For years right up to the credit crunch it seemed you only had to prove that you were alive to acquire a mortgage, I think it was termed by the american’s as NINJA mortgages.
The recession brought about a crack down on these types of mortgages and still we see certain practices like self certification remaining outlawed. But reality is returning to the market, an increasing amount of lenders including existing ones and new ones are recognising that there are many people out there who do not fit the “normal” mould expected by the main high street lenders.
For various reasons, sometimes self inflicted and sometimes beyond ones control, people will experience a chapter in there life where things do not go according to plan. They might accumulate county court judgements, defaults, bankruptcy, missed payments on secured and unsecured commitments or simply miss a payment on a credit card. If you fall into one of these categories it s now possible subject to status, to borrow on a mortgage up to 90% loan to value. The credit repair mortgage lenders do not expect you to stay with them for the full duration of your mortgage. They realise that you will switch away from them, back to the high street lenders as soon as your credit rating allows.
We see in many cases, clients coming to us after they have been told by there lender that they cannot borrow enough. This can sometimes be due to a low credit score or the type of income they receive is not accepted by the lender. Again we are seeing much more flexibilty from lenders who are willing to help.
The lesson here is not to give up and assume that all lenders are the same. Reputable mortgage brokers like Westexe Mortgages will have the answers for you and will have access to and understand the differences between lenders who are able to help.
Call today on 01392 216 344 – 24/7 for an instant decision