Officially there are five separate definitions for an impaired credit history which are as follows:
Arrears on a secured loan in the last two years greater than three months
Arrears on an unsecured loan in the last two years greater than three months
A CCJ in the last three years
Being bankrupt in the last three years
Having an Individual Voluntary Arrangement in the last three years
None the above will mean it is impossible to get a mortgage or remortgage though people with these issues will not have the whole marketplace to choose from. Although you may have credit problems, this does not preclude you from owning or remortgaging your home.
The world of mortgage lending has changed significantly with the advent of rapidly improving technology. Mortgage brokers are now able to source mortgages from 8500 deals on offer at one time. This has been a blessing to an enormous number of borrowers; borrowers that lenders traditionally overlooked in the past.
This new type bad credit lender understands that credit problems such as late payments, current outstanding liabilities or even bankruptcies may be a result of a variety of causes beyond your control and not a reflection upon your willingness to make timely monthly mortgage payments.
Brokers who specialise in impaired credit mortgages are opening up new opportunities for purchasing or refinancing homes. If you wish to speak to a broker just complete our enquiry form.
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CREDIT IMPAIRED