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Sub prime and looking for a mortgage? We can help
Many people today have difficulty getting a mortgage with a mainstream lender because they have credit problems. This is often described in the mortgage business as credit impaired. The degree of these problems varies from people who have just missed one payment on a mortgage or other loan agreement to bankrupts.
Traditionally mortgage lenders used to reject potential borrowers if they had credit problems, but the market has changed and new lenders have emerged who specialise in this market and traditional lenders are also responding to this trend. As a result, we should be able to find you a lender who will be sympathetic to your circumstances. Once your initial mortgage is sorted out you will be on your way to repairing your credit record and in a couple of years we can help you to remortgage onto a competitive mainstream deal.
Don’t get ripped off!
If you have a less than perfect credit record you need to steer clear of the adverse credit specialists who advertise extensively in the newspapers and on the internet. Many of these will tie you into excessive interest rates and charge fees of as much as 3% of the amount you are borrowing in addition to large product fees. Often they only offer the products of one or a small panel of lenders and they don’t all offer a full advice service. They can get away with this because people with credit problems are often so pleased that somebody has said yes to them that they don’t think about the costs they are letting themselves in for.
We have a number of customers with credit problems who have been accepted by mainstream lenders so to be certain you are treated fairly and not ripped off its important that you use a broker who offer mortgages from the whole market and who offer a full advisory service like ITV Local Mortgages.
We charge a simple one off fixed fee of just £195 for remortgages, £375 for purchases, £750 for buy to let and £995 for credit impaired-mortgages.
Alternatively, for purchase and remortgage business for your own residence you may pay a fee of 1% of the mortgage (2% for credit impaired mortgages) and any commission received from the lender will be returned to you after completion. The minimum fee is £1,000 (£2,000 for credit impaired mortgages). On a mortgage of £180,000 the fee payable on completion would be £1,800 (£3,600 for credit impaired mortgages).
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.
The overall cost for comparison is 7.5% APR. The actual rate available will depend on your circumstances. Ask for a personalised illustration.