11 Kasım 2007 Pazar

What is an adverse credit mortgage?

Adverse credit mortgages are for borrowers with a poor credit status.
Few people check their credit record on a regular basis, so they don’t know that any missed repayments, say, from a mobile phone or even a mortgage payment may have left a black mark on their credit record. The fact is few high street lenders consider mortgage applicants with a problematic credit history.
Some standard mortgage lenders are willing to lend to applicants with relatively minor debt problems, for example, a £200 settled County Court Judgement.
But because mortgage lenders see mortgage applicants with serious past credit problems as a bigger risk than a borrower with a clean credit record, adverse credit mortgage loans are more expensive and offer less flexible terms.
For example:
Those with say, six unsatisfied County Court Judgements (CCJs) or missed mortgage payments may need a larger deposit and usually, the worse the credit history, the higher the interest rate and fees they will have to pay for a home loan or remortgage. Weblinks: www.standardlife.com www.thecheshire.co.uk

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