Bad Credit

Covid Chaos

 

Covid Chaos - Are you ready

 

 

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Covid chaos.

In these unprecedented times, engaging with an experienced Authorized and Regulated Independent finance broker has never been more important. My 27 years of finance experience will often be the difference between a potentially successful outcome, or as I have often seen, failure and disappointment when a customer opts to directly use an online application with a Company of which they know nothing about.

Over the last couple of weeks, we have seen Covid chaos, with many lenders stopping lending altogether, often a combination of volumes of existing customers seeking payment holidays causing internal cashflow issues, plus their own funding lines of credit having more stringent covenants imposed. Others have seen their funding dry-up as private investors withdraw their support, or, the threat of not being able to enable Securitization.

All is not lost, however – there are still many positives in the Personal, Business and Buy-To-Let finance market, with the caveat that if you think you want it, then ask now, whilst terms remain favourable.

So, just what is available during this Covid chaos?

 

First Charge Mortgages:First Charge
Estate Agents – Closed.
Surveyors and Valuers – Pretty much closed.
Removal firms – Closed.
Therefore, the logical conclusion is that the property market has become totally stagnant apart from re-mortgages, re-finance, debt-consolidation, product transfers and those seeking a new lender to replace their existing expensive Standard Variable Rates, some of which are still in the 6 to 8 percent ranges, despite the recent Bank of England Base Rate cuts to just 0.1 percent.
Yes, underwriting has become ever-more cautious, yes, more property equity is needed, but yes, many options and solutions remain available, although more hoops of fire to jump through.

“For all your Purchase, Remortgage and BTL needs, Fixed Price Conveyancing is available. Click here for your personal illustration 24/7″

 

Secured Loans:Second Charge
Second charge lenders are still lending, with a desktop or drive-by valuation available for loans up to £200,000 and maximum LTV’s of 80%. Higher limits are possible but at a premium, with tightened underwriting. In certain areas, some surveyors are willing to visit properties and guarantee there is no risk to you, the applicants. Additionally, work and employment circumstances will be looked at both sympathetically and sensibly. A loan is often ideal for the consolidation of escalating unsecured debt into a more manageable payment, particularly if a remortgage, further advance or unsecured loan is inappropriate or unavailable.

“For all your Purchase, Remortgage and BTL needs, Fixed Price Conveyancing is available. Click here for your personal illustration 24/7″

 

Bridging Loans:Bridging Finance
Fact – We are about to see a vast reduction in the number of lenders operating in this market, and full-status lending criteria may become bordering upon almost impossible to meet, with only a select few being able to access funding. There is a strong probability that lenders will want to see a higher degree of equity available.
However, non-status loans remain available, meaning that you need not have a perfect credit history behind you in order to achieve your objective.

“For all your Purchase, Remortgage and BTL needs, Fixed Price Conveyancing is available. Click here for your personal illustration 24/7″

 

Buy-To-let:Buy-to-Let
I have not seen these levels of lender attrition and fall-out since the crash of 2008. Knowing which lenders will still be around once the crisis is over is something I have continually monitored and reviewed, building experience and data upon, and calculating likely responses – lenders are a business, they are not immune to what is happening globally. My stance is very easy to explain, never ever, ever go for cheapest, go for what works and who can deliver. It is also helpful during these times to consider lenders who offer desktop and automated valuations, removing the requirement of a surveyor visiting the property.

 

If you think that you may need finance for whatever reason, either Personal, Business, Buy-to-Let, or Debt Consolidation, then please act now whilst channels are open, you can thank me later.

And as always if you need to talk, discuss, enquire or whatever, do give me a call – I’m here to help.

May I wish you, and your families, personal safety during these uncertain Covid-19 times.

“For all you Buildings, Contents and BTL Insurance, click here for your personal Quote Engine 24/7”

 

Want more?You may wish to read this Article too – If you want it, do it now

And if you are a Business, you may wish to read this – Stay Safe

 

 

 

Let us say “Yes, we can help” – Covid Chaos

Office Telephone: 01379 644061

Office Mobile:  Call, SMS, Text, Whatsapp, BBM or Viber, 07951 238527

THINK CAREFULLY BEFORE SECURING ANY LOAN AGAINST YOUR HOME

For your no-obligation secured loan quote, click HERE

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Article credit; Copyright SUL © 2020

“For all your Purchase, Remortgage and BTL needs, Fixed Price Conveyancing is available. Click here for your personal illustration 24/7″

 

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Why Was My Mortgage Declined?

 

Why was my mortgage declined?

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Did you know that, on average, 340 mortgage applications will be declined today?

Small comfort, especially if it was you who received the No.

Specialist lending is an area of growth, it is rising from the need for solutions to consumer problems that the high street lenders cannot hope to solve. These high street names have massive reserves, as dictated by Regulation.  The media-hype leads us to believe these lenders want to help, however, this is a far cry from the truth, the simple fact is that they do not want risk, they will not consider risk, and they will not lend where a risk may even be of their own perception and making.

Yet the very fact they perceive there is a risk, does not, however, mean the risk is real.

As peoples’ lives change and evolve, mortgage and loan applications will continue to increase in complexity, and complexity does not sit comfortably with risk appetite, nor tick-a-box criteria checklists. Therein lies the problem… You cannot fit a round peg into a square hole – you need a corresponding round hole for everything to fit well.

Anyone classed as complex, outside-the-box, or having minor adverse credit, now has the chance to obtain mortgages and loans that until recently, were simply not available mainstream.

How are needs changing? Here are a few thoughts for you, in answer to the question “Why was my mortgage declined?”

  • Since 2008 (the year of the Crash) there has been a 25% increase in self-employed workers
  • Over 1 million people are now on Zero-Hours contracts
  • 1 in 7 people will be over 75 years old by the year 2040
  • On average, 3,311 County Court Judgements were registered every day during 2017
  • Consumer debt is growing, it has already reached £1.59 Trillion

Credit blips, missed or late mortgage, loan, credit card or utility bill payments, are becoming ever-more common.

Here at Step-Up Loans, we are proud to boast that as an Independent, we have access to the whole marketplace of lenders, not just a few favourites or a restricted panel. If it can be done, we are able to do it, whether it is for personal use or business purposes. Whether employed, self-employed, zero-hours or a contractor. Whether you are 21, 61, or 81. And in certain cases, whether you are not a homeowner but are able to have a Guarantor who is.

Your best plan is to call us directly – Everyone is different, everyone has a story to tell.

Let us listen to your story and find the solution that’s needed.

Let us say “Yes, we can help” – Have you had a mortgage application declined?

Office Telephone: 01379 644061

Office Mobile:  Call, SMS, Text, Whatsapp, BBM or Viber, 07951 238527

THINK CAREFULLY BEFORE SECURING ANY LOAN AGAINST YOUR HOME

For your no-obligation quote, click HERE…

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bad credit history

Do You Have A Bad Credit History?

Do you have a bad credit history?

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We are working with a specialist provider of residential second charge loans and mortgages, lending to customers who are unable to obtain finance from traditional high street lenders.

There are many reasons why the High Street declines someone, here are a few reasons.

  • You may have up to six months current mortgage arrears, due to personal unforeseen issues? Usually, any arrears are an auto-decline on the High Street.
  • This understanding extends to arrears on subsequent charges, following the main lender. Many second charge lenders will allow such a credit blip.
  • Loans of up to £100,000 may be available, with higher limits upon underwriter referral.
  • Any amount of CCJ’s and defaults, past and present, may be considered.
  • Do you have a pending bankruptcy action for Income Tax? We can help, as this issue is becoming more common.
  • Loans are also available on Buy-to-Let properties.
  • As well as vanilla Standard Variable Rates, both 3 and 5 year fixed rate plans are available.

Let us say “Yes, we can help” – Do you have a bad credit history?

Office Telephone: 01379 644061

Office Mobile:  Call, SMS, Text, Whatsapp, BBM or Viber, 07951 238527

THINK CAREFULLY BEFORE SECURING ANY LOAN AGAINST YOUR HOME

For your no-obligation quote, click HERE…

Return to Homepage HERE

second charge loan

Have You Considered A Second Charge Loan?

Have You Considered A Second Charge Loan?

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Are you looking for a Remortgage or a Further Advance?
You can count on us to find the right home for your needs.
Thousands of second charge mortgages have been arranged in recent years, from an extensive panel of lenders across the whole of the marketplace.
They can be a great alternative for you when:

  • You fail an affordability test with your main first charge mortgage lender
  • You have an Early Repayment Charge on your first charge
  • Your current mortgage is Interest Only, and any changes would withdraw this option
  • You are benefiting from an existing low mortgage rate but want to raise capital
  • You are wishing to capital-raise for business purposes, including deposits for buy-to-let mortgages
  • You are keen to retain your current mortgage product but now have historic adverse credit.

Additional factors include:

  • Up to 100% of property value may be possible
  • Interest rates are comparable with regular mortgage rates
  • Variable rates and fixed rates are available, fixed for up to 5 years
  • The loan term may be from only 3 years, running all the way up to 30 years
  • The loan amount may be from £3,000 to £1,000,000+
  • You may be an Employee, Self-Employed, Expatriate, Portfolio or first-time Landlord or a Limited Company
  • There are usually no Early Repayment Charges associated with Second Charge Secured Loans

Any questions? Get in touch today.

Let us say “Yes, we can help” – Have you considered a second charge loan?

Office Telephone: 01379 644061

Office Mobile:  Call, SMS, Text, Whatsapp, BBM or Viber, 07951 238527

THINK CAREFULLY BEFORE SECURING ANY LOAN AGAINST YOUR HOME

For your no-obligation quote, click HERE…

Return to Homepage HERE

Second charge mortgages

Why Should You Consider Second Charge Mortgages?

Why Should You Consider Second Charge mortgages?

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Second Charge Mortgages can be considered as a viable solution for debt consolidation, and they provide products that are affordable and sustainable.
There are few restrictions on meeting criteria and they can offer full consolidation almost no matter what the level of unsecured debt. This reduces your monthly commitments and outgoings, as many of these debts are a percentage of loan outstanding each month, and often place a financial strain on you.

  • We can help you on the journey back to high-street lending.
  • No limit consolidation
  • Loans up to £1,000,000
  • Loans of up to 95% of your property value
  • All credit profiles considered

Better Rates
Here, we don’t rely solely upon generic or data-driven, tick-a-box sourcing systems. Around half of our cases have found a better solution and interest rate by being underwritten manually, compared to those presented electronically, as we have a deeper understanding on the human side of underwriting and lending. Your personal circumstances are always taken into account.

Experienced Advisors
We rely on a team of personnel that are minimum CeMAP qualified (the industry standard) and with a minimum of 5-years experience in second charge mortgages and loans, therefore you can be assured of a responsible outcome.

Let us say “Yes, we can help” – Second charge mortgages

Office Telephone: 01379 644061

Office Mobile:  Call, SMS, Text, Whatsapp, BBM or Viber,  07951 238527

THINK CAREFULLY BEFORE SECURING ANY LOAN AGAINST YOUR HOME

For your no-obligation quote, click HERE…

Return to Homepage HERE

A New Lender

A New Lender

A New Lender:

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A new lender has arrived, they are offering lower interest rates and are accepting cases that have been declined elsewhere.
The lender is a very worthy contender to the regular High Street names and has formally launched into the second charge loans sector. They have already had a period of market-testing its new products before launch to a wider market.

Here’s why you should consider them:
• Lower interest rates for many customers with credit issues
• No credit score – what you see is what you get
• Sensible affordability calculator
• Underwritten by humans, not a computer

The combination of these factors has already resulted in them seeing a substantial amount of business in England and Wales. They have cleverly identified niches in the market which are underserved by the regular lenders and you can get better rates and a higher chance of acceptance without being tripped up by your credit score. It’s good old-fashioned, common sense, manual underwriting.

Let us say “Yes, we can help” – A New Lender

Office Telephone: 01379 644061

Office Mobile:  Call/SMS/Text/Whatsapp/Viber  07951 238527

THINK CAREFULLY BEFORE SECURING ANY LOAN AGAINST YOUR HOME

For your no-obligation quote, click HERE…

Return to Homepage HERE

Secured Loan

Secured Loan

Secured loan

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When is it time to think of a secured loan? Well, if you thinking of raising money for household maintenance, repairs, extensions or perhaps personal costs or a large tax bill, then, for most people, a remortgage is probably the first thought. Remortgaging has hit a 9-year high and can allow often allow you to switch to a product more suitable for your financial situation, often improving your payable interest rate. However, borrowers with bad credit, very small mortgages or who are self-employed, may discover that the application process and fees incurred from a remortgage can offset these advantages.
A second charge mortgage/loan, often known as a secured loan, is an additional loan paid alongside an existing mortgage, often with another lender being used. So, what are the benefits of a secured loan?

Low Credit Score
Previous or current adverse credit such as County Court Judgments (CCJs) or defaults on payments, will likely cause either a rejection by a lender or higher interest rates when applying for a remortgage. Second charge loans offer a viable alternative for those with adverse credit, as many lenders do not rely on credit scoring alone to approve loan applications – there is a degree of human underwriting involved. They offer a more bespoke approach based on your individual circumstances, which means they can make decisions based on the whole picture providing it can be evidenced that the loan is affordable to you. Second charge mortgages are regulated by the Financial Conduct Authority meaning you are offered the same protections as those provided in connection with first charge mortgage lending.
We have access to a recently launched second charge product from one of our many lenders, that has no minimum credit score, considers each application on a case-by-case basis and accepts CCJs and defaults either below £350 or over 2 years old.

Self-Employed or Fluctuating Income
It can also be difficult for self-employed workers, zero-hour contract applicants or those with a fluctuating income to apply for a remortgage due to the tougher regulatory stance now being taken by lenders, on both income and your ability to repay a loan. As with those with a poor credit rating, second charge loans are often a way of assisting self-employed borrowers providing you are able to evidence your income. We have access to a second charge lender that only requires one year’s self-employed trading history and will consider undistributed profit and projections.

Speed and Cost
Another benefit of a second charge loan is the speed and cost of the application process when compared to that of a remortgage, which could incur large costs such as an ‘Early Redemption Charge’ (ERC) potentially running into thousands of pounds as a penalty for ending your current mortgage product early. With a secured loan there are options to pay survey fees upfront or add them to the borrowing, and there are no conveyancing or solicitor costs, unlike a remortgage. Where speed is important, where time or deadlines are tight, or you need to raise money quickly, remortgaging can be a lengthy process, most commonly taking between one to two months providing that the application runs smoothly and doesn’t have any problems. Complications such as a rejected application may be more common with self-employed and low credit score applicants. Hence, the benefits of a secured loan with funding in a matter of a few days, perhaps a couple of weeks, make clear and logical sense when compared to a remortgage.

Let us say “Yes, we can help” – Secured Loan

Office Telephone: 01379 644061

Office Mobile:  Call, SMS, Text, Whatsapp, BBM or Viber,  07951 238527

THINK CAREFULLY BEFORE SECURING ANY LOAN AGAINST YOUR HOME

For your no-obligation quote, click HERE…

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Recent Bad Credit

Recent Bad Credit

Recent bad credit:

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We have been working with a specialist provider of residential second charge mortgages lending to customers with recent bad credit, who are unable to obtain finance from traditional high street lenders. This can be for a variety of reasons, including such issues as mortgage arrears, Court Judgements, pending bankruptcy, Etc.

  • Up to six months current mortgage arrears accepted
  • Arrears on subsequent charges ignored
  • Up to £100,000 (more on referral)
  • Any amount of CCJs and defaults (past and present)
  • Pending bankruptcy action
  • Income tax issues and/or payment problems
  • Also available on BTL properties
  • Variable interest rates, or 3 and 5 year fixed plans available

This plan allows you to “buy” some breathing space if you have financial issues or problems.

Let us say “Yes, we can help” – Recent bad credit

Office Telephone: 01379 644061

Office Mobile:  SMS, Text, Whatsapp, BBM or Viber,  07951 238527

THINK CAREFULLY BEFORE SECURING ANY LOAN AGAINST YOUR HOME

For your no-obligation quote, click HERE…

Return to Homepage HERE

second charge loan identifier

Second Charge Loan Identifier

Second charge loan identifier:

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Sometimes, a second charge loan can be a better solution than a remortgage, but it’s not always easy to know when. That’s why we’ve put together the second charge loan identifier.

When a second charge loan works better than a remortgage:

When you are on a low SVR or base rate tracker mortgage which is too competitive to remortgage away from but still want to raise additional funds.

When you are on an Interest-Only mortgage; A remortgage will force you onto Capital and Interest, often raising payment to an unaffordable level.

An excellent solution for recently self-employed people, and those who need to work off projected figures to prove income.

For those with adverse credit in the last 3 years.

For those who wish to raise money on Buy-to-Let properties.

A Second Charge can be used for almost any purposes (consolidation, business purposes, tax bills, etc)

Product overview: 

Loan amounts from £10,000 – £2,500,000

Low interest rates

Up to 95% of property value, sometimes 100%

Adverse credit registered over 12 months ago may be ignored

Fixed rates are also available

1st and 2nd charge BTL loans available

There is the ability for cases that are outside criteria to be referred

Interest-Only products are available

Can raise money on residential property for business purposes

Let us say “Yes, we can help” – For second charge loan identifier assistance

Office Telephone: 01379 644061

Office Mobile:  Call, SMS, Text, Whatsapp or Viber  07951 238527

THINK CAREFULLY BEFORE SECURING ANY LOAN AGAINST YOUR HOME

For your no-obligation quote, click HERE…

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Third Charge Loans

Third Charge Loans

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A Third Charge loan is available up to 100% of a property value.

If you have a decent first and second charge rate and want to raise more cash but your circumstances mean that refinancing would be a disadvantage and leave you with an overall higher rate, a third charge could be just the answer. Whilst the third charge is marginally more expensive, the overall blended cost could be far lower.

A degree of Adverse Credit reference is allowed, for example:

• 5 months current loan arrears – max 2 months in last 12 and must have paid the last 3
• Maximum of 2 payday loans in last 12 months
• No missed unsecured in last 6 months but can have a maximum of 3 months down in the last 12 months

100% Loans of up to £35,000 are available.

This could suit you where a remortgage might hike up the overall rate or you just don’t have the equity to remortgage. It is also for those who would fail credit score for an unsecured loan but they don’t want to pay the higher rates of guarantor/payday loans, or where your mortgage lender won’t consent to a second charge.

The 100% plan with higher levels of adverse is available on both a second or third charge.
These products are niche and not the lowest rates you will see, but as part of an overall solution or strategy, they could often be more cost-effective.

Let us say “Yes, we can help” – Third Charge Loans

Office Telephone: 01379 644061

Office Mobile:  Call, SMS, Text, Whatsapp, BBM or Viber,  07951 238527

THINK CAREFULLY BEFORE SECURING ANY LOAN AGAINST YOUR HOME

For your no-obligation quote, click HERE…

Return to Homepage HERE…

Do you have Buildings or Contents Insurance? Click HERE…

 

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