Adverse Credit Mortgages
Your home may be repossessed if you do not keep up repayments on your mortgage.
In their ideal world, lenders would lend only to those with faultless credit histories, perfect work records and adequate deposits.
But money problems can affect anyone. Adverse credit problems can be linked to a loan default, a county court judgement or bankruptcy.
Sometimes people get into debt through no fault of their own and, even if they have been to blame, want to sort things out. Certainly no-one taking out a mortgage wants to see their property repossessed.
Thankfully, some lenders are willing to provide adverse credit mortgages. Deals are unlikely to match standard mortgages; lenders in the adverse credit market (also known as 'sub prime' or 'non-conforming') will usually charge higher rates.
Your application will be thoroughly vetted and the interest rate set according to the ‘risk’ you pose (in the eyes of the lender). You may also be subject to early repayment charges.
You may have to pay an early repayment charge to your existing lender if you remortgage.
THIS IS PROVIDED FOR INFORMATION ONLY AS BFS IS NOT AUTHORISED TO GIVE MORTGAGE ADVICE
We are however happy to recommend the services of Mortgage Select who have been working with our clients for a number of years. Our contact is the owner, David Sullivan who can be reached on 01737 352277 or alternatively at firstname.lastname@example.org