What is a Credit Repair Mortgage?

These are mortgages designed to help people that have a poor credit history to either buy a new home or re-mortgage their current home.

These Credit Repair mortgages, sometimes called almost prime, near prime or bad credit mortgages, are the same as standard mortgages, but they have been designed for people that would fail the usual lenders credit checks.

They have been specifically designed for people who have either previously defaulted on credit or missed monthly bill payments or mortgage payments. They may have had to go onto a debt management plan (DMP), do an Individual Voluntary Arrangement (IVA) or possibly go bankrupt.

They are generally offered at a higher interest rate than their standard mortgage counterpart. This is due to mortgage lenders deeming people with poor credit ratings as being higher-risk lenders.

For this reason, it is essential that you get professional advice from one of our expert brokers at JF Financial Associates who have access to a wide range of bad credit and credit repair mortgage lenders, and will therefore be able to find you the best possible rates and charges.

We will then work with you on an ongoing basis to help rehabilitate you and your credit profile until we eventually get you back onto high street rates. We will then work with you to make sure we keep you on them!

Why use a Broker for Credit Repair Mortgages?

We can offer you excellent advice on getting a mortgage to suit your current and future financial situation. If you are looking to purchase a new home or trying to re-mortgage your existing one to raise some money, we are here to help. We won’t stop looking until you are completely satisfied with your tailor-made solution.

We will look for a mortgage that won’t cost you the earth each month and will allow you to plan for a better financial future. To start you on that journey, here are some simple, easy tips to help improve your current credit rating:

  • Check your credit report for any irregularities and report them immediately
  • Close any credit card or store card account that you no longer use
  • Ensure you are on the Electoral Role
  • Pay all your bills in full and on time
  • Ensure all accounts are listed at your current address. Something you opened several years ago could still be listed at your old address causing credit search concerns
  • Use your savings to clear any outstanding debt that you may have i.e. loans, credit cards, store cards

So, if you have suffered a Default, CCJ or a similar financial concern, all hope is not lost! Don’t delay, give one of our experienced JF Financial Associates Mortgage Brokers a call today on 0845 508 8588 for a free initial assessment. We offer impartial and completely confidential advice.