| HOME | ABOUT US | CALCULATE | OUR GUARANTEE | APPLY NOW | |||||||
 |
|
||||||
Bad credit mortgages loan uk
f you have had bad credit lately, you probably are having problems making financial decisions and moreover, problems in trying to get further credit. You start getting deeper and deeper into the bad credit cycle, and you see no way to get out. However, there are some ways to rectify this situation and we offer you one: take a bad credit mortgage from us, end your current financial troubles, and get on the road to repairing your credit!
What is a remortgage and how is it advantageous to you? A remortgage is essentially a switch from your current mortgage to another that allows you lower interest rates. Thus, you end up saving and are more able to make your payments on time, every time. This is a good idea if your credit history has already been damaged due to previous defaults etc. Take a minute to go through our website and find the best remortgage loan for you!
What can we do for you? We understand that sometimes a customer's credit can be a problem when it comes to obtaining finance in the current market. However, this need not be your problem anymore! We can step in and assist you in solving your credit issues. Your credit history may have been damaged due to defaults, arrears or a County Court Judgment (CCJ). Whatever the cause, the fact remains that once your credit history is adverse, it has long-term effects on your financial future. You find that you have virtually no freedom or options when it comes to making financial decisions.
You can rest assured that your case will be reviewed fairly and independently by one of our expert best remortgage loan consultants. We have made sure that applying for a remortgage loan is as painless as possible for our valued customers. Simply fill out our online application form to discover how simple the process really is!!
Adverse bad credit mortgage loan
Choosing and settling on a mortgage lender or mortgage broker is a very important decision. Make sure you don't make mistakes that you will regret later. Ask yourself, the mortgage broker or lender these questions before you sign on the dotted line:
1. Is there a pre-payment penalty on the loan? Ask about this as soon as you are told you are approved. A 6 month pre-payment penalty is probably ok, but 1 year, or two years? Over 1 year is too long. Find out how much the pre-payment penalty is. Maybe its not much. But if there is one, its most likely to be so much, that it would defeat the purpose of refinancing the loan before the penalty time is up. If you are get a mortgage loan with a poor credit score, and then make your mortgage payments on time, you are likely to be able to refinance in 6 months to 1 year for a much better interest rate. You don't want to hurt your chances of doing that with a heavy pre-payment penalty. Sometimes brokers will neglect to tell you about one.
2. What will the interest rate be? Sounds obvious, but lock down exact numbers. Don't settle for vague answers on this. Brokers may promise you a low interest rate, but as it gets closer, end up locking you in at a much higher rate. If you are doing a combo loan, 80/20, the second mortgage may end up being the one that has an interest rate that surprisingly jumps up as it gets close to the loan closing. Try to negotiate a lower interest rate, especially if you are going through a mortgage broker, they will usually have some play in this area.
3. Is my mortgage broker being too pushy? If you feel your broker is being too pushy, there may be something in the loan that is not in your best interest. Ask a lot of questions and don't be afraid to start searching elsewhere. When getting a mortgage loan, you don't want to be in too big a hurry.
4. Can I afford the payment even I am not able to refinance for a lower rate within 2-3 years? Many people get into a sub-prime mortgage loan with a higher interest rate, just because they are happy to get approved, only to feel suffocated later, when they cannot refinance and get out from under the high payment. If you don't think you could make the payment for at least the next 2-3 years with no problem, then you shouldn't be getting into the loan.
5. What are my closing costs going to be, exactly? Bad credit mortgage lenders and mortgage brokers know that the person they are extending the loan to doesn't have as many options. These lenders and brokers can sometimes take advantage of that fact by upping the fees at closing. Make sure you see what all of your fees are going to be in writing before you commit to the loan. Compare those fees with other lenders and make sure they are comparable. If there are a little high, try negotiating with your mortgage lender or broker. They will usually be able to make changes there if they choose to.