Getting a Mortgage with a CCJ

If you have suffered black marks on your credit file, and it happens to be as serious as a County Court Judgment (CCJ), you might struggle to be accepted by traditional high street lenders when applying for a mortgage. People with bad credit apply for mortgages all the time, and at Central Mortgages we believe that should you have good intentions and the means with which to make repayment, you should be able to secure a mortgage.

For those of you who have been suffering with credit problems in recent times a good tip would be to take a look at your credit file, looking for any mistakes listed and to see if you have any CCJs or other bad credit marks that you were unaware of.

You can get a mortgage with adverse credit, and we have links with lending sources that can provide a mortgage to an applicant with a CCJ. It is more difficult however, and there are a few factors that will be considered within your application. These include how recently the CCJ was registered, the amount of debt linked to the CCJ, and whether it has been marked as ‘satisfied’ through the settling of outstanding debts linked to it. Those applicants with multiple CCJs listed on their credit file are likely to struggle to acquire a mortgage.

If you would like to find out more about applying for a mortgage with a CCJ, please feel free to speak to the experts here at Central Mortgages by emailing office@centralmortgages.net or by calling 01277 630 183.


Should You Remortgage Your Home?

There is a common misconception that there is only a negative side to remortgaging a property and that it should only be considered if there is no other way to acquire credit. There are, however, a number of reasons why you should look into remortgaging your home.

Look for a Better Interest Rate – For those people who are on a fixed-rate mortgage you will be on the same interest rate, with the same payments every month for between three to five years in most cases. Once that fixed-term expires you will most likely be moved on to a higher standard variable interest rate, which could mean more interest being paid. Just prior to your fixed rate period expiring is the best time to search for a remortgage that could provide you with a good interest rate.

Flexibility – With some mortgages you might feel trapped. For instance you might wish to take a payment holiday (that is built in to the start of a new mortgage), or you might wish to pay more each month to bring your mortgage down, but are tied by your current mortgage terms. Remortgaging could provide you with greater flexibility.

Move to a Repayment Mortgage – A repayment mortgage instead of an interest-only mortgage might be more appealing to you, and could be available from your current lender. It is the perfect time to search around for a new mortgage provider, to see what deals you can find.

Speak to the Central Mortgages experts by calling 01277 630 183 or by emailing office@centralmortgages.net.


Applying for an Unsecured Loan

When it comes to unsecured loans you might be wondering what it entails exactly, and how it can help you out. We have helped a lot of clients over the years to secure loans in a wide range of sizes, from small personal loans right through to large residential mortgages. Every case is different, and we’ll work with you on your unique requirements, listening to your story to ensure you acquire the funding that is right for your needs at this time.

Why might you be looking for an unsecured loan in the first place?

Consolidate Your Debts – Many of our clients come to use wishing to pay off outstanding debt from other sources. If you have a credit card that needs paying off, interest building up on a payday loan, and other sources of credit to pay off that are becoming unmanageable it might be time to acquire a lump sum unsecured loan to pay everything off in one go.

Refurbish Your Home – Other clients have come to us with a desire to take on a substantial refurbishment project at their current home. This can supply the funding for all materials, equipment and specialist tradesperson support, with a view to increasing the appeal to prospective tenants or buyers.

There are myriad other reasons why you might require assistance with an unsecured loan. To find out more information, and to speak to a friendly, expert member of our team please feel free to contact Central Mortgages today. You can do so by calling 01277 630 183 or by emailing office@centralmortgages.net where you can arrange a consultation.


How to Finance Property Refurbishment Projects

Bridging finance can be a great source of encouragement to people taking on large property refurbishment projects. In some instances, especially where houses have been bought at auction, a property might require substantial work to be completed before it is deemed habitable. It can be difficult to secure funding through traditional lending streams, and that’s where Central Mortgages can help.

We understand fully that in order to realise the full financial potential of your property, whether that is to increase potential rental yield for tenants, or to sell on for profit to new buyers, you need to create a property worth living in. If you’ve purchased a property that either requires brand new or refurbished bathrooms, kitchens and other serious renovation, you could be stuck without bridging finance.

It is for reasons such as this that so many buy-to-let property developments stall, especially if an investor has several projects running alongside each other at one time. Any delay in the refurbishment of a newly bought property can cause long-term disruption and loss of money to the owner.

At Central Mortgages we are built to serve clients working within the fast-paced nature of property refurbishment and development. A fluid financial process is vital to a development and once you speak to us we can provide you with the perfect bridging finance to fund your project ASAP, and get the ball rolling on realising the potential of the property.

To find out more about our property refurbishment funding sources, call Central Mortgages on 01277 630 183 or email us office@centralmortgages.net.


Critical Illness Insurance as a Safety Net for Your Future

We all hope that we go through life without suffering a life-changing illness or injury, but what if the worst case does happen? In these instances a family can be left struggling to pay bills on time, and a person could be stripped of their ability to work. It is in these cases where critical illness insurance can come to the rescue, helping a person and his or her family recalibrate for the future and build a strong foundation to move forward with.

Critical Illness Cover provides you with a financial safety net should you suffer from a specific illness listed in your particular insurance policy. There will be strict conditions, including the type of illness you are suffering from, and the severity and necessary life changes linked to it, but once released it can help you to claim a tax-free lump sum of money that will help you to:

  • Make any necessary adaptations to your home and/or transportation
  • Cover the cost of future care
  • Cover the cost of any required rehabilitation
  • Help you manage your finances at a time when you are unable to work

Types of critical illness that can be covered in an insurance policy include heart attacks and strokes, certain types of cancer diagnosis, permanent disabilities caused by an accident or illness, and debilitation conditions such as Multiple Sclerosis.

If you would like to find out more information about how Critical Illness Insurance could help you plan for the future, contact our team today at Central Mortgages. You can find us by calling 01277 630183 or by emailing office@centralmortgages.net.


Can You Get a Mortgage with Bad Credit?

If you have tried unsuccessfully to secure a mortgage through traditional high street lenders due to a bad credit score, do not worry. Here at Central Mortgages we have built a service that works towards helping all people secure funding, even if you have poor credit.

If you have bad credit you will know that it is quite difficult to secure a small personal loan, let alone a large residential mortgage. If you are looking to secure a mortgage, it shows us that you are serious borrowers and that you have the full intention of moving forward with your life and improving your credit score over time.

Why should your bad credit keep you down?

Our process is always an extensive one, looking at your unique case and searching for options that suit your specific needs and budgets. If you show us willing, we are in a position where we can help you secure a mortgage with bad credit. You deserve a chance to move into a home of your choosing and not to be stuck renting if you don’t wish to do so.

Even if you have been turned away by traditional lenders come to us here at Central Mortgages and we’ll help you put together a plan of action that helps secure bad credit mortgage funding.

To speak to a friendly member of our team call us today on 01277 630183, or you can email office@centralmortgages.net and we will call you back at a convenient time.


Questions to Ask Your Mortgage Broker

As experts on mortgages, a mortgage broker could end up saving time, money, and a lot of stress by recommending a suitable mortgage and finding the best deal possible. However, make sure to ask them these important questions to ensure they can provide accurate information to help you find a good mortgage!

Are you an independent or tied mortgage broker?

Some mortgage brokers are associated with certain lenders, whereas others are not tied to a specific organisation, the latter of which are known as independent mortgage brokers.

Always determine what broker they are, as those that are not tied to a specific lender or group of lenders will have access to a great range of deals throughout the market, although those with ties to a specific lender may have access to deals not available to an independent broker.

How do you charge fees?

A mortgage broker may charge their fees in a few ways, so make sure you know which to determine the cost of the service. For example, some charge a flat rate while others are paid a commission from a specific lender they recommend.

Do you have industry-related qualifications?

Mortgage brokers with an industry qualification are always a better bet than those that don’t. For instance, those with FCA qualifications such as the Certificate in Mortgage Advice and Practice are help to the high standards of the FCA, so should be reliable brokers worth hiring.

Why are you recommending this particular mortgage?

After giving the broker all your key information, they will come back with a few recommendations for mortgages, but you should always determine why these have been recommended. In most cases, it’s because it is the most suitable choice going on your requirements, but you should always seek clarification in any case.


Things to Know About a Mortgage Broker

A mortgage is a massive financial commitment, so by hiring the services of a mortgage broker you could stand to make some savings, not to mention getting a mortgage that is best suited for your situation.

Here are some useful things to know about a mortgage broker before you hire one!

They use many factors to find you a mortgage

A mortgage broker recommends specific mortgages based on your personal circumstances. They use various factors to determine what mortgages are suitable, then using the information to find the best deal possible.

Factors that they will consider include:

  • Deposit amount
  • Total monthly repayments
  • Credit history
  • Interest rates

There different types of mortgage brokers

While mortgage brokers are all financial advisors that specialise in mortgages, there are several types available. For instance, an independent mortgage broker is known as a whole of market broker, essentially meaning they use the entire market and are not committed to one or several organisations.

Tied or multi-tied brokers have close links to certain lenders, meaning they don’t use the entire market but could have access to less widely available deals due to their working relationship with said originations.

Fees are charged in different ways

Mortgage brokers have different ways of charging for their services. In most cases, this is done through a commission, typically charging 1% of the mortgage amount, while lenders often provide a commission on top of this.

Other brokers charge a flat rate, usually starting at around £500, and they should always provide a clear indication of what is included for this fee.

Both have their merits, so be sure to determine how your broker is charging you!


Secure Loans Vs Unsecured Loans – Which is Best for You?

While there are countless types of loans available, most of them fall into one of two categories – secure or unsecured. There is a notable difference between each type of loan, either of which may be better suited to your situation, so let’s take a closer look at what each one offers.

The Difference Between Secured and Unsecured Loans

With a secured loan, the borrower must provide an asset as collateral against the loan, providing a guarantee to borrowers should the loan not be repaid. If the loan is not paid, the borrower then takes ownership of the asset, selling it to cover the cost of the debt.

There are various assets that can be used for a secured loan, such as property, a vehicle, jewellery and antiques, or stocks and other investments.

Unsecured loans require no assets as collateral, with borrowers typically using your credit history to determine whether the loan is worth providing.

Which is Best?

It depends on the individual circumstances. For instance, a secured loan is typically easier to qualify for, often comes with lower interest rates, and lets you borrower higher amounts, but this comes at the massive risk of losing the asset should you fail to repay.

Unsecured loans aren’t as much as a risk for borrowers as there is no asset to lose, but this makes them a higher risk for lenders, so the interest rates are almost always higher than a secured loan.

However, borrowing small amounts over shorter periods offsets the higher interest rates, making them worthwhile in various situations.


Benefits of Using a Mortgage Broker

While mortgage broker fees aren’t the cheapest, they often pay for themselves when you hire an independent mortgage broker that can get you a great deal on your mortgage. Let’s take closer look at the benefits of a using a mortgage broker:


All independent mortgage brokers in the UK must have specific qualifications to provide you with mortgage advice. This means they have the knowledge, skills, and experienced needed to find the best possible deals for a mortgage, while providing invaluable advice that could save thousands.

Industry Insiders

A mortgage broker knows the entire mortgage process like the back of their hand. With tighter regulations now in place, it never hurts to have someone that is fully aware on the latest developments, trends, and processes when shopping around for a mortgage.

Trying to understand the current state of the industry or aspects of a mortgage is often very difficult for those without a mortgage broker. These are people working in the industry daily, so know how to best apply for loans, places for the best rates, and what type criteria a specific lender has for securing a loan.


You get the upmost protection when working with an independent mortgage broker, as it is their job to get you the best mortgage possible.

They aren’t going to suggest a mortgage that isn’t suitable for your finances, as they need to justify why you should consider any type mortgage they suggest. The same can’t be said when going directly to a lender.

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