Poor Credit Score Mortgage Lenders

Bad credit rating Mortgage lenders

Loan Problems - Foreign Exchange Mortgage Do you have difficulty getting financing due to your bad credit record? Have you got a CCJ, any defaults, mortgage arrears or have you repossessed a real estate or been bankrupted? There is no doubt, as you have noticed, that the mortgage markets, which have a poor credit record, have become much tighter in recent years.

This is not to say that it is not possible to obtain a mortgage - you just need to know where to look. Our understanding of the problems that individuals have experienced in recent years and our familiarity with the criteria used by the lenders in this division are very good. Sub Prime" or "Credit Impaired" is just the phrase lenders use to catergorize a mortgage where there may be a bad credit record for one or both of them.

A mortgage would be subscribed in a similar way to a prime mortgage, but would generally require a higher investment, e.g. 15%-20% (see "first buyer" or "move"). Admittedly, however, you may be able to use a straightaway credit provider with a default mortgage offering based on how serious the credit issues are.

This is because the creditor takes a greater degree of responsibility if he lends funds to a debtor that he considers less likely to repay. Interest rates and mortgage fees may be higher than normal, and in some cases a large down payment may be called for. However, most of this depends on the seriousness of the negative credit histories.

{\POSTERING }HOW BAD CAN MY CREDIT BE? Various lenders have their own catering of "Sub Prime", but they will largely drop into 2 or 3 different groups: Close to Prime / Almost Prime: Here the disadvantageous credit would be relatively small. In general, mortgage backlogs (current or historical) are not accepted in this category.

With this sounding like your credit record then you may well be able to secure yourself a periodic mortgage. Undesirable / Medium Undesirable: Some historical mortgage backlogs may exist, or small CCJ's or failures that are more than 2 years old and have not been met. So if this sounds intimate then you may be able to secure a mortgage by placing in a bigger (15-20%) deposit at a higher interest will pay.

Severe disadvantage: Some of the most serious credit problems, such as outstanding mortgages or credit & credit card defaults, unencumbered insolvency or redemption orders and major CCJ's / IVA's. As a result, your consultant gets a much more accurate view of your job and is able to contact the right lenders in the first place.

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