Specialist Lending - Adverse Credit Mortgages

Adverse credit

Adverse Credit Mortgages.

While lenders themselves naturally lend directly to individuals, brokers serve as middlemen between lenders and borrowers.

Brokers make lending more accessible. It isn’t that individuals themselves cannot approach lenders for their mortgage needs. However, getting the best mortgage is where individuals find themselves hapless. With numerous lenders operating in the UK, choosing one that not only meets your criteria but offers you a fair rate can be an uphill task.

Consequently, it is best to use the services of brokers such as Buckingham James especially to search for adverse credit mortgage arrangements.

Mortgages that require special consideration, such as an adverse credit mortgage, is where our services really come into their own.

Adverse credit mortgage options are not available in plentiful supply. Since, the borrower has incurred a bad credit report, mortgage lenders feel that he/she is habitually irregular in making payments towards their debts or poses a high risk of defaulting on the loan.

Buckingham James will help source the right mortgage lender for your individual needs. We have many years of experience in mortgage finance and we know the right mortgage lenders who can offer the best arrangement for a particular set of circumstances; adverse credit in this case.

Lenders who offer adverse credit mortgages generally peg the interest rate too high. While at times this is used as a deterrent, on most occasions this will be to profit from the urgency faced by the borrower.

Brokers can sometimes intervene to negotiate better interest rates. Since the adverse credit mortgage application is forwarded to a number of mortgage lenders, not all lenders will have the same profiteering intent.

Some of them will be competitively considerate enough towards the problems of an adverse credit borrower and offer a fair interest rate.

As matter of course Buckingham James retains contact with all of our clients. Personal circumstances may have been less than favourable in the past but that can change for the better over time. This allows us the opportunity to re-broker the mortgage at an appropriate time in pursuit of a more attractive arrangement.

If you are in need of specialist advice – contact us today.

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