Adverse Credit Mortgage
If you have had some credit problems in the past, then do not worry. Any Loans work with a number of the leading lenders that do not care about your adverse credit history. Just click on the relevant button below and complete the short form.
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Adverse Mortgage
Adverse Credit Mortgages are now available for people with adverse credit in the UK. There are many different types of adverse credit and these include; missed mortgages payments, mortgage arrears, defaults, CCJs, IVAs and Bankruptcies.
Many lenders are now offering adverse mortgages. In fact many of the sub-prime lenders are owned or backed by the large banks and building societies. These specialised lenders recognise that having had financial difficulties in the past is no indication of your ability to repay a mortgage today.
The sub-prime market is a term that is often used to describe adverse credit mortgage lending.
Interest rates are higher with adverse credit mortgages than those of prime mortgages as the perceived risk to the lender is greater. Due to the competition in the marketplace today has meant that sub-prime interest rates are edging closer to those of prime interest rates however their will always be a distance between the two.
On occasions it can happen that individuals are refused conventional mortgages due to very minor reasons. These reasons can include:
- Not having any form of credit record
- Paying a bill late
- Failing to appear on the electoral role
- Incomplete work record
As minor as these may seem, they can be the basis for refusal.
It is of course possible to repair your credit rating over time and as such revert back to the ‘High Street’ rates. If you have stayed with your lender for a certain period of time (usually three years), successfully made your mortgage payments on time and have no outstanding CCJs or defaults, then this will be seen as though your credit rating has been ‘repaired’.`
Some lenders do offer adverse credit repair mortgages that help you to improve your credit status and reward regular repayments.
Over a period of years, the annual interest rate is reduced and ultimately reverts to the lenders standard variable rate, providing that payments have been kept up to date and of course providing that a spotless credit record has been maintained throughout the period.