Residential Mortgages

Saxon Financial Solutions

offer various alternatives to remortgaging.

 Firstly the information on this site is current to 2014. There are many sites giving misleading information either because the site has not been updated or deliberately left with outdated information to get you to make an inquiry.

You are looking raise funds but declined by your mortgage company. Your issue could be that you are self employed and cannot prove your income or you have a poor credit rating.

Your circumstances

Self Employed

Poor Credit Rating.

You are with a lender who originally accepted self certification. But they are now no longer willing to give a further advance or remortgage. Options A.B. C

You are with a lender who originally accepted poor credit. But they are now no longer willing to give a further advance or remortgage. Options.  E.

You took out a mortgage whilst employed. You are now self employed  requiring a self certification mortgage. Options A. B. C

You took out a mortgage whilst you had good credit rating. You  now have a poor credit rating Options. E

You have not got a mortgage but are self employed. Options. D.

You have not got a mortgage but you have a poor credit rating. Options .F

 

   Options

A.  Keep your existing mortgage and put a 2nd charge top up   mortgage in place. Possibly on interest only basis.

 B.  Keep your existing mortgage and put a 2nd charge top up   mortgage in place. Possibly on interest only basis. Once you have accounts available that show the required figs apply for a new mortgage to cover all your borrowing.

C.  Second charge mortgage are only available if you have a mortgage in this case the only option is to wait until you have one year’s accounts

D.  Take out a 2nd charge mortgage possibly on interest only   then when the credit issues have been removed from your credit file move all your borrowing to a main stream lender.

E.  There are some lenders who will accept some levels of poor credit, although these will be on higher rates this can be offset by being on interest only. You will have to balance the extra cost of this type of finance against your current rent etc it may still be advantageous to purchase rather than continue renting.

  It may now be the case that you have accounts for the last years if these figs are satisfactory we can remortgage you with a new main stream lender at high Street rates..

Self employed 1 years   accounts rates from 3.99% max loan to value 80%

Self employed 1 years   accounts rates from 3.44% max loan to value 75%

Self employed 2 years accounts rates from 1.70% max loan to value 60%

Self employed 2 years accounts rates from 3.25% max loan to value 90%

Self employed 3 years   accounts rates from 1.70% max loan to value 60%

Self employed 3 years   accounts rates from 5.49% max loan to value 95%

Last updated 17/02/2014

Why would you want to consider alternatives when a remortgage is offered at a lower rate, for many people this is correct and should always be the first option, however many things may have changed since you took out your current mortgage.

Saxon Financial Solutions including a larger choice of secured loans than any other loan specialist in the UK backed by over 30 years experience and the most advanced loan underwriting system in the industry.
In the case of unsecured loans, the REPRESENTATIVE APR is 9.3% variable. 51% of borrowers get this rate or less Representative example: – £10000 over 60 months at an interest rate of 9.3% per annum. Monthly repayment £206.86.
Total amount payable £12416.46.
65% of secured loan borrowers should get rates less than our TYPICAL 13.8% APR including those who have credit problems. APR’s are variable in most cases. In some cases a secured loan processing cost may be charged, which is deducted from the loan on completion and included in the interest rate quoted. This charge covers the cost of property valuation, mortgage references, consent to register a second charge, land registry search’s, credit references, staff costs, marketing and variable costs associated with your loan and is on average 8% of the loan amount. The amount of any fee and the actual rate available will depend on your circumstances and will be discussed with you at an early stage. Extending the loan over a longer period can reduce your monthly payments but may increase the total cost of credit.

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT

Written terms available on request. Examples/offers correct November 2012 Loans are subject to status and available to UK residents aged 18 or over. Saxon Financial Solutions. Consumer credit licence number 595129

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