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At Jam Mortgages we can help whatever your financial circumstances. Our expert adviser can take you through the steps to repair and improve your bad credit rating and will support you through the bad credit mortgage process providing you with first-class, mortgage advice on all the options available, whatever your situation; first-time buyer, home mover, remortgaging, buy-to-let or Right-to-buy.
We can help whatever the circumstances of your bad credit rating including:-
- Mortgage, secured loan and rent arrears
- County Court Judgments (CCJ’s)
- Defaults
- Individual Voluntary Arrangements (IVA)
- Discharged bankrupt
- Repossession
- Self-employed with no accounts
The actual rate available will depend upon your circumstances. Ask for a personalised illustration.
Analysis of the UK Property and Mortgage Market
Most will not have experienced the roller coaster ride that the property and mortgage market has experienced in recent years. Whilst there have been periods where values have fallen in the past thirty years or so nothing has been as deep or as long lasting as the current round of property price reductions.
The financial markets meltdown was, in part, caused by the failing property markets in the US as many sub prime borrowers defaulted on their mortgages and homes were repossessed. Values fell and the chain reaction that followed around the globe was breathtaking in its ferocity and impact.
Property values reached their high in late 2007 after a period of rapid growth fuelled by easy credit, low interest rates, growing feelings of wealth, a surge in buy to let investment and 125% mortgages. That all seems a long and distant memory from the experiences of the past few year.
Property prices fell from their peak values by around 25% in most areas - some by even more. Hardest hit were the vast blocks of apartments built for city centre living and a Mecca for buy to let investors. As the worst fears of the economy passed, some stability has returned and the financial markets have eased slightly but the playing field is markedly changed for those looking to buy or sell or get a mortgage. The turmoil vastly reduced the number of players in the mortgage market and also the variety of offers available. With banks and other lenders wary of further falls, they are now looking for good quality credit customers and those with a sizeable deposit to shield them from further losses should the market stall.
That all adds up to a tough time for homebuyers - some of whom are still in negative equity (where they owe more than the home is worth if sold).
Any form of bad credit experience will mean that getting a mortgage loan approved will be an uphill challenge. Therefore, taking early action to make sure you keep a good credit history is vital rather than getting into trouble and missing payments. Better to consider some form of debt consolidation loan to keep payments affordable and ensure you are in control. Mortgages are hard to get at the moment and look likely to be so for the future so managing your credit profile is vital if you see yourself wanting to move in the near future. Remember that it can take around four to five years for a bad credit experience to clear from your record. It may also be worth checking what is in your credit history by taking advantage of one of the free offers from one of the credit reference companies such as Experian, Equifax or CallCredit.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.
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