From April 1st 2018- New lender for Bad Credit Remortgages.
From December 1st 2017 – NO BROKER FEES!
Don’t pay a £1495 fee to another broker who doesn’t have a fraction of the panel of lenders we have!
Ravenwood Mortgage Services have funds from a lender offering excellent terms, with an open-minded view to some bad credit.
But funds are limited, so please fill in the form below with your details. As funds go down the lender’s criteria will start to get more strict!
Early January this year (2018) there have been some new lenders appear with excellent terms for bad credit remortgages. Some rates are only 0.9% higher than normal prime lenders, which is previously unheard of, especially without a big fee.
If in the past six years you have been unable to service your credit agreements or you have ended up with a ccj for some stupid reason like a forgotten water bill, many lenders will reject your mortgage application straight away.
Ravenwood Services have relationships with lenders that take an open-minded view to people with some adverse credit, as they understand that not everyone with a ccj or default is a complete deadbeat. Ill-health, break down of relationships, temporary loss of work or income are all entirely plausible reasons for some credit arrears, while a person may still have a good future of being able to support a mortgage.
Now post Lehman collapse lenders want to know if you can service the mortgage you’re committing to. No longer is the prospect of further house price increases enough for lenders to lend. But for reformed responsible borrowers this a good thing not a bad thing and should protect the property market from getting frothy with hot speculative money.
With today’s bad credit remortgages even if some of your bad credit is gone, it may be possible to refinance away expensive 2nd charge lending and put all the debt on the home into one first charge lender at a reasonable rate. Also if you have secured borrowing at a shorter repayment duration with a high monthly payment as a result, refinancing this away can further reduce your monthly payments, so the term is matched with your entire mortgage.
While it is often true a mortgage from 2006 or 2007 is a good deal and is worth keeping, especially if its interest only, there are still opportunities to refinance at a fixed rate to protect yourself from rate rises in the much longer term.
Interest rates should stay low in the short term (2018 and 2019), but after that, the path of short term rates could be on the rise. It’s common to keep a mortgage for seven years, so refinancing with a five year fixed deal could prove very savvy even for people with some bad credit history.
Some economists would predict that if interest rates rise so should your earnings or wages as inflation would only start to become a problem as the result of increasing wages.
Renting a home is financially like having a 100% interest only mortgage at about 5-6%. So if the house that suits your needs is worth about £120,000, the rent is maybe £7200 a year or £600 a month.
Check out this Knight Frank report page:
If you have some savings like say £25,000, you would only need to borrow £95,000. Even a mortgage with a rate as high as 4.5% the interest on the mortgage is £4275 a year or about £356.25 a month. Plus you have the stability of owning your own home and not being given notice by a landlord who may want his property back to sell or to live in himself, or want to turf you out so he can put his rent up.
Government legislation has recently clamped down on agents charging tenants substantial application fees and fees for referencing. But even modest fees and delays getting your deposit back make the costs of moving every 18 months quite expensive.
Its fair to consider that you must repay capital if you get a repayment mortgage, so this you must budget for. And you must plan for buildings insurance which is likely a term of your mortgage to have.
For a freehold house you should budget for some improvements/repairs, and of course, if you buy a leasehold flat, you need to plan for the management fees.
If you don’t pay your management fees, the management agents are entirely within their rights to write to your lender and get you in trouble with breaking the terms of your lease and therefore the terms of your mortgage. They will simply lookup your lender with the land registry. The lender is shown with the date the lender took the charge.
When borrowers get into financial difficulty, it has been known for mortgage lenders to pay the borrower’s management fee arrears and add it onto the mortgage principal as the consequences of not paying the management fees are severe for the borrower and lender.
Good reasons for an Adverse Refinance
We use other lenders in addition to the ones listed below:
Bank of Scotland
Bristol and West
Nottingham Building Society
Stroud and Swindon
Scottish Widows Bank
Darlington Building Society
Barnsley Building Society
Chelsea Building Society
Yorkshire Building Society
Coventry Building Society
Cambridge Building Society
Cumberland Building Society
Legal and General
Leeds Building Society
Bradford and Bingley
Swansea Building Society
Marsden Building Society
Alliance and Leicester
First Trust Bank
Cheltenham and Gloucester Building Society
Royal Bank of Scotland
Monmouthshire Building Society
Hanley Building Society
Newbury Building Society
Capital Home Loans
Bank of Ireland
West Bromwich Building Society
Progressive Building Society
Ipswich Building Society
Buckinghamshire Building Society
London Mortgage Company
Beverley Building Society
Scottish Building Society
Mercantile Building Society
Hinckley and Rugby
Standard Life Bank
Mansfield Building Society
Skipton Building Society
Saffron Walden Hertfordshire and Essex
Dudley Building Society
Penrith Building Society
Teachers Building Society
Furness Building Society
Bath Building Society
Chesham Building Society
Earl Shilton Building Society
Chorley and District
Newcastle Building Society
Norwich and Peterborough
Melton Mowbray Building Society
Dunfermline Building Society
Pink Home Loans
Cheshire Building Society
Nationwide Building Society
Lambeth Building Society
I got a remortgage with ravenwoods help after my IFA had sent me to someone that charged very high fees. Ravenwood were much cheaper for me!
My circumstances had changed quite dramatically and I didn't have my partners income any more but Ravenwood helped me get a remortgage.
Paul at Ravenwood in Putney acted fast and efficiently. It was me that slowed the whole process up. But with his help I found all the paperwork the lender needed and it all happened!
Other brokers were bullies and sometimes even rude to my because of my credit history which unfortunately was caused by serious illness. Ravenwood were polite and professional and understood me. And they acted quickly.
Ravenwood got me a remortgage as my accountant had messed up and the inland revenue were getting really nasty to me. They saved the day I am really chuffed with them!