Getting a Mortgage in Scotland with an Adverse Credit Profile
Mortgages For Scottish Residents With Adverse Credit.
Both Purchase Mortgages & Remortgages In Scotland.
Mortgage Plans For Poor, Fair & Good Credit. Confidential Help, Free Quotes & No Obligation Whatsoever.
Am I able to get a mortgage in Scotland if I have bad credit? If you are looking for a mortgage in Scotland if you have bad credit or not, you may have found that certain lenders are not willing to lend potentially just based on your location within Scotland - without even considering the other merits of your application. Fortunately, by choosing First Choice you may well make a big step to taking out a Scotland mortgage, be it with good or bad credit. We have direct access to a number of lenders who aim to provide mortgages for those in Scotland, even for those consumers who unfortunately have bad credit. Hopefully our figures speak for themselves, we were established over 25 years ago and have already arranged over £1 Billion for our customers, many of them in Scotland.
Credit status is not the only element that assists with getting a mortgage, having a deposit and a regular income are major pluses when looking at a Scottish mortgage or remortgage and can offset credit concerns. Our mortgage team will ensure you fit with these and other lending criteria whilst arranging your mortgage to ensure a smooth process. Find out what your options could be through ourselves and get some no obligation help from an experienced mortgage business, who will focus on arranging the right mortgage for you if you currently live in, or are planning a move to, Scotland. Even if you require a Scottish mortgage and have some bad credit call us on 0800 298 3000 (freephone) or use our mobile friendly number 0333 003 1505 . Alternatively fill in our short straightforward on line enquiry form and we will work around your time frames.
Adverse Mortgage Providers For Scotland
It is sometimes the case that once you have taken out a previous mortgage you may go through times of financial difficulty and unfortunately could have got some adverse credit on your credit file. If you have finished a discount or fixed rate period and are looking to remortgage before you drop onto a higher lenders standard variable rate you may find that your current mortgage provider will not allow this. This is not uncommon, particularly after recent rules brought about after the Mortgage Market Review (MMR) and subsequently the mortgage credit directive (MCD). If this is the case it is well worth contacting an experienced company like ourselves who have dealt with a number of Scotland mortgages for bad credit and who have ties to specialist lenders for people looking for a mortgage in Scotland with bad credit. Our understanding advisers are more than happy to help with your possible mortgage application, to get us working on a free quote for you, fill in the short online form starting at the top right of the page.
What Constitutes Bad Credit?
Having any previous adverse credit history, will negatively affect your credit file. The thing is, whilst you think you may have bad credit, it may not be quite as bad as you think. The main culprits that could lead to a poor credit file are not keeping up with the terms of credit agreements you have in place. Doing this a number of times could lead to more severe consequences like; defaults, CCJs or even bankruptcy in some cases. The first port of call is to establish what your credit file is like, you could do this by asking your creditors for a recent statement, or an easier way is to get a credit search done. Click on the link to carry out your credit search for a one off fee of £2.00 small admininstration charge (we do not receive any of this) https://www.econsumer.equifax.co.uk/consumer/uk/order.ehtml?prod_cd=UKSCR
Once you have this in place, feel free to give us a call on 0333 003 1505 (mobile friendly) or 0800 298 3000 (freephone), don`t worry if you do not understand the entries, one of our experienced advisers would be happy to talk you through it if you wish and try to help you. You may even find that your credit file isn`t quite as bad as you may have thought and as no two mortgage lenders are likely to be exactly the same with their credit scoring - you could even find your mortgage application still going on the high street. This information is particularly important with Scotland mortgages and other locations for bad credit as it opens up the number of providers that we might be able to place you with.
Housing & Mortgage Market In Scotland
With the uncertainty of the Scottish referendum now in the past the Scottish housing market may have witnessed a substantial increase in house prices and with the union staying together there was no feared potential outpouring of mortgage and remortgage providers or banks leaving Scotland for south of the border. The important point to bear in mind is that this means there are still a whole host of mortgage providers who are willing to lend in Scotland on mortgages.
With the increase in house prices your property may well be worth more than you originally anticipated which could translate to more equity. If you were looking to move house this increase in equity could equal a bigger deposit towards your onward purchase. Alternatively you may be looking to borrow some money using your equity for some important home renovations. To work out your current loan to value (LTV) based on the equity you have head over to our loan to value calculator. Scotland mortgages for bad credit are available for house purchases and remortgages but it can depend on a number of other factors. The best course of action is to contact the office to speak to an adviser, experienced in dealing with bad credit mortgages in Scotland who will be able to give you an idea and you can see if that new house purchase or remortgage is closer than you think.
Cheshire Mortgage Corporation & Scotland
With a little bit of research you will have probably come to the conclusion that not all mortgage lenders are willing to provide Scotland mortgages for bad credit. Some lenders, like Aldermore Bank or Precise Mortgages for example, will provide mortgages in Scotland but only in certain locations. However, Cheshire Mortgage Corporation in particular, will provide mortgages across the vast majority of Scotland provided you fit with all other criteria. Cheshire Mortgage Corporation have some decent interest rates for the previous adverse credit that they will consider. As they are more amenable to bad credit mortgage applications their rates are higher than prime bank based mortgage lenders. To give you a snapshot of their criteria (this changes regularly so please check with our mortgage advice team for the latest status) you may still be accepted for a mortgage even if you have accrued your bad credit in the last 12 months, this includes defaults and CCJs depending on the value and even missed mortgage payments. To save time and possible stress worrying about if there are any options for you or not, to see if you could get a mortgage from our lender panel call the office and speak to one of our advisers who will be able to narrow our possible options down. Call on 0800 298 3000 freephone or 0333 003 1505 which is included in mobile plan minutes.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. Security is required on
Established In 1988. Company Registration Number 2316399. Authorised & Regulated By The Financial Conduct Authority (FCA). Firm Reference Number 302981. Mortgages & Homeowner Secured Loans Are Secured On Your Home
First Choice Finance is a trading style of First Choice Funding Limited of The Old Courtyard, 103 Buxton Road, High Lane, Stockport, Cheshire. SK6 8DX. Copyright protected 2014-2018.
Use our free mortgage calculator tools to calculate your LTV monthly repayments or the impact of consolidating your debts into your mortgage for qualified mortgage help and advice and personalised illustrations please enquire online