Bad Credit, Dealing With It

Some people may not be sure of how to go about getting a self cert mortgage or a secured loan if they already have mortgage arrears or a bad credit rating. They may want to break free of the stigma of bad credit but do not know how to go about it. Well there are many experts on hand to help. The high street may not be the best bet for this kind of problem so look up financial advisers in the Yellow Pages or on the internet.

They will need to know the scope of the problem and what the constraints are. These may be in the form of money available, other bills to take into account, how much the person earns or expects to earn in the future and any time limits on paying up the mortgage arrears, missed payments to secured loans or whatever got them into bad credit in the first place.

Self cert mortgages depend on the borrower being honest with the lender about how much they expect to earn or to have as income in the future. Sometimes people will exaggerate and they find they can not keep up with the demands of a self cert mortgage and end up with mortgage arrears.

The same can be said for secured loans. Although they are secured on the house it is up to the borrower to decide if they can keep up with the monthly repayments proposed. If the borrower is realistic, reads and understands the small print they may be able to sail through a loan. However unforeseen events can derail what was once a secure agreement. The borrower suddenly finds they can not afford the repayments and they get allocated a bad credit rating.

This will follow them throughout their financial life if they do not manage to address it satisfactorily. There are many companies that specialise in managing bad credit and offer a way out by repairing it but this will come at a cost. The borrower must decide if the increase in rating is worth the extra it is going to cost.

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

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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