Adverse Credit Mortgages
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
In their ideal world, lenders would lend only to those with faultless credit histories, perfect work records and adequate deposits.
But money problems can affect anyone. Adverse credit problems can be linked to a loan default, a county court judgement or bankruptcy.
Sometimes people get into debt through no fault of their own and, even if they have been to blame, want to sort things out. Certainly no-one taking out a mortgage wants to see their property repossessed.
Thankfully, some lenders are willing to provide adverse credit mortgages. Deals are unlikely to match standard mortgages; lenders in the adverse credit market (also known as 'sub prime' or 'non-conforming') will usually charge higher rates.
Your application will be thoroughly vetted and the interest rate set according to the ‘risk’ you pose (in the eyes of the lender). You may also be subject to early repayment charges.
You may have to pay an early repayment charge to your existing lender if you remortgage.
For Equity Release Products we charge a fee of £750 payable (non-refundable) at the outset and typically a fee of up to 1% of the amount borrowed on completion of the mortgage. For example, on a loan of £100,000 a fee of up to £1,750 potentially would be payable. We will also be paid commission from the lender and any such commission will be disclosed to you in writing.
Alternatively you can pay us a fee only option. With this option any commission received from the lender will be rebated to you and you will have to pay a fee of up to 2% (minimum £2,000) on completion of the mortgage, less the £750 fee that will have been paid at outset