Adverse Credit Mortgages Market Booming With New Lenders
2 minute read
Bad credit mortgages are becoming more and more common place, with a new mortgage lender joining the troops this month. The company, Magellan Homeloans, intend to offer mortgages of up to £400,000 to those who have previously incurred bankruptcy, or had county court judgements. Their managing director, Matt Gilmour said: “Magellan Homeloans is opening up a new route to home ownership by making mortgages available to borrowers to who can demonstrate that they have regained control of their financial affairs.”
Short Term Wobbles
He said that bad credit is often down to “a short-term financial wobble” and that he believe it should not have as much of a long-term impact on mortgage borrowing. They do stipulate that borrowers must be over the age of 25, and must now be earning a minimum salary of £25,000. This is a positive sign for adverse credit mortgages, as Magellan joins a range of other lenders in the market. We’re pleased to see that adverse lending is slowly making a comeback, since the market came to almost a complete standstill in 2008, as a result of the credit crunch.
Lenders Gaining Confidence
Now, lenders are slowly regaining confidence in the market, with the help of government schemes such as the Help To Buy scheme causing house prices to rise, and boosting lenders’ confidence in advancing loans. Here at Just Bad Credit, we believe adverse credit mortgages will continue to grow over the next year, providing more and more people with a chance to invest in a property of their own. We take pride in being at the forefront of this industry, working with a wide range of mortgage lenders to find those who may have had financial problems in their past a solid route to a better future. If you’re looking for bad credit mortgage, get in touch with us today. Call 0800 9777840