Latest Bad Credit Mortgage Guide On How To Remortgage with Adverse Credit
Lenders offering a bad credit mortgage for people with an adverse credit history are now few and far between. Mortgage offers for people with credit problems such as CCJ, IVA, credit card defaults, mortgage arrears or a discharged bankrupt are scarce. People with a poor credit score a bad credit rating are likely to find it considerable more difficult than a year ago to get a remortgage.
Difficult Times Ahead For The Adverse, Sub-prime or Bad Credit Mortgage Industry.
Britannia is the latest mortgage lender hurt by bad debts. The bad debts resulted in a £40.4m hit in it’s figures for the first half of 2008 from homeowners defaulting on repayments. This is a huge increase of £15m from last year. The cause of this downturn in fortunes has been laid at the door of Platform its subsidiary specialising in sub prime or bad credit mortgages.
This type of news continues to affect the type and volume of bad credit mortgage products available to people with poor credit. Sub prime lenders are becoming less and less inclined to make mortgage offers to people with less than 100% credit rating.
If you’ve got a bad credit record it can be a very stressful financial situation to deal with. But don’t give up. There are still some specialist lenders out there prepared to make a mortgage offer.
However you need to be realistic and be prepared to pay a higher interest rate together wit the fact you will need enough equity in the property to support the higher loan to value percentage that the lender will insist upon. This is especially the case whilst house prices continue to tumble, as it obviously increases their risk substantially lending to people with poor credit whilst simultaneously house prices continue to fall.
It’s important therefore to take action asap whilst there are still some bad credit mortgage products available. Call the Bad Credit Centre today for help. We will find you a specialist broker to help you in your current situation albeit County Court Judgement problems, secured or personal loan defaults, credit card defaults, mortgage arrears or rent arrears, bankruptcy, IVA.
We’ll even search for solutions if your self-employed or have no proof of income.
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