Bad Credit, Change in Market

There are many different opportunities out there to get credit. Self cert mortgages and secured loans being two. But they come with their associated risks of losing your home due to mortgage arrears and missed payments. Any trouble with repayments will reflect badly on you and can result in awarding you a bad credit rating.

Although there are quite happy to provide you with credit in the form of mortgages and loans it is important to remember lending to you means a higher risk to the lender. They will have to cover themselves by demanding higher fees and interest. Make sure you understand what you are getting into.

People with credit problems such as CCJs, bad credit ratings, defaults and mortgage arrears are the ones that are targeted by these lenders. There are also lenders who will help discharged bankrupts and the self employed. If you are self employed you can still get a secured loan if you own your own home. You may not have realised it but there are specialist mortgages called self cert mortgages that are designed for those who have difficulty proving their exact income.

A mere decade ago the market was seen as full of unscrupulous brokers convincing borrowers to come into agreements that they could ill afford at very high rates. Today however the bad credit market has a much broader product range and is much more competitively priced as there are so many providers.

You may really want to get a self cert mortgage or a secured loan but your credit rating lets you down. Even with mortgage arrears specialist lenders can offer you credit repair deals. You will have to pay more on your interest then a standard deal and put down a deposit of about ten percent. But once you have managed to maintain your repayments on the deal over a substantial period of time, usually it is over at least three years, your credit history will have repaired itself. You can then change your provider to a more conventional one and reap the benefits of a high street deal at a more competitive rate.

We can not promise you a Mortgage BUT we will listen no matter what your circumstances are.

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ABBEY FINANCE

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Actual rate available depends on circumstances ask for personalised illustration. The overall cost for comparison is 7.9% APR. Our representative fee charged is 1.25% of amount borrowed. APR variable and based on a usual case.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE