Severe Adverse Credit
What happens when even specialist
lenders refuse your mortgage application?
With an estimated one in three of UK homeowners possessing
adverse credit, many lenders now offer mortgage products specifically
designed for this growing market. These deals have higher
interest rates compared to standard mortgages, but if a borrower
with adverse credit sticks to the agreement of the loan and
keeps up repayments, after three years their credit rating
may no longer be considered as adverse.
This means they can switch mortgage deals and take advantage
of the lower interest rates that many mainstream mortgage
lenders offer.
However, just as mainstream lenders may decline a mortgage
application from someone whose credit record highlights their
past mistakes when repaying borrowed sums of money, sub-prime
lenders may consider someone with severe adverse credit too
risky to lend to.
Many sub-prime lenders cater to applicants who have missed
a payment on a loan, or simply didn’t pay a gas bill
on time. When someone who has experienced serious financial
difficulty in the past, such as bankruptcy or had their home
repossessed, applies to these lenders their application will
inevitably be declined.
This can cause serious problems for someone who needs to
remortgage to consolidate any outstanding debts they may have
and get their feet back on the ground. Without the opportunity
to get their finances back on track, these individuals will
never be able to get rid of their adverse credit rating.
Clean Start Remortgages
The More Group are pleased to introduce a market leading
product specifically designed for borrowers who would have
previously been unable to find a mortgage. Aimed at sufferers
of severe adverse credit, a Clean Start Remortgage is the
first of it’s kind available in the UK.
If you have had your mortgage application declined, and have
nearly given up hope, then contact us today. Complete on of
our online
forms, or phone us on 0800
093 0464, and we’ll show you how we
can succeed where others have failed.
Remember, think carefully before securing debts against your
home. Your home may be repossessed if you do not keep up repayments
on your mortgage
|
