Credit Problems

The number of lenders who provide remortgages and mortgages for people with credit problems is reducing. There are only a few lenders who will help people who have CCJs, defaults, mortgage arrears, discharged bankrupts and individuals with a poor credit score or poor credit rating.

The sub-prime, adverse or bad credit mortgage industry as it’s often known has certainly come out of the shadows in the last few years. A decade ago it was a byword for brokers charging high fees and lenders tying you in with huge rates of interest. Until recently there was a much broader product range which was more competitively priced, less punitive and more innovative in terms of deals. However in the past 12 months the market has changed again and lenders have become more wary about lending to people with less than perfect credit history.

Having a poor credit rating can be a deflating and stressful experience, whatever the reason. But there may be deals out there for you. Specialist lenders offer what are known as credit repair deals. Here, you will have to pay a higher interest rate than you would with a conventional deal and put down a hefty deposit. However, once you have maintained your payments on one of these deals for a sufficient period (usually about two years) your credit history may be in a better position to remortgage back on to a high street deal and apply for a more competitive rates.

A total Home loans each enquiry is dealt with by an experienced advisor in a constructive and sympathetic manner. Even if you have County Court Judgements, credit card defaults, loan defaults, mortgage or rent arrears, bankruptcy, IVA, are self-employed there may be suitable products available for you.

The overall cost for comparison is 5.01% APR

The actual rate available will depend upon your circumstances. Ask for a personalised illustration.