Ravenwood Mortgage Services are specialist mortgage brokers, who have specialists in broker only adverse lenders. We are independent and have access to a massive range of lenders. We have a lot of direct contacts know a lot about bad credit mortgages.
Many lenders we used a lot in 2005-2007 that disappeared from the mortgage market have come back in late 2013 so easier finance is achievable. After 2008 interest only mortgages all but disappeared, but in 2014 the have started to come back.
Mortgage lending, bridging finance and development funding has been helped by a lot of positivity in the UK property market as unemployment goes down, interest rates stay low and confidence is strong.
Bad credit mortgages are now getting terms closer to prime mortgages and lenders have more confidence in the UK property market.
As interest rates are likely to stay historically low for a sustained period of time, people with cash can’t hold cash. They have to invest it or they loose.
Rents in the UK continue to be strong combined with demand for rental properties, the UK property market is seen round the world as a safe haven to hold your money.
In addition to finance we can refer you to specialist case buildings insurance companies that can quickly insure non conventional property and property in a poor condition. Structural issues, roofing problems and other difficult title situations can be insured quickly.
Because of our extensive knowledge of lenders criteria, both published and “non published”, we aim to get your finance application right first time to subject you to the minimum of delays and minimizing the damage of searches in your credit file. This means no credit check until you are ready to apply to the lender.
A moderate amount of wage growth in the UK has made property affordable especially outside the M25. Around the capital property prices are still very high but have come off a little since Brexit as foreign cash buyers have been less willing to buy.
Lots of London tube zones 3-7 still have property prices below £650 per sq ft, but properties on the side of the Thames and in tube zone 2 easily achieving £1000 per sq ft plus.
Outside the South East of England you can still buy residential property for £150 per sq ft, even less in areas know for high rates of crime, high unemployment and low wages.
People are hanging onto many pre crisis mortgages as some of them are exceptionally good deals, but if you have a post financial crisis mortgage it could be a good time to refinance as lenders are being forced to compete for borrowers business.
There is little evidence lenders are concerned about the UK leaving the European Union. It’s true that a weaker pound will eventually filter through to higher commodity prices and domestic energy costs which will hurt peoples disposable income a little. But this should be offset by wage increases as the British economy expands.
Some people could consider equity release to get money tied up in their home. Their are options for people under 55 also.
The main categories that lenders look at differently are:
Legal and General
Skipton Building Society
Nationwide Building Society
Royal Bank of Scotland
Marsden Building Society
Standard Life Bank
Earl Shilton Building Society
Bath Building Society
Barnsley Building Society
Mercantile Building Society
Bank of Ireland
Penrith Building Society
Capital Home Loans
Coventry Building Society
Universal Building Society
Tipton and Coseley Building Society
Saffron Walden Hertfordshire and Essex Building Society
Bristol and West
Cambridge Building Society
Stroud and Swindon
Furness Building Society
Newcastle Building Society
Royal Bank of Scotland
Dunfermline Building Society
Santander Building Society