If you have either arrears CCJ’s (County Court Judgements for debt) or other credit problems against your name, then it can prove more difficult to obtain a mortgage from a mainstream lender. These problems may be the result of a difficult financial situation such as being made unemployed, family break up, ill health or even just down to overlooking a bill.
Whatever the reason or amount owed, the outcome will be the same regarding your credit history. A mortgage lender will consider that you have been previously unable to meet the terms of a repayment schedule and that you pose a high risk to them as a result.
These problems will unfortunately remain on your credit file for a period of six years regardless of whether they have been cleared. At NSP Financial Services we have access to specialist lenders who understand that sometimes life does not go as you would wish and are able to offer products that reflect your circumstances.
If you’ve had problems in the past and have been paying a high rate for several years now, your recent track record might be enough to mean that you are now eligible for a standard loan. Give us a call to discuss your particular requirements.
The overall cost for comparison is 8.8%. The actual rate available will depend upon your circumstances. Ask for a personalised illustration.
Our rate:
6.29%
Overall cost for comparison is 6.8%
Our rate:
6.14%
Overall cost for comparison is 7.1%
Our rate:
7.19%
Overall cost for comparison is 7.5%