Problem Mortgages
It doesn't matter how many home owners there are in the UK, it is still very difficult for many people to get a mortgage. So the search for a mortgage can result in much frustration, and the meeting of brick walls.
Problem Mortgages fall into these main areas
- Self Certification Mortgages or Self Cert
- Self Employed Mortgages ( the Same as Self Cert Mortgages )
- Bad Credit Mortgages or Adverse Credit Mortgages
- 100% Mortgages
- Bridging Mortgages
Self certification. Self-employed people with less than three years accounts
Self Cert
Many people have problems proving their full income. This may be because you are paid commissions, have more then one job, have investment income or maybe your income is derived from abroad. If you are self-employed you can have particular problems proving your income either because you do not have enough years accounts or maybe you have used all the legal methods available to minimise your tax liability.
Bridging Mortgages
A bridging loan exists to finance the gap made between the procurement of a new property whilst the selling the old property, the Terms Of this loan are generally of no more than six months and it simply exists to " bridge" the gap between the two transactions, while it is referred to as a bridging mortgage it is in fact a loan
Bridging mortgages are excellent for these reasons
- Sales falling through or stalling
- Chains breaking up
- Sales taking longer than expected
- Quick sales for a discounted price
- Deposit raising
- Urgent completions
- Retired people wishing to downsize
- Tax and VAT arrears
- Share purchase
- Business equipment finance
- Inheritance Tax
- Cash flow problems
BAD CREDIT MORTGAGES UK
You may be having trouble getting a mortgage for a home in the UK this could be for many reasons.
- Bad credit history
- Poor credit rating
- Employment status
- Mortgage arrears
- Possession orders
- Eviction notices
- CCJ's
- IVA's
- Bankruptcy
- No proof of income
ADVERSE CREDIT MORTGAGES-UK Adverse (bad or Poor) Credit is something that 25 per cent of the population have and some shape or form, this can hinder your chances of getting a mortgage also fear the effect the deal you might get.
- Self certification. If you are self-employed or do not have a regular income then the self certified mortgage his for you, no need to provide accounts just self certify your own income.
- Self Cert Mortgage the full story
What is Self Cert? | Who Qualifies for self cert | self-employed | Non-status | Self Certifying a mortgage | Self Cert Rates
Sub-Prime Mortgage
A Sub-Prime Mortgage is given to a person who is unable to borrow money secured on a property from a normal lending source. The reasons for this could be
- Adverse Credit
- Existing arrears on a current mortgage
- An inability to satisfactorily prove the level of income required by a mortgage lender, maybe because you are self employed.
The impaired credit market- involves those with an imperfect credit history, with maybe a few County Court Judgments, maybe previous mortgage arrears or have been made redundant and thus have had to make reduced payments
100% Mortgages
Mortgages 100%: in Internet east synonymous term as search of formulas is demanded to finance until the 100% of the price of the house through the mortgage.
Although the excellent variables in this subject, is necessary to remember that are many, recently, the Bank of England indicated that many mortgage lenders are granting loans by a value superior to 100% of the appraisal price of the property.