Finding a mortgage with a poor credit history is difficult and has to be approached very carefully because of the shortage of lenders available in this market. Having the advice of a qualified Poor Credit Mortgage Broker will greatly enhance your chances. With only a few sub prime lenders to choose from, getting it right first time is very important.
Steven Neale – Specialist Bad Credit Mortgage Broker
Steve and Sue made the whole process very easy and calming. The advice given set me at ease as I thought I wouldn’t be able to get a mortgage due to credit issues of the past. Highly recommend!
11th Mar 2020
Thanks both for all your help!
14 Feb 2020
Excellent service, always informed me of any information required in a timely manor.
13 Feb 2020
Steven and Sue were extremely helpful and knowledgeable and their calming influences made us feel at ease throughout the whole process.
03 Feb 2020
Very obliging, helpful and provided all the guidance we could have expected.
23 Jan 2020
Steve provided an excellent service to us and ensured we had the necessary documentation in readiness for our mortgage application. He was very patient in dealing with all our enquiries looking through several scenarios to suit our situation. The process was seamless and very satisfactory.
13 Jan 2020
SN Mortgages understood our position extremely well, even when there was an unexpected potential move rather than the remortgage.
28 Nov 2019
Thank you – yet again! We have organised a variety of mortgages over the years with SN Mortgages. The mortgage process is always complex by nature, but Steve and Sue always make the ‘journey’ as seamless as possible. Calm, friendly, helpful.
28 Nov 2019
S N Mortgages have provided an excellent service. They have been very accommodating to my personal requirements and provided a timely, yet thorough service. They provided multiple product options and talked me through the benefits in each case. Thank you both for your support and patience.
Mr & Mrs Tarring
14 Nov 2019
Thank you Steve & Sue for all your hard work in in securing a mortgage for us to purchase our first home. No query or question was too much trouble, thanks again.
Mr Hockley & Miss Lee
07 Nov 2019
As always, both Steven and Sue were knowledgeable, helpful, informative, quick and a pleasure to deal with.
19 Aug 2019
Can I get a mortgage with Arrears?
Borrow up to 75% with unlimited mortgage, secured or unsecured payments, provided you have not missed payments with the last 12 months and any missed before then are paid up to date. Arrears fall into two camps and are treated differently. Unsecured – if late or missed payments are from a credit card or car loan for example, and are not secured on your property (unsecured) they are counted when the lender carries out a credit score on you. Your score will determine what interest rate the lender will charge or if your score is too low, they may decline you for a mortgage altogether.
Secured – loans secured on a property such as a Mortgage or Second Charge are treated differently with lenders looking very closely at your payment history. Missing the odd payment on a credit card they will accept – missing payments with your current mortgage lender or on a secured loan is not a good start when trying to impress a new lender.
Generally though, you can have 1 missed or late payment in the last year with no more than 3 missed or late in 3 years up to 85% loan to value.
If however you have a reason for going above these limits such as redundancy or illness, or the missed payments were of a short duration and your credit before and afterwards was OK, I know Building Societies who might consider you for a mortgage if you have arrears.
They underwrite manually, meaning they do not rely on a computer or credit score and each application is individually assessed by an underwriter. This approach works well if you can demonstrate your adverse history of arrears was short lived, for a clearly identifiable reason and since then you have conducted your finances well.
When it comes to your credit worthiness, always ensure you make the monthly payments on time, every time, Avoid any arrears if you plan to remortgage or purchase a new home in the future.
For more information on how I can help you find a mortgage when you have arrears, please call me on: 01494 526400 or complete my online Enquiry Form.