It was only 3 years ago when lenders were happy to take on clients with less than perfect credit ratings. Today those days seem a distant happy memory and we are reading that many home owners are trapped in their homes unable to move due to their tarnished credit ratings, or are they?
Over the last few months our brokers at Rest Assured Mortgages tell us that they have seen 2 new mortgage lenders enter the market as well as a loosening of the lending criteria some existing lenders have meaning they are now managing to help some of the enquiries they are getting so we have asked Rob Ashley to explain a little more for us, over to Rob;
At a recent review of criteria I have noticed that many Lenders including Abbey or rather Santander as they are now called, Leeds and Skipton all advertise that they will consider clients that have had CCJ’s. We have tested this and certainly Abbey will consider historical (over 2 years ago) satisfied CCJ’s and Leeds and Skipton seem to take a view depending what other problems there are.
This is great news for all as it means that lenders like Platform, I Group and Kensington all who used to lend in the subprime market but recently would only do what is called Near Prime now need to start looking at Sub Prime again or not do any new business.
On top of the slight loosening of criteria on the high street we have also recently seen the appearance of a few new lenders who are old subprime lenders reborn. The one that is standing out most at present is Aldermore Mortgages who have come into the market with very aggressive products and no Credit scoring! We at Rest Assured have used Aldermore and so far have been very impressed as they have a “can do” attitude not a “computer says no” approach of most high street lenders.
So in summary, if you are looking for a mortgage and think you won’t get one due to your credit history don’t just leave it. At the Mortgage-finder.org we have worked in the subprime market for many years and will always listen to what you are looking for, and offer advice on the best route possible.
Feel free to call on 01202-577718 or complete an online enquiry form and we will call you.
Cheers Rob
5 Comments
Pingback by Mortgages, what does 2011 hold for us all? - Mortgage Finder — January 7, 2011 @ 12:04 pm
[...] blog that is proving true was on Poor Credit Mortgages. This week I have placed a mortgage for a client with 2 Defaults from 5 years ago for over £2000. [...]
Trackback by conveyancing Solicitors — March 28, 2011 @ 7:45 pm
Conveyancing Solicitors…
[...]while the sites we link to below are completely unrelated to ours, we think they are worth a read, so have a look[...]…
Trackback by Property Solicitors — March 29, 2011 @ 3:58 pm
Property Solicitors…
[...]we like to honor other sites on the web, even if they aren’t related to us, by linking to them. Below are some sites worth checking out[...]…
Trackback by Conveyancing Solicitors — March 29, 2011 @ 9:01 pm
Conveyancing Solicitor…
[...]here are some links to sites that we link to because we think they are worth visiting[...]…
Trackback by blogs — December 24, 2015 @ 8:28 pm
blogs…
Poor Credit Mortgages. – Mortgage Finder…
RSS feed for comments on this post. TrackBack URL
Sorry, the comment form is closed at this time.