Impaired Credit

Features and Benefits of Impaired Credit Mortgages

• Mortgages for purchase, refinance for debt consolidation and / or capital raising
• Up to 75% of property value depending upon loan size and personal status
• Self employed can "self certify" their own incomes
• Mortgage facilities which reward future good conduct

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Occasionally, it is not until one of our clients instructs us to arrange a property mortgage that they find out that they have been "black listed" because of some past financial misdemeanour.  Most banks and other lenders subscribe to credit reference agencies who maintain confidential records of persons who have taken credit of some sort. When an application is submitted, it automatically authorises the lender to inspect the clients Credit File.

Here are some of the reasons someone may not be able to obtain a mortgage from the normal high street lender:-

• Late payment of credit cards or loans
• Defaults
• County Court Judgements (CCJs)
• Mortgage Arrears
• Bankruptcy / IVA

Although these can often arise as 'one-offs', have been satisfied and quite old, they can continue to affect someone's ability to raise a mortgage for several years. This can sometimes feel like being severely punished for what may have been a brief lapse or misjudgement. If the client has any suspicion of an adverse credit record ACL encourages clients to access their credit file with the two main credit reference agencies used by lenders - Experian and Equifax. This can be done on-line before an application is submitted by contacting www.experian.co.uk and www.equifax.co.uk. 
 
ACL has access to many lenders (not accessible via the high street) who are sympathetic and prepared to help people with these problems. See also Secured Loans.

The cost of these mortgages will vary dependant upon the severity of the credit problems which ACL can determine from sight of the client's Credit File.  Understandably, interest rates for impaired credit tend to be more expensive than normal high street rates. However, they are a means to achieving an immediate re-structure of finances to a more manageable level and therefore help stabilise and eventually improve a person's credit situation.  

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

Mortgage Protection Insurance provides low cost cover against unforeseen eventualities that could affect your ability to maintain repayments on your mortgage such as death, illness, accident or unemployment.