Bad Credit and Mortgages

Arrears, loan defaults and CCJ's

• 1 in 4 people in the UK have trouble getting a mortgage and this may be because your name is on a credit blacklist.

• This can result in a traditional mortgage application being rejected and you and may find out that it's due to your credit rating.
  
  The reasons can be numerous:
  

• Have you only been self-employed for only a short period and thus don't have three years accounts to show? This can be seen as an obstacle to lending for some financial institutions.

• Maybe you have a county court judgment ( CCJ ) against your name? You could get a CCJ for something as trivial as missing payments into your book club.

• Credit problems can occurr in a variety of ways

• For example by failing to repay catalogue company bills on schedule can be another cause of a bad credit report.

• Periods of redundancy can can see people out of work temporarily, and during this period peoples finances are stretched. Reduced loan repayments can occur and these can then appear as defaults on your credit report.

• The most serious credit arrears for lenders is failing to meet mortgage repayments on schedule -and this does requires more attention.
  
  However there is a solution!
  

• Whilst it was the Australians who gave us the flexible mortgage, it was the American financial institutions that were instrumental in exporting to the UK a new, workable solution that helped those with a less than perfect credit history get the mortgage they needed.

• Just over five years ago saw the introduction of adverse status lending in the UK. A US concept - saw the integration of bad credit lenders in the UK who were prepared to supply a mortgage even when an applicant had reasonably bad credit problems.

• Often these lenders will only work through a mortgage broker, and Alpha 1 have become experts at helping our clients get the finance they need even when they are deemed to have credit problems.

• The specialist lenders use phrases like non-standard, sub-prime, non-conforming products or impaired credit to describe the various bad credit schemes.
  
  We can help people with bad credit get the mortgage they need - let us guide you successfully through the mortgage maze.
  

• Contact Alpha 1 today - we are bad credit specialists!