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MORTGAGES, REMORTGAGES & LOANS

Adverse Remortgage and CCJ Mortgages

If you are a homeowner looking to refinance your mortgage you might find the task more difficult and confusing than you thought. Because of the number of financial institutions serving the homeowner market in the UK, securing the right mortgage loan can be challenging. Getting the best possible Refinance Mortgage Loan or Home Improvement Loan for your circumstances is like looking for a needle in a haystack

One way to get a clearer picture is to investigate arranging a remortgage by accessing the First Union.co.uk website. First Union may be able to arrange a competitive deal for your circumstances. And because First Union can often give you a decision in principle within hours and pride themselves on the speed with which they can complete the mortgage or loan with the Lender, they can often provide a rapid solution for your situation. The remortgage or loan can be used for many purposes; for Home Improvement, loan the money you need at a comparatively low interest rate for your circumstances; solve your debt problems and save money with Bad Credit Remortgage Loans arranged by First Union; holiday in UK? loans are straightforward - For more resources click here. If you searched for any of the terms adverse mortgage, adverse remortgage or ccj mortgage, mortgages then you should talk to First Union. Bad credit mortgage loans or refinancing mortgage loans usually are most suitable for applicants with a poor credit history, arrears, CCJS, missed payments and the like. Credit card debt consolidation is also a common aim of people regardless of whether they have a poor credit history or not. At First Union we understand the different needs of everyone and assess each individual case accordingly. We expedite the whole process through our association with leading mortgages providers to enable you to secure the remortgage you need that suits your purposes and provides you with a fast and appropriate solution to your problems. Whether you are looking for fixed rate mortgage loans, low interest rates for your circumstances or want to refinance your mortgage, have a look at the rest of the firstunion.co.uk website and then simply call us, make an application enquiry online, or ask for a Call me Back contact from one of our Mortgage Consultants.

If you are a savvy home owner with an adverse credit history looking for a bad credit remortgage loan to reduce monthly outgoings, talk to First Union, one of the UK's leading Mortgage Brokers.

The Non Conforming Mortgage Market

The mortgage market is made up of two main sectors; the prime market and the sub prime. The first comprises largely those groups who are in full time employment, with a salary paid through PAYE and who have been working for the same company for several years. The sub-prime sector covers a wide range of people from those who are almost prime to those who are completely sub prime; So people who are self employed, maybe on contract work or have income from a variety of sources, usually referred to as the 'non-conforming', could be near the prime end of the spectrum. Anyone who has credit problems of some sort even the PAYE employee who is normally in the Prime group can be in the sector of Sub Prime known as the 'adverse' market. This latter group includes those with what could be described as adverse mortgages, adverse remortgage or CCJ mortgages. These are people who have black marks on their credit record such as missed payments, County Court Judgements (CCJs) or similar.

The prime market is looked on favourably by mainstream lenders such as high street banks and building societies. But these lenders do not view the adverse group with CCJ mortgages or adverse remortgages in the same light and do not generally make them very welcome. These Lenders operate within fixed parameters that don''t easily admit anyone who does not fit their mould. They will tend to have little flexibility to accommodate such people.

You will be paying a higher rate of interest than those in the prime market if you have a sub prime mortgage whether it's an adverse remortgage or CCJ mortgages. Many people nowadays fall into this area because remortgaging to pay off expensive debts such as store cards, bank loans or credit card balances is very common and people with high levels of unsecured debt can fall into the adverse credit area. Is there something you can do to improve your position in the future? For the non conforming lender many of the issues that cause them to be categorised as such will be resolved by the passage of time and the establishment of a track record accepted by the lender. For those with adverse mortgages, adverse remortgage or CCJ mortgages improving your credit record is one strategy. Keep payments on your mortgage, credit cards, utilities, mobile phones and the like up to date and close old accounts that you no longer use. If you have a CCJ mortgage ensure the CCJs are satisfied as soon as possible and when satisfied are removed from your credit record once the time period (usually six years) has elapsed.

It will pay to check your credit record with one of the big credit referencing agencies such as Experian or Equifax. They frequently offer a free check. If you have any expired judgements such as CCJs you can ask for them to be removed from your record, or if you disagree with an item ask for a note to be attached.

An adverse remortgage needn't necessarily be wildly more expensive than a prime mortgage. The term covers a host of different people and it will depend where you fall within the spectrum. Someone who has a couple of missed payments could well be considered 'near prime' and pay a rate almost as a good as that obtainable for a prime borrower. As your credit record gets worse, from lots of arrears, through CCJs even as far as IVAs or even bankruptcy, lenders will adjust their interest rates and fees to reflect their greater risk. But as time goes by and your credit performance improves, you may be able to do a new deal, removing you from whatever sector of the adverse remortgage or CCJ mortgage market you are in to one nearer to prime levels.