Non-Conforming Home Loans

What are bad credit home loans?

Bad credit mortgages are types of mortgages offered by non-conforming or specialist lenders.

Bad credit home loans consider all situations, especially the ones where borrowers have black marks on their credit file.

With access to a variety specialist lenders on the Loan Market panel, I can assist with finding the home loan solution to meet your individual needs and requirements.

A non-conforming borrower is usually identified with some sort of bad credit whether it is their fault or unfortunate circumstances in which they found themselves. There are many different reasons why some people are classed as non-conforming this can include the following:

  • Mortgage arrears: Missed payments on your home loan. The more the number of missed payments you have had in the last six months then the more wary lenders will be.
  • Unpaid bills or tax: Outstanding bills such as council rates or tax bills are a type of bad credit history that may not initially show up on your credit file but may be visible on the supporting documents you need to provide.
  • Company in financial trouble: If you’re the director of a company that is in financial trouble, receivership or liquidation then this can affect your personal credit history.
  • Over committed: If you have too many debts for your income or your total assets are less than your total liabilities then the major banks may assess you as being insolvent or beyond help.

Some lenders would not consider borrowers in the above positions, however, at Loan Market, we understand that life is not all black and white and there may be reasons – beyond your control – as to why you might not meet the standard lenders’ criteria.

We have access to a range of non-conforming home loans that offer you the opportunity to get back on track and purchase your dream home or refinance your home loan and put yourself in a better position.

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