SQ1 Finance is an Appointed Representative of the The Mortgage Times Group Limited, 279 Tottenham Court Road, London W1T 7RJ, which is authorised and regulated by the Financial Services Authority no. 303007.
A bad credit history is not the end of the world ...
Despite what some people may think a bad credit history is not the end of the world. OK ... it can make credit more expensive and the number of lenders you have to choose from may be restricted. But you are, after all, perceived as a higher risk.
It may that you have experienced business failure or difficult personal circumstances that have led to an IVA or bankruptcy but even these 'worst case' credit situations are still catered for by many well known lenders.
These days many mortgage and secured loan lenders have what they refer to as 'Near Prime', or 'Light Adverse' products and these will cater for applicants who have had some credit card defaults or a couple of small CCJs (County Court Judgements).
But what if I already have mortgage arrears ...
Generally speaking lenders don't like to see mortgage arrears.
From their point of view they could be forgiven for thinking they are 'in for more of the same' if they offer you a mortgage or loan. But yet many lenders will still have a range of products suitable.
Currently the highest number of arrears most 'specialist' lenders will consider is 4 or 5 in the last 12 months and they WILL apply for a payment history from your current lender to check ... AND carry out an independent credit check.
Despite what some people may think a bad credit history is not the end of the world. OK ... it can make credit more expensive and the number of lenders you have to choose from may be restricted. But you are, after all, perceived as a higher risk.
It may that you have experienced business failure or difficult personal circumstances that have led to an IVA or bankruptcy but even these 'worst case' credit situations are still catered for by many well known lenders.
These days many mortgage and secured loan lenders have what they refer to as 'Near Prime', or 'Light Adverse' products and these will cater for applicants who have had some credit card defaults or a couple of small CCJs (County Court Judgements).
But what if I already have mortgage arrears ...
Generally speaking lenders don't like to see mortgage arrears.
From their point of view they could be forgiven for thinking they are 'in for more of the same' if they offer you a mortgage or loan. But yet many lenders will still have a range of products suitable.
Currently the highest number of arrears most 'specialist' lenders will consider is 4 or 5 in the last 12 months and they WILL apply for a payment history from your current lender to check ... AND carry out an independent credit check.
Credit Issues? ... Don't Panic ...
"having a bad credit history is not always a reason to panic. Our experience in helping people with a poor credit history, bankruptcy, CCJ, IVA is extensive ..."
"having a bad credit history is not always a reason to panic. Our experience in helping people with a poor credit history, bankruptcy, CCJ, IVA is extensive ..."
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THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
THE OVERALL COST FOR COMPARISON IS 7.5%. THE ACTUAL RATE AVAILABLE WILL DEPEND UPON YOUR CIRCUMSTANCES. PLEASE ASK FOR A PERSONALISED ILLUSTRATION.
THE OVERALL COST FOR COMPARISON IS 7.5%. THE ACTUAL RATE AVAILABLE WILL DEPEND UPON YOUR CIRCUMSTANCES. PLEASE ASK FOR A PERSONALISED ILLUSTRATION.
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See what our clients think of our service standards ...
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So ... will I get a mortgage or loan, and what will it cost me ?
These days it is definitely more difficult to secure finance but it seems that there is always a lender that is prepared to make an offer of a mortgage or loan whatever your circumstances, however this can come at a heavy price.
The worse your history, the more it's going to cost you in interest charges. This is something you are going to have to consider carefully, however the mortgage or secured loan may still allow you to reduce your outgoings substantially.
Lenders use a combination of factors to reduce their risk when lending you money:
These days it is definitely more difficult to secure finance but it seems that there is always a lender that is prepared to make an offer of a mortgage or loan whatever your circumstances, however this can come at a heavy price.
The worse your history, the more it's going to cost you in interest charges. This is something you are going to have to consider carefully, however the mortgage or secured loan may still allow you to reduce your outgoings substantially.
Lenders use a combination of factors to reduce their risk when lending you money:
· Interest Rate
· Loan to Value (i.e. how much of your property value will they lend)
· Loan Administration Fee
· Early Redemption Charges (ALL Secured Loans now adopt a standard calculation set by the Consumer Credit Act)
· Loan to Value (i.e. how much of your property value will they lend)
· Loan Administration Fee
· Early Redemption Charges (ALL Secured Loans now adopt a standard calculation set by the Consumer Credit Act)
What next ?
We feel that a broker such as SQ1 Finance can offer you a better solution as we know what the lenders will look at when assessing your application for a loan.
'Going direct' may sometimes seem like a good idea but remember the lender will not reveal to you it's lending criteria. Whereas we know the criteria for all of our lenders and can save you considerable time and effort by only recommending those we know you will qualify for.
Complete the form above or call us on 08456 439 478 and we'll talk you though the process ...
We feel that a broker such as SQ1 Finance can offer you a better solution as we know what the lenders will look at when assessing your application for a loan.
'Going direct' may sometimes seem like a good idea but remember the lender will not reveal to you it's lending criteria. Whereas we know the criteria for all of our lenders and can save you considerable time and effort by only recommending those we know you will qualify for.
Complete the form above or call us on 08456 439 478 and we'll talk you though the process ...
