Choices are more limited if you have a poor credit record, but if you speak to us we can make a professional assessment, and advise on the best course of action. We have specialist lenders available, so all may not necessarily be lost.
Some lenders still use manual underwriting which has advantages over mechanical systems. It may be that certain circumstances led to a period of debt building up, but things are now back to normal. A lender that can recognise that can make a difference. An adverse credit mortgage will have a lower loan to value than standard mortgages, depending on the nature of the credit problems.
If payments have been missed recently, it may be harder to get a mortgage, but if you have had a good record for one or two years, there is more choice. The interest rate, and lender fees, tend to reflect the seriousness of the credit problem. IVA’s, CCJ’s, Defaults, and Bankruptcy are the most serious issues.
If you have been in an IVA (individual Voluntary Arrangement), bankrupt or in a trust deed, lenders usually have a waiting time of 12 months or more, since you were released from the arrangement, before they will consider lending.
The value of advice
If you have, or have had debt problems you are likely to be more vulnerable financially, so it is even more important than ever to seek solid professional advice, where your interests are put first. Our aim will always be to improve your situation over time, and to find the best value for money solutions available.