Have You Been Turned Down?
Many people in the UK experience difficulty obtaining a mortgage from the 'High Street' lenders. Especially in the difficult market. The reasons are numerous but some examples are; previous debt problems, being self employed or wanting to raise capital for a commercial venture.
Mortgage Market has access to all of the 'adverse', "sub prime", and "non-conforming" lenders available in the United Kingdom. Some of these lenders' interest rates are not much higher than those of 'High Street' lenders. However, interest rates and loan to value depend very much on the degree of risk being taken by the lender. The greater the risk, the higher the cost and lower the loan size. Some risks may be too unacceptable to any lender, if this is the case we will inform you quickly.
- Failed through credit scoring?
A number of well known 'High Street' lenders use credit scoring systems. In order to be considered by them for a mortgage, you must pass their credit scoring system. Inter alia, factors used for credit scoring include details of existing loans and hire purchase accounts, credit reports, length of employment, time with current bank, job position and whether or not you are on the electoral register (voters' roll).
Many worthy people are rejected by this system. They therefore think that they have a bad credit status and will be rejected elsewhere. However, we can help.
- Failed through adverse credit?
Some people, may through no fault of their own, have an adverse credit profile, having had defaults or County Court Judgments (CCJs) registered against them. They may have entered into an Individual Voluntary Arrangement (IVA) or have been made bankrupt in the past. Again, we can help.
- Failed through another reason?
Other people have complex financial arrangements because of matrimonial difficulties, unusual family circumstances or cultural differences. One in six people is self-employed or a contract worker and thus has an irregular income.
We simply look at the applicant's individual criteria and if we feel they will not pass a credit scoring system, we then use one of the many lenders, often subsidiary companies of the 'High Street' lenders, who do not credit score and sometimes even offer mortgage products superior to those who do credit score.
How we can help
- We were established in 1997 to source home loans in England, Scotland and Wales to people who don't fit the mould.
- We have developed specialist knowledge and experience as packagers to the 'non-conforming' market. Initially our services were only available through mortgage intermediaries - financial advisors and brokers, now available direct.
- Contact us to discuss your situation on 01535 640079 or send an email.