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If you’ve missed a few credit card payments, are in a debt management plan, have any county court judgments, or a poor credit rating for any other reason, credit repair mortgages may be an option for you.
If you’ve missed a few credit card payments, are in a debt-management plan, have any county-court judgments, or a poor credit rating for any other reason, credit-repair mortgages may be an option for you.
What’s more, once you’ve found a solution, paying your mortgage on time for a few years should help you ‘repair’ your credit history and move to a standard mortgage at a lower rate.
It’s a mortgage offered by lenders who are willing to lend to people with poor credit histories. Interest rates and charges for these mortgages tend to be higher because of the perceived risk. However, if you can make your repayments on time, your credit rating will start to improve – and you may be able to switch to a more competitive deal in a few years.
You can do various things to improve your credit score in the future.
If you want to learn more about credit-repair mortgages, Melton Mortgage Solutions advisers can help you. Simply call 01664 494100 or click get started.
Your home may be repossessed if you do not keep up repayments on your mortgage.
There may be a fee for mortgage advice. The actual amount will depend upon your circumstances.
The fee is up to 1% but a typical fee is 0.3% of the amount borrowed