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Welcome to 121-finance.com.

Adverse credit mortgages and remortgages

If you have have any of the following problems in the past we may be able to help you get an adverse credit mortgage.

CCJs and Defaults
Low credit score
Discharged Bankrupts, or running IVAs
Arrears or Repossessions
Self Certified Income Mortgages - for the Self-employed, or Employed people who have a large element of commission, or two or more jobs.
Secured Loans.

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If you are one of the 1 in 4 people that have a credit problem, the last thing you want is to be stuck with is a high interest rate for the period of 25 years or so that you are likely to be paying for your property.
With this in mind we try, whenever possible, to place your mortgage with a Lender that will allow you to revert to the High Street Standard Variable Rate after a period of a few years. Where this is not possible, our next choice will be with a Lender who has a reasonable Redemption Penalty timescale eg redemption penalties that last no longer than, say, 3 years. So, from the begining of the 4th year, you might well be in a good position to look at re-mortgaging back into the High Street. (Assuming you have kept up your repayments and have had no other problems). So you can view an Adverse Credit Mortgage as a programme of Credit Repair that will ultimately put your mortgage payments back in line with some of the cheapest in the
market. So check the length of time the Redemption Penalties run for, as well as the amounts.

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We are registered under the Data Protection Act. This means you have total access to any of your personal information that we hold. Your personal Data is only ever passed onto Lenders or Mortgage Packaging Companies that are actively engaged in working on obtaining your mortgage. (In the course of their
compliance work, The Mortgage Code Compliance Board's representatives may request access to your files - this you can withold if you so wish)
We do not charge any fees to arrange any of these mortgages.
Other fees charged by the Lenders are as follows:- Valuation fee in line with
High Street rates. Other Fees - these include any Lender's arrangement fees,
Higher Loan to Value Fees (formerly called MIGs) - these are generally added to the loans, but not always. Redemption Penalties will always be outlined to you, both in our conversations, and later in writing before you apply for the loan. Solicitors Fees by negotiation with your Solicitor - do shop around

Types of Interest Rates

There are four types of interest rates that are usually available to Home Buyers. These are Variable, Fixed, Discounted and Capped. They have their advantages and disadvantages, some will suit some peoples situations better than others this is a brief overview:-

VARIABLE: This is a rate (often referred to as Standard Variable Rate orBase Rate) that is well known in the media and is often reported when a change takes place. As its name suggests it varies with market conditions - often it will move when the Bank of England Minimum Lending Rate (MLR) moves but not always. A Mortgage on this rate will, therefore, move with market conditions, making your mortgage more expensive in times of high interest rates, but cheaper as it drops. It is the rate that most Building Societies quote and use, and most of the High Street Lenders are generally very close to each other on it.

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FIXED: A fixed rate is exactly what its name implies, and results in a fixed payment too. The great benefit of this type of rate is that you can budget your payments, as you know exactly what they are going to be. Fixed rates often come for a fixed period eg 1 year 2 years etc then after this period has expired you will revert to the Standard Variable Rate above. Two points to be wary of 1. If general interest rates fall after you have fixed your interest rate on your mortgage, then your fixed rate could be higher than if you had taken the variable rate, resulting in you paying more per month than if you had opted
for the variable. 2. Fixed rates often come with a Redemption Penalty if you pay off your mortgage early (eg because of changing Lender, or moving) then you could find yourself paying a fee often these penalties go on after the period of fix on the interest rate (this is called Overhang). Do check this when discussing the mortgage.

DISCOUNTED: Here the Variable rate is discounted by a few percentage points for a period of timeoften 1 to 4 years. This takes away the risk of being left high and dry if general rates fall, but if interest rates rise your payments will rise too, but you will retain the value of your discount however high the rate rises. Again the Redemptoion Penalty situation applies as above

CAPPED: Works like a combination of a fixed and variable rolled into one.
the rate is Capped at a level, so if general interest rates rise above this
level the mortgage works like a fixed, and so your payment stays the same.
If interest rates fall below the capped level, the mortgage (and the payments)
behave like a variable ie the payments drop with a lowering of the interest rate.
Again the cap lasts for a small number of years, with redemption penalties, and some, too, overhang the life of the cap.

The availability and levels of these deals is related to current market conditions,
also in the adverse credit sector they are not as competitive as in the High Street, but still worth having if you want them.

At the end of a Fixed, Discounted or Capped Rate Deal it is almost certain that your payments are going to change - as most initial payment schemes start with a lower level of monthly payments, then it is more likely that your repayments will rise. During our initial conversation, if one of these schemes is discussed,
then you will always receive the likely monthly cost after the end of any fixed,
discounted or capped period, along with the initial repayments.
.

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Repayment Methods

Your mortgage can be repaid in two ways:-

REPAYMENT: Using this method you repay both Capital and Interest each month until,
at the end of the Term of the mortgage the loan is paid off. Using this method you
are less likely to have a problem should House Prices fall, particularly in the middle and later years,
as you will have paid a good proportion of you loan off.

INTEREST ONLY: (sometimes called the "Endowment" mortgage) This method involves taking a loan and only making interest payments. This means that the amount outstanding at any time is always the same ie the initial starting figure. So, in reality, you pay nothing off until the very last day of the mortgage term. These loans are often repaid at the end of their terms by using an Endowment Policy or Pension Plan. In times of falling House Prices, your loan can exceed the value of your House (called Negative Equity), and this situation can make it very difficult to sell your property. Most Lenders will insist upon some form of repayment vehicle being in place before agreeing to this type of mortgage.

Points relating to Interest Only Mortgages

There are particular risks with an Interest Only mortgage, which need emphasising. The risk of Negative Equity, and the need to maintain a Repayment Vehicle to ultimately clear the loan. Even with it in place, it must be maintained, as if it is not, then when the loan term is finished there might not be enough value to pay the loan off. It is your responsibility to maintain this repayment vehicle, failure to do so would mean that you would have to find the shortfall, or sell the property.

Implications of Early Repayment of a Mortgage

Changes in Circumstances

A change in your circumstances can have a dramatic effect upon your mortgage situation. If, for some reason, the mortgage is not, or cannot be, paid, then there can be serious problems, not only now, but on into the future. A number of reasons can cause this problem, a number can be anticipated, and appropriate measures put in place. As much as you might want to believe "they cannot possibly happen to me", do consider what you might do if they did !

1. Death of one or both of the parties to the mortgage - Life insurance is recommended by most Lenders to cover the mortgage sum - do speak to a Independent Financial Adviser if you have one - if not we recommend that you find one.

2. Divorce of married Borrowers - again, it happens. Seek Professional advice as soon as you can, moreover do continue to pay the mortgage, as when you come to arrange your next mortgage the very last thing you need is to have to pay the penalty on your new interest rate because you have a record of Mortgage Arrears on your Credit Record.

3. Accident, Sickness or Unemployment - consider how you would pay the mortgage if you were off work for a long period, due to sickness, and accident, or you were made redundant.

Insurance Issues

We are able to arrange Mortgage Protection Insurance for you if you wish, with every mortgage illustration we send out a quote for this cover. Buildings and Contents Insurance can always be arranged through the Lender, if there are any restrictions on arranging this with anybody else you will be advised.

Costs, Fees and Charges

All fees relating to the mortgage will be outlined to you before you commit yourself to the mortgage. These will include the Valuation Fee (often paid upfront), Lenders Arrangement Fee (generally Added to the loan), Higher Percentage Loan Fee (MIG, often added), Redemption Penalties and Mortgage Protection Payments. Your Legal Fees (including Stamp Duty, Land Registry etc) should be outlined by your Solicitor.

What happens if I move ?

If you want to move house then you will need to know if your mortgage is "portable". This means you can redeem your existing mortgage and take a new one with the existing Lender without triggering the redemption penalties. You will always be advised of this portability on taking out your mortgage. This does rely upon you taking a loan at least equal to, or greater than, your existing mortgage - strictly, if your new mortgage is less than your old one, then the Lender has the right to charge you a redemption penalty on the difference.

Higher Percentage Lending Fee (formerly known as a "MIG")

This is a charge made on some mortgages (not all) as an extra form of security for the Lender. It is charged generally as a percentage of the amount of the loan above a particular level - typically above 65 to 75% LTV. The fee for this insurance will always be advised to you when we give you a verbal quote - in most cases this fee is added to the loan, but not in every case. This "one off" premium is paid by the Borrower, but it must be realised that this insurance is for the sole benefit of the Lender and the borrower derives no benefit at all from the Policy. Please note the following:- Such insurance will not protect the customer if the property is subsequently taken into possession and sold for less than the amount owed. The customer will remain liable to pay all sums owing; including arrears, interest and their Lender's legal fees. If a claim is paid to the Lender under such insurance the insurers generally have the right to recover this amount from the customer.

Credit Reference Agencies

These agencies hold information on almost all of us, and most definitely if we have had any financial dealings. Lenders will use these Agencies for two reasons. They are also cross linked with the Voters Roll information, so they give an indication of not only who has lived where, but for how long, and with whom - and how old they are.

1. At the time your application is received they will perform a "Credit Check" on the applicants - to see what any other Lender has recorded about you. They will leave behind, on your record, a footprint of their visit. So any other interested party, including yourself, can see that they have checked your files.

2. Later on, if there are any late payments or arrears on your mortgage account, these will be recorded, again for any other interested parties to see and take note of. Also your credit card payment records will be here, along with any other loans that you may have. Also on this file will be lodged any Defaults or County Court Judgements you may have.

We have independent access to thousands of mortgage deals - from the "High Street" to specialist Adverse Credit Lenders. However, it is fair to point out that the more specialist a request is, then the smaller the choice will be.

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If you have any problems/queries please e-mail us at

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YOUR HOME IS AR RISK IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR OTHER LOAN SECURED ON IT ALL LOANS ARE SUBJECT TO STATUS. SECURED LOANS ARE SECURED ON PROPERTY.