London Bad Credit Mortgages
Yes, London bad credit mortgages and London bad credit secured mortgage loans are still possible despite a bad credit rating.
The Bad Credit Mortgage Centre specialise in helping people in the North, West, South and East London areas get the appropriate adverse credit mortgage loan to match their current circumstances of bad credit due to arrears, ccjs, credit card defaults, IVA or bankruptcy.
It really doesn’t matter what your financial circumstances are, we will be able to offer help and guidance.
London Adverse Credit Mortgages Update:
With London the capital of the UK, its home to thousands of businesses, a huge transport network facility and millions of residential property owners. Therefore it’s hardly surprising to learn that London average property price is in excess of £300k. In addition because of the higher value, large numbers of people find it more difficult to get onto the London property ladder than they would in other parts of the country such as the Home Counties
Although East London is still the most cost effective area to buy in London it is still a very difficult task for first time buyers to get on to the property ladder throughout the rest of London, especially in South London where even the least expensive of homes are in excess of £300k.
The existing ‘credit crunch’ crisis in the UK has made it virtually impossible for first time buyer to get onto the property ladder, especially getting a mortgage in London, let a lone a bad credit mortgage!
The problems have been further fuelled by those wishing to remortgages their current London home as prices are falling rapidly and the lenders criteria for lending is tightening and the resulting loan to values they will lend on are reduce quickly as prices drop. The reason being, that lending represents a greater risk to lenders as prices continue to spiral downwards.
As you can imagine the current crisis has crippled the facility to get 125% remortgages or even 95% mortgages in London. At one point the easy access to large 125% mortgage loans made it likely first time buyers could jump on to the property ladder in London.
Despite the ‘credit crunch’ the residential property market in London still has a growing demand, as London offers a far higher business prospects together with higher average wages, so more and more people have a desire to move to London.
The ‘credit crunch’ is devastating the UK economy, its making it more difficult to get remortgages or even a first mortgage that the applicant can manage. The situation is further exasperated in London where property prices are on average far greater.
In addition an increasing number of people are suffering from a poor credit history as the financial crisis continues to bite. The first two quarters of 2008 saw repossessions increase by 50% on the previous six months according to the CML. It’s at times like this that, it pays to consult a London mortgage specialist like The Bad Credit Mortgage Centre for expert help in the existing adverse mortgage liquidity crisis.
The Bad Credit Mortgage Centre has the skills and expertise to ensure potential applicants get the best product for them in their current situation. So if you need help, just give The Bad Credit Mortgage Centre a call, it costs nothing to make the call…
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