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:-)
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.
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.
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 comlpetion, and all from the comfort of your own home.