If
you have been self-employed for only a short period and thus don't
have three years worth of financial accounts to show, you may
experience difficulty with mortgage applications. County court
judgments (CCJ’s) made against you in the past can also
affect mortgage applications. Periods of redundancy can result
in finances being stretched. This can lead to reduced loan or
credit card repayments, which then appear as defaults on your
credit report.
Adverse status lending has been common in the UK now for a number
of years; these lenders make mortgages more obtainable for those
with a poor credit history or credit rating, and allow mortgages
to be obtained by everyone. If you can obtain a mortgage with
a poor credit rating, you are in a good position to start repairing
a poor credit record. Types of adverse credit mortgages that are
commonly advertised include non-standard, sub-prime, non-conforming
or impaired credit mortgages. Adverse credit mortgages generally
feature fewer options than other standard mortgages, particularly
regarding interest rates; rates are often higher for adverse credit
mortgages because the mortgage company sees the borrower as being
a higher risk. A high rate protects their interests should the
borrower default on repayments.
If you are one of the many people in the UK experiencing difficulty obtaining a mortgage, our web site should prove to be your one stop solution. We can help you to find a suitable mortgage for you so that you can begin rebuilding your credit record.