Bad Credit Mortgage

To qualify you a bad credit mortgage the sum of your short term debt and your long term debt so not exceed 65% of your house value. In other words, say the property is valued at R1 000 000.00 this will then mean a maximum mortgage of R650 000.00 will be possible. Accordingly the total sum of your total debt should not exceed R650 000.00.

This amount will then be repaid at a set interest rate. The repayment value should not exceed 30% of your income per month. So if your salary is R20 000.00 per month your repayment should not exceed R6 000.00 per month.

A valuator will come and value your property to confirm the value received by client.

The client will not be able to apply for any new credit during the 6 months and may not use other credit cards etc.
This is done in order to rehabilitate the clients credit record. The process takes between 6 to 12 months. In this time all the debt is paid and his credit record is cleared. During this time the interest rate is higher that a prime bank rates but it will only last until your credit record is clear. This is a maximum of 12 months.

We manage all the clients’ finances. No funds are paid directly to the client.
We pay the debt with all creditors on the client’s behalf.
The new mortgage will be at a minimum of R250 000.00 and a maximum of R2 200 000.00

The whole objective with bad credit mortgages are to clear the clients credit record in such a way as for him to be able to go to any high street bank and obtain a loan from them.
 
Contact us for more info at:
 
Colin Brazendale

Tel: 086 010 3635
Cell: 072 838 6854
Email: enquiries@badcreditmortgage.co.za