Getting a mortgage is a whole different ball game compared to a few years ago. In order to prove your reliability, most lenders like to see a good clean credit record before they will even consider you for a mortgage. People with a history of bad credit are considered too great a risk for the mainstream lenders, as they confine themselves to lending to people with solid jobs and perfect credit histories.
During the late 1990s a huge industry sprung up to meet the mortgage needs of sub prime or non standard borrowers, that is people who have a poor credit rating, low credit score and those who don't fit conventional lending criteria such as the self employed and people employed on short term contracts.
Adverse credit mortgages and remortgages became available to people with a chequered financial history, from those who have simply missed payment on a utility bill to people with County Court Judgements (CCJs) or even bankruptcy against their name. Many high street lenders embraced the credit impaired market and developed dedicated sub-prime lending arms of their business. For instance UCB Home Loans was owned by Nationwide, Platform owned by Britannia Building Society and GMAC-RFC was part of the General Motors group.
However, the attitude of lenders towards people with a bad credit rating changed following the credit crunch. Lenders felt these individuals were more likely to default on their mortgage repayments.
The credit crunch led to the closure of many of the specialist divisions and today only a handful of products which are designed for people with a poor credit rating remain on offer. There are still some products available, but you will need a reasonable deposit. The greater the deposit you have available, the greater the chance of finding a suitable mortgage. Through this site you can contact an independent broker who can offer you impartial, no obligation advice on what is currently available.
Quite often the causes of a poor credit record can be attributed to unfortunate events such as redundancy, illness or divorce which occur through no real fault of those involved. It can be soul destroying to be turned down for a mortgage, so it's important to apply for the most suitable type of product. That is where the advice of a specialist mortgage advisor can pay dividends.
Whatever financial problems you may have had in the past, there may still be lenders that are happy to help you.
A specialist mortgage broker with access to the entire range of lenders in the UK, will locate the best deal for you. Simply complete our no obligation enquiry form.
Get a mortgage even if you have a poor credit rating. Get expert advice from a broker who specialises in mortgages for people with a low credit score.
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