Problem mortgages
When you hear the phrase problem mortgage, it creates a negative
thought pattern in our minds, why am i being treated as problem
you may think.
Put simply a problem mortgage
is a mortgage application that has been refused by the well
known high street lenders. Reasons for refusal of a loan or
mortgage can go from something as little as changing you
employment status recently, right through to being a discharged
bankrupt.
Some of the most common reason
for being:-
Arrears
If you have not kept to your repayment schedule on existing
credit, or have fallen into arrears on your mortgage then this
will classify you as a higher risk. What we will do is look at
your current circumstance, and compare this with how things will
be after your mortgage; it could be that currently you have
debts that will not exist when you move, reducing your outgoings
and making it more likely you will be able to manage your
repayments better.
Self employed
Getting a self employed uk mortgage used to be a problem, but
now we have access to many lenders who see the self employed
mortgage market as an area they wish to specialise in.
Bad Credit History
1 in 4 people in the UK will be turned down for credit or a
mortgage, but a much larger percentage of us own our homes. Just
because you have had problems in the past, it does not mean you
will again in the future. Defaults on credit agreements,
County Court Judgements (CCJ's) even bankruptcy can all be
overcome, and a mortgage be found for you.
High income multiple
In some areas such as our big cities, property is very
expensive, and is far above the normal 3 times your income
level. There are lenders who will lend higher earnings to value
ratios, and we can arrange this for you.
High loan to value
If you do not have a large deposit then getting on the property
ladder can be a problem. We have access to lenders who will
consider 90, 95, or even 100 percent mortgages.
Self certification
Proving your income can sometimes be a problem, with this in
mind we have access to schemes where you can self
certify your income.
Right to buy
using your right to buy the property you are renting throws up a
position where your property is worth far more (up to 70%) than
you are paying. It is common to want to make alterations to your
property once you own it, and for this reason we can arrange
mortgages far and above the purchase price. Releasing some of
the equity in your property can be used for any reason, not just
home improvements. We can arrange all this for you, from start
to comletion, and all from the comfort of your own home.
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