11 Kasım 2007 Pazar

Is an adverse credit loan worth it?

An adverse credit mortgage can help you achieve two things as long as you keep up the repayments. Firstly, you can stay in your home despite your credit difficulties. Secondly, these loans help you repair your credit status by proving you can stick to a credit arrangement, so mainstream lenders will consider you again.
Depending on the seriousness of your debts, some high street lenders may lend to you again after two years, but you need to prove you can keep up regular mortgage payments for the agreed term first.
Don’t worry if you have never heard of many of the adverse credit lenders suggested by your mortgage adviser. Lenders you have heard of like Britannia Building Society, Bank of Scotland or Yorkshire Building Society, for example, own many of these lenders offer specialist loans like buy-to-let or adverse credit under another brand name.
There are over 4,000 adverse credit mortgage loans out there, so make sure your adviser can access all the market to get you the best deal for your circumstances.
A good way to compare one deal against another is to use the Key Fact Illustration (KFI) for each mortgage loan listing each loan’s ‘key’ features.
Those features include interest rate, deposit size, length of mortgage term and the rate you revert to after the initial deal has finished, plus any fees and extra charges you need to pay.Weblinks: www.standardlife.com www.thecheshire.co.uk

Hiç yorum yok: