Independent  Financial & Mortgage Advice

For a Call Back or Quote CLICK HERE

or Call us Free on 0800 458 2782

 Friendly Professional Independent Mortgage and Financial Advice.

Poor Credit History - Arrears, CCJ's & Default's

 Not everyone fits the standard criteria that mainstream mortgage lenders apply. However, don't panic, if you are one such customer - we could help.
These days there are many mortgage lenders who cater for clients with non-standard requirements. Some of them are standalone, others are owned by mainstream banks and building societies. All of them offer viable mortgage alternatives for those prospective borrowers who may not fit the standard mould. 'Non-standard or sub prime' can cover a range of different borrower types.

If you have a less-than-perfect credit record, if your requirements are out of the ordinary or if you are self-employed you may fall into this category. If you have never had a bank account or if you have lived at lots of different addresses some lenders will not want you as a customer. As 'non-standard or sub prime' mortgage borrowers are considered a higher risk than standard, the rates charged on "non-standard or sub prime" mortgages will be somewhat higher than mainstream rates.

But once you have been with a non-standard sub prime lender for three years, as long as you keep up your mortgage payments you will have established a new history and can return to the mainstream market with a new deal at a lower rate. "Non-standard or sub prime" borrowers may also be referred to as 'sub-prime', 'complex prime' and 'credit impaired'.

To help you through the non-standard mortgage process, you will need to contact an Independent Mortgage Adviser.

IVA's

Individual Voluntary Arrangements (IVA's) are an alternative to bankruptcy which offer people in debt the opportunity to reach a formal agreement with their creditors to settle their debts.

Taking out a mortgage when you are, or have been, under an IVA can be difficult without professional advice. We can work with you to arrange a mortgage through a number of lenders.

ENTERING INTO AN INDIVIDUAL VOLUNTARY ARRANGEMENT COULD HAVE AN IMPACT ON YOUR CREDIT RATING WHICH COULD CAUSE DIFFICULTIES OBTAINING CREDIT IN THE FUTURE.

Mortgage Arrears

If you have missed payments on a mortgage in the past, you will need to apply for a mortgage that specifically allows for your circumstances. As with any other credit, if you have missed payments this will show up on your credit reference and will probably effect your ability to get new credit in the future; such as a remortgage or new mortgage.
Mortgage payments are probably one of your biggest monthly outgoings. For this reason it can be very easy to fall into arrears when circumstances change. For example if you have borrowed the maximum you can afford, you could easily be caught out by sudden rises in mortgage interest rates; this happened in the early 1990s when mortgage interest rates went as high as 15%.

If you have had mortgage arrears in the past or currently have mortgage arrears, we specialise in helping clients with mortgages arrears to find a mortgage which could offer a fresh start. We may be able to help you find a mortgage to:

Raise cash
Consolidate debt
Reduce your monthly outgoings

The interest rate on this type of product may well be higher than mainstream mortgage rates due to the risk that they represent.
 

Bankruptcy

The discharge period for bankruptcy in some cases has been reduced to 12 months, the bankruptcy information does however remain on your credit file for six years. As soon as you are discharged from bankruptcy you are free again to apply for borrowing facilities, including a mortgage. Unfortunately, most high street lenders continue to treat you as a bankrupt and will not consider your application.

As far as we are concerned being a discharged bankrupt should not prevent you from acquiring a new mortgage. Forward thinking lenders operate a policy that could afford you that “second chance”. We specialise in the more demanding area of the market and we have access to lenders that have a more lenient approach to lending. We also understand the bankruptcy and insolvency proceedings including IVA and Fast Track Voluntary Arrangements (FTVA).

Our lender contacts have a very different approach to those on the "high street" so If you would like help with your mortgage from a professional mortgage broker who specialises in advising discharged bankrupts please contact us.


If you are being threatened with repossession by your mortgage lender, you may be able to stop the repossession happening with the help of a qualified mortgage adviser.

If you have financial difficulties and so fall behind with your mortgage repayments, then the bank or building society may try to repossess your home to recover their losses. By acting fast, you may be able to stop repossession happening.

Provided you have some equity in your property and so long as the equity is worth more than the amount you owe the mortgage lender as a result of your mortgage arrears, then a remortgage could allow you to free up sufficient funds to pay off the lender and avoid your property being repossessed.

Your choices for where to go for this kind of mortgage will be limited. This is because not many banks and building societies will be willing to offer a new mortgage to someone who has existing mortgage arrears. For this reason, it is vital that you seek specialist remortgage advice right away so as you don't waste valuable time approaching mortgage lenders who can't or won't help you.

Contact us immediately and allow a professional mortgage adviser to do whatever they can to help you avoid having your home repossessed.