Credit issue mortgages |England, Wales & Scotland | Self employed | Contractors | Cheap Pricing all via The Mortgage Lender
The Mortgage Lender primary concentration is applicants with past and present credit issues. Where they excel is there pricing in the Near Prime Sector which is market leading and surely has raffled the feathers of established Lenders. Near Prime focuses in on credit issues such as defaults, county court judgements and missed payments on mortgages and credit agreements that occurred at least 2 to 3 years ago when a clean bill of health since.
Excitingly they lend in Scotland which has been very poorly served in the non-standard credit impaired mortgage sector. This is perhaps no surprise as we know the Senior Management Team well and with Trevor Pothecary at the helm he has always been a great supporter of the country.
Their contractor criteria is amongst the best and lending to age 80 is helpful for applicants with large retirement income.
The Mortgage Lender will also lend to self-employed applicants who have been trading for 1 year provided the deposit is at least 20% which is fairly standard for the sector.
Example Product Rate and Fees – Near Prime 80% loan to value (Residential)
[ezcol_1fifth]Initial Rate: 2.52%%[/ezcol_1fifth] [ezcol_1fifth]Subsequent: 4.88%[/ezcol_1fifth] [ezcol_3fifth_end]The overall cost for comparison 4.65% APRC[/ezcol_3fifth_end]
Unlimited CCJs (none registered in the last 3 years). Unlimited defaults (none registered in the last 2 years).
| Type and initial benefit period | Fixed for 2 years |
| Minimum deposit / equity: | 20% |
| Valuation fee | £330 |
| Booking fee | £150 |
| Lender arrangement | £995 |
| Telegraphic transfer / CHAPS fee | £30 |
| Legal fee | £600 |
| Early repayment charge | 3/2% in the fixed period |
For more information on The Mortgage Lender please call complete the enquiry form on this page or call the number below.
Any property used as security, which may include your home. may be repossessed if you do not keep up repayments on your mortgage
Important Information
Residential and Buy to Let Mortgages
Rates current as at 24/9/16 . The overall cost for comparison is based on a purchase price of £300,000 over a 25 year term. The Right-to-Buy example is based on a discounted purchase price of £150,000. Repayment for Residential and Interest only for Buy-to-let (unless otherwise specified). Eligibilty will depend on your own personal circumstances.
KEY – ERC = Main early repayment charge.
The purpose of this web is for information only and is based on a fictitious illustrative scenario. It does not constitute a Mortgage Offer in any way.
It is essential that you seek independent mortgage advice as a suitable product will be based on your own individual circumstances. An interest rate should not be read in isolation, and you should refer to your personal key facts illustration and Mortgage Offers for full terms and conditions. If anything is unclear it should be discussed fully with both your mortgage and legal advisors before entering into a mortgage contract with the lender.
The information contained herein is based on research through the Trigold (IRESS UK) sourcing system. When first published to this site the data is normally 24 hours behind real time, and may or may not still be available.
A first charge over your property is required as security for the loan.
The formal mortgage offer of an advance will be subject to a valuation and other satisfactory references.
Author: Payam Azadi
Payam Azadi is a partner at Niche Advice who are whole of the market Independent Mortgage Brokers. His role is very much focused on Property financing both on residential and commercial lines. To get in contact with him please click here.
