Borrowers who are having serious credit problems are not offered any loans. it is because lenders do not want to undertake any risk factor by offering finances to these borrowers. In that case borrower should look for lenders who are willing to offer loans without taking in to account the borrowers credit record. There are some lenders present in the financial market who offer bad credit loans. The amount obtained can be used by the borrower to...more
Why is it, only those borrows with a history of bad credit such as county court judgments, IVA, arrears, defaults, non repayment etc cannot apply for loans. Without any external financial help, these borrowers lack the required finances to meet some of their important needs. Sensing that the financial conditions of the borrowers are not in a good shape, lenders in the financial market are now offering bad credit loans. These loans offer the...more
There are several ways you can find yourself with what is known as bad credit. You can be late with your payments on a loan, get into arrears with your secured loan, may have missed payments on your credit cards, have a CCJ registered against you, missed some payments on your mortgage, or perhaps you have previously been declared bankrupt. Millions of Brits are suffering from some or other sorts of financial problems these days. After taking account such scenario into consideration, poor credit loans have been schemed out for the people with bad credit. Previously, it was the loan officer that would do the majority of the work; today it is pretty much simpler on internet. You use a system based on credit score to make a decision regarding your loan application. There a loan officer compiles the information that he receives from your credit record. This report will give the loan officer the information he needs to find out about your credit history.Usually, interest rates for poor credit loans are very high as lenders take a huge risk by offering you the loan. Although there are some factors which determine your amount availing and repayment charges. These factors can be mode of...more
Bad times often occur for people when they are least prepared. They hit them the worst at that time. Bad credit is one such nightmare for the borrowers when they are in need of money for their requirements. For such situations, there are bad credit loans that the borrowers can easily take up for their needs. These loans help the borrowers at a time...more
It may be troublesome for borrowers who have a low credit score to get money for their needs through loans. A low credit score works against the credibility of the borrower but with the advent of poor credit loans, the borrowers can get money for their needs very easily and without any hassle. Through these loans, even those borrowers who have a...more
A current account mortgage is a type of flexible mortgage product that combines several financial products into one single account. As with any other mortgage product, a current account mortgage will be secured against the borrower's home. This type of home loan product cannot usually be secured against investment properties.The main difference between a current account mortgage and a standard mortgage product is that this type of home loan will act as both the borrower's home loan and current account. That is why these mortgages are often referred to as a "line of credit". The borrower will normally be required to have their salary or wage paid directly into the current account mortgage and will be allowed to withdraw money from the line of credit as required - within a pre-determined upper limit.In addition to combining the mortgage with a current account, it can also be combined with credit cards, personal loans, and cheque book facilities in order to streamline the borrower's overall banking facilities into one product. As well as helping to streamline the borrower's banking facilities, a current account mortgage can offer flexible features that standard mortgage products do...more
The latest trend in the mortgage market has been an increase in the number of borrowers taking out a 100% loan-to-value mortgage. This means that the loan-to-value ratio of the mortgage is 100% rather than the 85% or less normally attached to more...more
In this day and age of low housing affordability, it is more difficult than ever for first-time-buyers to secure their first home. A shortage of housing stock has lead to a situation in which demand for housing far outweighs supply and this has, in...more
Shared ownership mortgages are specialist mortgages that are designed to cater for purchasing property through shared ownership schemes. Shared ownership schemes are also known as shared equity schemes and have become a popular method for...more
While most mortgage brokers need to be registered with the Financial Services Authority in order to advise clients on residential mortgages, no such rule exists for buy-to-let mortgages. This is because buy-to-let mortgages are regarded as commercial...more
The mortgage intermediary market is facing a potential recruitment crisis due to a lack of graduate mortgage brokers entering the industry. Unlike many other professions, such as accounting or banking, the mortgage industry does not have a structured...more
Prior to 2004 there was little regulation for mortgage brokers conducting business in the UK. Anybody could call themselves a mortgage broker, regardless of whether or not they held the necessary qualifications, and they could source clients and...more
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