Self Cert Mortgages, Bad Credit History – A Good Time to Buy
If you’ve been struggling to get on the property ladder in the past few years, now is an opportune time. It can be difficult getting started and finding a competitive mortgage, especially if you’re self employed and need self cert mortgages, or have bad credit. But it is possible to find competitive self cert mortgages; bad credit needn’t be an issue.
Self Cert Mortgages, Bad Credit Hangover
Having bad credit can be a nasty hangover on your financial future. But as more people in the UK are struggling with debt, it is increasingly a common position to be in. Debt is a reality for many of us, but it doesn’t mean life has to grind to a halt. There are ways of managing debt and overcoming it, and if you have bad credit because you’ve had periods of unemployment, or if you’re self employed and have ups and downs in your income levels, it’s still possible to find a competitive mortgage using a specialist mortgage provider.
Good Time to Buy
So why is it a good time to search out self cert mortgages, bad credit aside? Because the housing market has swiftly become a ‘buyers market’. A number of factors have combined to shift the favour from homeowners to home buyers, including:
- The rise of repossessions from those homeowners who over borrowed to buy over-inflated property.
- The increase of property for sale at bargain auction prices as a result of increased repossessions.
- Property prices are plummeting in some areas, making the market more competitive with more affordable prices.
- The global credit crunch has made many people jittery about the property market, helping to bring prices down.
Surveys and studies confirm that the housing market in the UK has slowed, making it more amenable for those looking for self cert mortgages, bad credit aside. Prices are more competitive because:
- New buyer enquires have fallen for the 11th month in a row
- Interest rates have risen five times in one year
- Surveyors have reported that house prices are falling
- The number of new mortgages has fallen by 20% - fewer buyers on the market means more competitive prices and even bargains can be had.
A cooling off property market means now is a good time to buy if you’re looking for a long-term investment.
Prosper Home Loans have the experience and expertise to obtain the best mortgage to suit your individual financial situation. Whether you are planning your first purchase, moving home, thinking about remortgage or debt consolidation, buying a second home, or perhaps considering a commercial venture, let Prosper help. Prosper has extensive experience in working with specialist self cert mortgage lenders, so if you’re looking for self cert mortgages or bad credit mortgages, email your query to: enquiry@prosperhomeloans.co.uk or telephone: 01424 712333 and find out how Prosper can help you.