11 Kasım 2007 Pazar

How do I apply for an adverse credit mortgage?

It’s hard to find in-depth information on adverse credit mortgages because you can only apply for a loan through an Independent Financial Adviser or a mortgage adviser.
Borrowers need to talk to an adviser before applying for these loans for several reasons. An adviser can explain how serious your credit problems are and make sure you only apply for loans from mortgage lenders who will consider your application.
A mortgage adviser can help you with mortgage paperwork and stop you getting more black marks on your credit file by applying to mortgage lenders that reject your application.
Sometimes an adverse credit borrower may also need a self-certification loan because he or she earns income from different sources. An adviser can help you sift through a different range of adverse credit self-cert mortgage loans. Your mortgage is probably the most expensive item you will ever buy, so it’s important to make the right choice.
A little extra help?
But many of these specialist lenders don’t deal directly with the public at all. So, it is difficult for borrowers with a poor credit record to shop around and compare rates and fees, for example, like a standard mortgage applicant.
Before you talk to a mortgage adviser, you could do some research. Magazines like What Mortgage, Your Mortgage and Mortgage Magazine all list the best value adverse credit mortgages at the back to give you an idea of the kinds of interest rates and fees you may pay.

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