Bad Credit & CCJ Mortgage Specialists | Equity Finance

Call our bad credit CCJ mortgage specialists FREE on 0800 594 5904

Equity Finance is a specialist mortgage, home loans and debt solutions broker for people with bad credit.

Bad credit, sometimes called adverse credit or poor credit, can be as simple as missed payments on your credit card or it might be more serious like CCJs or mortgage arrears. In extreme cases, mortgage arrears can result in the repossession of your home.

We have special arrangements with a number of recognised mortgage lenders to enable us to arrange bad credit mortgages for those people who do not meet the standard criteria of many high street lenders.

If you are worried about your debts and have a bad credit history, we have the facilities in place to help you regain control of your finances via our debt solutions options.

We know how difficult and sensitive financial issues are and we will answer all your questions in a discreet and confidential manner.

What do I need to get a mortgage?

The headings below are some of the areas lenders consider when you apply for a mortgage although different lenders may place more importance on one area than others. Some mortgage lenders even use a credit scoring system which awards points in various areas and a minimum score must be reached to be accepted.

Deposit

In the current mortgage climate (credit crunch, economic downturn) most mortgage lenders will lend up to a maximum of 90% of a property value. Deposits can be accepted from a variety of sources and don’t always have to come from your own savings.

Income

If you are employed or self employed mortgage lenders will normally need you to prove your income. Sometimes a lender might not require proof or they may offer special schemes like a self certification mortgage. This is especially useful if your income comes from a variety of sources.

Credit History

All lenders will take into account your payment history, for example whether you have kept up repayments on a mortgage, loans, hire purchase agreements and credit cards, but just because you have missed payments it doesn’t mean you can’t get a mortgage. We will need to be sure that you are able to afford your payments in the future.

The Property

The mortgage lender will need a valuation of the house you are buying or wish to remortgage. This is because they will lend you money (the mortgage) based on the value of the property and they have to be sure it is worth what it is claimed to be worth. If for any reason you do not repay them the mortgage they will repossess the property and sell it to get their money back.

Summary for successful mortgage applications

We have tried to describe the four main areas that mortgage lenders consider when assessing your mortgage application. In short there are a number of things which could affect your chances of getting a mortgage. Sometimes the more times you apply the harder it can get because lenders will get to know about other applications you have made. If you are having difficulty it is often best to get professional advice.

Why not contact us today and let us help you find the mortgage you are looking for.

The overall cost for comparison is 6.7% APR. The actual rate available will depend upon your circumstances. Ask for a personalised illustration. A fee of £1499 is usually charged. Your home may be repossessed if you do not keep up repayments on your mortgage.