Poor Credit Mortgages.

It was only 3 years ago when lenders were happy to take on clients with less than perfect credit ratings. Today those days seem a distant happy memory and we are reading that many home owners are trapped in their homes unable to move due to their tarnished credit ratings, or are they?

Over the last few months our brokers at Rest Assured Mortgages tell us that they have seen 2 new mortgage lenders enter the market as well as a loosening of the lending criteria some existing lenders have meaning they are now managing to help some of the enquiries they are getting so we have asked Rob Ashley to explain a little more for us, over to Rob;

At a recent review of criteria I have noticed that many Lenders including Abbey or rather Santander as they are now called, Leeds and Skipton all advertise that they will consider clients that have had CCJ’s. We have tested this and certainly Abbey will consider historical (over 2 years ago) satisfied CCJ’s and Leeds and Skipton seem to take a view depending what other problems there are.

This is great news for all as it means that lenders like Platform, I Group and Kensington all who used to lend in the subprime market but recently would only do what is called Near Prime now need to start looking at Sub Prime again or not do any new business.  

On top of the slight loosening of criteria on the high street we have also recently seen the appearance of a few new lenders who are old subprime lenders reborn. The one that is standing out most at present is Aldermore Mortgages who have come into the market with very aggressive products and no Credit scoring! We at Rest Assured have used Aldermore and so far have been very impressed as they have a “can do” attitude not a “computer says no” approach of most high street lenders.

So in summary, if you are looking for a mortgage and think you won’t get one due to your credit history don’t just leave it. At the Mortgage-finder.org we have worked in the subprime market for many years and will always listen to what you are looking for, and offer advice on the best route possible.

Feel free to call on 01202-577718 or complete an online enquiry form and we will call you.

Cheers Rob