What To Do If You Cannot Get A Mortgage With Adverse Credit
The first thing to do is not to panic. It might be easy to read the newspapers and think that this is the worst thing that has happened to homeowners in the UK – and it is a tough situation – but it’s one that has happened before and will inevitably happen again. It might seem like the newspapers are speaking the truth if you cannot get a mortgage with adverse credit, but there are always options for homeowners, even homeowners who have a bad credit history. A mortgage with adverse credit is not your only option.
So take a deep breath and then get some advice. It is the first port of call for those who think they cannot get a mortgage with adverse credit, or those who have tried and failed. An adviser will be able to search through the mortgage intermediary market, which is not available to consumers. This area of mortgages has historically been the best place to find a mortgage with adverse credit. Specialist lenders always like to have an adviser handle the mortgage, as it usually needs special arrangements, planning and lots of care. There are a lot less deals and a lot less lenders out there, but there are still options.
If you cannot find a mortgage with adverse credit it is a matter of waiting. This mortgage crisis will not last forever – experts have said everything up to 18 months to two years*. So if are stuck it might be likely that you will have to stay on the lender’s standard variable rate for a while, which is manageable. It means talking to your adviser and seeing what other options are available to you – one is secured loans. If you cannot get a mortgage with adverse credit then maybe you can get a second mortgage with adverse credit. It might allow you some breathing room, or it might let you handle your debt, which would eventually lead to another mortgage.
Of course, there is no one answer. An adviser may be able to offer you numerous avenues if you have failed to find a mortgage with adverse credit. Or maybe you just haven’t been looking in the right place – you can be assured that an adviser will always look in the right places. The world isn’t going to end and we are not all going to be thrown from our homes. Right now finding a mortgage with adverse credit is just a little bit tougher.
* HBOS, Nationwide, September 2008
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