the credit file high street lenders are still unlikely to be the best choice, or a choice at all. However, having known the original case, and how it has improved since, we are best suited to give the most up to date advice. We can then secure a better rate for the bad credit remortgage based on the new and improved circumstances.
Interest Only Coming to Term
With the new regulations regarding interest only mortgages there is a very large and somewhat forgotten number of UK home owners that took out interest only home loans some time ago. Sadly they now find themselves in a difficult situation where there is no repayment vehicle and the loan is coming to term.
This is made worse with adverse credit if they’ve had some financial hiccups in the last few years and need a bad credit remortgage.
Bad Credit Remortgage for Debt Consolidation
Another scenario we see every day is one were home owners have hit a financial rough patch and whilst they had good credit in the past, they have borrowed up to the limits. Being in this ‘maxed out’ situation is both stressful and financially damaging.
The one saving grace is whilst they are being refused time and time again for more personal credit, which has lowered their credit score there is some equity in the home.
Debt restructuring is a very common event and again there are a number of lenders sensitive to your needs so let us find the most lenient mortgage lender for your circumstances.
Adverse Mortgage Market Better than Ever
The good news is there are now more adverse credit mortgage and bad credit remortgage plans available than ever, for people who have poor credit.
Yes, the rates for adverse credit will be a little more expensive than the high street but you would be surprised at how little difference there can be. Moreover, you may be pleased to see just how many affordable mortgage offers are available to you, if you let us find them for you.
Everyone’s circumstances will be slightly different but the impact of negative life event such as divorce or loss of employment can have huge financial implications.
But as we said at the start, dont panic and give Mortgage Success a call for a Free, No Obligation, Consultation