Car Insurers Debate Over Future Profits

UK car insurers have been running an unprofitable business for 14 years. Independent market analysts, Datamonitor, say 2009 looks to be a profitable year despite the doubts

March 13, 2008

Budget Report Expectations

Chancellor Darling's Budget Report is expected to raise taxes on alcohol, fuel emissions, flights and many other issues concerning the economy. Tax burdens expected to increase on poorer families

March 12, 2008

Card Fraud Rises Again

Card fraud has increased over past year. Whilst chip and PIN technology has been successful in the UK, criminal activity overseas has increased 77 per cent

March 12, 2008

Tax Cuts Needed To Restore Confidence

Appeals for corporate tax cuts are submitted to the Treasury as it prepares its Budget report this Wednesday. Business and banking sectors are worried about the direction of the UK economy

March 10, 2008

First Time Buyers Take Hit From Stamp Duty

Stamp duty tax has not kept up with the rate of increase in house price inflation over the past decade. Yet another hurdle first-time buyers must leap over to get on the property ladder

March 10, 2008

Read all Finance News

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Compare Bad Credit Mortgages - Find the best deals if you have adverse credit

If you are in the market to obtain your first mortgage, or to remortgage, and have suffered bad credit in the past, then most likely your credit score will be adverse. Although it’s not quite as easy as getting a mortgage with a good or excellent credit rating, this does not mean it’s obtaining a bad credit mortgage is very difficult or impossible. It is quite the opposite in fact. However, there are some key points to consider when approaching lenders with an adverse credit history.

Here at the MoneyOutlet we work in a large nationwide network of UK mortgage brokers with access to over 8,000 mortgage products including adverse and bad credit mortgages. Applying is easy, free and there’s no obligation. You’ll receive a key-facts illustration to guide you in finding the best mortgage to suit your needs. Apply Now on the fast form above.

Often, people will obtain a bad credit history due to uncontrollable events. Employment redundancy or other unforeseen factors may have led to mortgage arrears, having a CCJ (County Court Judgement) filed against them, missed credit card payments, filed for an IVA or even bankruptcy. All of these situations will affect your credit to varying degrees thus leaving the only option a bad credit problem mortgage when looking to buy a home.

Bad credit mortgages are also referred to by lenders as:

• Adverse credit mortgage
• Poor credit mortgage
• Sub-prime mortgage
• Non-status mortgage
• Non-conforming mortgage
• Credit-averse mortgage
• Credit problem mortgage

Despite the many titles given by lenders, there are a number of providers who are sympathetic to those who have had credit problems in the past. Yes, you can still obtain a mortgage, however, there are a few key points to think about when pursuing a subprime mortgage.

Bad Credit Mortgages – The Pros?

• Banks and Building Societies: With many lenders accepting that just because one has had bad credit in the past does not mean they don’t qualify to borrow. Thus, more lenders have widened their product range to cater to the adverse credit market.
• Specialty Lenders: Dedicated lenders offering their services particularly to the sub-prime market. They help 1000’s of would-be homeowner access adverse credit mortgage products.
• Certified Mortgage Brokers: FSA regulated mortgage brokers have access to what’s called the ‘Whole of Market’. Working directly with a mortgage broker is recommended to help you locate the best deals quickly and according to your financial circumstances.

So, it’s very possible to obtain a bad credit mortgage. There are also different levels of bad credit. For example:

• Light adverse credit: No bankruptcy, small number of missed payments on secured and/or unsecured debts, CCJs less than £2000.
• Medium adverse credit: No bankruptcy, 6 to 11 missed payments on secured and/or unsecured debts, CCJs less than £5000.
• Heavy adverse credit: Bankruptcy, filing for an IVA, 12 or more missed payments on loans or other credit products, CCJs over £5000 (source: CML)

Bad Credit Mortgages – The Cons?

• Higher Rates: Once lenders determine which category (according to their specific criteria) your credit falls under, they will offer higher rates for a bad credit mortgage based upon their risk assessment.
• Deposit: It’s possible that some lenders require you come up with a higher down payment therefore borrow less according to the LTV (Loan to Value ratio). 100% mortgages may be difficult to find but 90% mortgages requiring only 10% deposit will be readily available.
• Locating an Affordable Mortgage: You may come across a few stumbling blocks in the beginning because either your particular bank doesn’t lend to those with adverse credit, especially heavy or severe bad credit, or you may discover rates are simply too high or not affordable. (Working with a regulated, independent mortgage broker is highly recommended)

Here at the MoneyOutlet we work with a vast network of independent UK mortgage brokers with special access to banks, building societies, and bad credit mortgage lenders. If you suffer from bad credit, CCJ’s, mortgage arrears or filed for bankruptcy or an IVA, we can help you now!

We cater to all credit types and will connect you with CeMAP certified brokers eager to help you find the best mortgage for your needs. You safely and securely provide your requirements in the form above and we immediately begin searching 1000’s of cheap bad credit mortgages based on your financial circumstances. You’ll receive your free, no obligation quote without a credit check (important!).

Why not see how we can help you today? Use www.moneyoutlet.co.uk to search and compare online and help find you the best available mortgage loans in today’s market no matter your credit status.

Published on September 22, 2007

Darling's Budget Report Highlights

Chancellor Alistair Darling delivers his first Budget Report yesterday. Highlighted in this article are some of the main points... Read More
March 13, 2008

Lending Falls Again Says CML

The amounts borrowed by first-time buyers and home movers continue to drop as the credit crunch takes further grip on the UK mortgage market. Remortgage activity is on the increase as many switch from fixed-rate deals to tracker mortgages in anticipation of further base rate decreases from the Bank of England... Read More
March 12, 2008

Interest Rates Kept At 5.25%

Yesterday, 6th March, the MPC decided to keep the base rate at 5.25 per cent. This decision was to be expected as the Bank focuses on the pressures of rising inflation and a slowing economy. Analysts are predicting another cut to 5 per cent to happen in May unless economic conditions weaken substantially. Whilst some feel the MPC shouldn't wait too long before the next cut, many agree with yesterday's decision... Read More
March 7, 2008

20 Per Cent Of Homeowners Fear Repayments

The UK's financial watchdog, the FSA, published a survey of over 500 mortgage holders which revealed 1 in 5 are worried about being unable to keep up with their mortgage repayments. It is estimated that 1.4 million fixed-rate or discount deals will expire this year raising monthly repayment amounts. Twenty five per cent of those surveyed admitted they had no contingency plans to meet these costs... Read More
March 6, 2008

Mortgage Criteria Becoming More Difficult

Mortgage borrowers are once again being hit with more criteria from lenders as the credit crunch becomes solidified in 2008. Not only have 100% and 125% mortgages been pulled from the shelf, now many lenders require a minimum of 10 per cent deposit in order to qualify for credit. It is now highly recommended to save as much as possible for your deposit and improve your credit history before applying... Read More
March 3, 2008

Read all Mortgage Articles

Personal Mortgage Centre - Tips & Information

• Mortgage Basics
• Remortgaging - The Basics
• Reasons to Remortgage
• Interest Only Mortgage - A Quick Guide
• Home Information Packs (HIPs) - A Brief Explanation