On a blacklist and need a mortgage?
Think you're Blacklisted and need a mortgage or remortgage? Here's the good news. There is no such thing as a blacklist.
Many people believe that by having a bad credit history you are barred from being able to get a mortgage in the future and that your details are added to a "credit blacklist" meaning you will not be eligible for a mortgage.
In reality, many mortgage applications are rejected because the client does not meet the criteria defined by the lender they are applying to. When you apply for a
mortgage, each lender will determine whether your circumstances are acceptable to their lending criteria. If you meet their guidelines, you will normally be offered a
mortgage. If not, you will be turned down. However, there is no central blacklist of people with bad credit scores that lenders use as the basis of determining who they will lend to.
Being refused credit by one lender, doesn’t necessarily mean you will be refused by another. Each lender has their own criteria they need to keep to and this varies from company to company. Lenders do share information through individual's credit reports, but each lender examines the information on your credit report and assesses you based only on their own guidelines.
You may have been refused a
mortgage before but now need to raise money for home improvements or an
extension. Mortgages are available for people who have had prior credit problems but are now in a different financial situation. If you need to pay off your debts, maybe to pay off other loans or credit cards, we may be able to help you, even if you think you are on a 'blacklist'. Bear in mind that although a new
mortgage may reduce your monthly payments, it may increase the overall amount you will pay back.
Do you have a Poor Credit History
If you have had defaults or county court judgments in the past, this does not mean you cannot get a low interest rate mortgage now. If you have completed an IVA or you are a discharged bankrupt, you may still be eligible for a mortgage. Past credit problems don't mean that you cannot get a good mortgage interest rate now.
When you are struggling financially, it is understandable that meeting your mortgage payments is going to be a big concern. Contact us for the facts. You may find that other types of mortgages suit your needs better. For example, if you have savings, you could use these to reduce your mortgage term or monthly payments. Complete the form to get a mortgage quote from a registered broker, and get your finances back on track even if;
- You have had County Court Judgements (CCJ's)
- You have a poor credit rating
- You have mortgage arrears
- You are a discharged bankrupt
- You have payment defaults
- You have been in an IVA (Individual Voluntary Arrangement)
- You've been turned down by other lenders in the past
Flexible Rate Mortgages
You have various options available to you. One of them may be to swap to a new mortgage can be used to pay off your existing lender and any other finance you may have. The new payments should save you money. You may wish to use the finance raised to pay off credit and store cards, car loans and other high interest rate finance, so reducing your monthly payments overall.
- Borrow up to 90% of the value of your home
- Repayment terms 10 years, 15 years, 20 years, 25 years up to 35 years
Mortgages are available for people in situations such as:
- You are employed, self employed or have a poor credit history
- You have had adverse credit within the last 12 months
- You have a non-standard construction or high rise property
- You are on a Low income
- You are looking for Capital repayment or Interest only
- You have Benefit Income only
Shared ownership accepted up to 100% of the clients share
- No upfront fees
- No obligation advice
- Competitive low interest rates
Some companies offer loans specifically to cover mortgage problems such as mortgage arrears. Loans can be expensive and in some cases secured against your home and so if the root cause of the problem has not been addressed you could be increasing your expenditure and putting your home at greater risk. We strongly recommend that you get independent advice before considering any arrangements like this. If you remortgage (change your mortgage lender), your new mortgage may come with a product fee and it may also have different features than your current mortgage. Please ask the broker for full details about the total costs you may have to pay. Your home may be repossessed if you do not keep up repayments on your mortgage.
We take your enquiry and pass it on to the mortgage broker that will best handle your own individual circumstances.The mortgage broker will find the most suitable lender for your specific requirements and get back to you with the mortgage that suits your needs. Note that your current lender may charge fees when you leave. Also, legal fees may apply depending on your circumstances.
Self employed? Sole Trader?
Whether you are employed or self employed, or even if you are not working, there are mortgages you may be eligible for.
If you are struggling financially, you have various options, such as extending your mortgage term -
this will allow you to reduce your monthly payments by paying your mortgage back over a longer term.
Alternatively, your lender may let you reduce your monthly payments for a set period of time.
(Although these payment arrangements would reduce your monthly payments now,
they will increase the overall cost of your mortgage)
. Find out whether our brokers can help by firstly completing the form.
Low interest rate mortgages
Looking for a mortgage to purchase a house? A mortgage broker can research the best mortgage for your circumstances whilst having the skill and knowledge to process your application quickly and efficiently. Whether you are looking to buy privately, from the local council or if you need a Buy to Let Mortgage at a low APR interest rate. Fast and simple
If you are currently experiencing financial problems, at the same time as talking to us about your financial concerns, we recommend that you take independent debt advice to help you understand your options and manage your finances.
There are a number of organisations that provide free, professional advice, such as
StepChange Debt Charity
Depending on your circumstances, you may also be able to get
help from the government
The service you will receive
The broker will endeavour to find the most suitable mortgage for your individual circumstances
and do everything they can to get your mortgage paid out as quickly as possible. We believe
that both we and the broker give a first class service to our clients. We hope you will be happy with the outstanding service you receive from
the broker. If not, please let them know and they will do their best to help with any problems you may encounter.
You will never be asked for any up front fees for arranging your finances.
The broker will contact you by telephone or email to clarify any issues that they are not sure about.
You are under no obligation at any time to go ahead with their advice.
They will find the most suitable lender for your specific requirements and get back to you with a product that suits your needs.
Mortgages are subject to underwriting and criteria. Minimum age 18. UK residents only.