Charcol offers free mortgage advice to those with poor credit

Charcol.co.uk has decided to offer borrowers with a poor credit history the chance to get tailored mortgage advice for free. In a market that is awash with brokers who charge exorbitant fees, Charcol.co.uk is determined to break what it sees as the vicious circle of debt. Borrowers spend so much on organising a non-standard loan that they are never offered the chance to break the cycle.

Charcol.co.uk estimates that the annual lending in this sector is around £30 billion, or approximately 8% of the market, and this is a figure that is growing with the increasing interest rate environment the economy is currently in. Repossessions are already predicted to rise to as high as 55,000 in two years time and unsurprisingly those with a poor credit history account for 70% of the rise.

Peter Barrett, Managing Director at Charcol.co.uk, comments, “The amount of personal debt in the UK continues to grow, particularly in a rising interest rate environment and for financially vulnerable borrowers to be charged outrageous fees for consolidating their debt is simply not right. There is no doubt that this is a growing market and the current solutions available are only really helping to grow it. We are determined to do something about this and providing fees free advice is absolutely the right thing to do. We are setting those people who are financially vulnerable on the right path by tailoring advice specifically to them.”

Barrett continues, “Of course, there is a certain stigma attached to borrowers who have financial difficulties, but these can have occurred for any number of reasons. For example, one of the most common causes is the end of a relationship and one partner simply not being able to cope with the financial burden that was previously shared.”

Charcol.co.uk also has a long association with the UK’s leading debt management charity, the Consumer Credit Counselling Service (CCCS). The company helps to train their counsellors and work together to find solutions to all financial problems customers may have.

Barrett concludes, “Not only is there a clear financial benefit to arranging a mortgage through us, but our position as the largest mortgage broker in the country means we hold a great deal of weight with lenders. We can often get people with a poor credit history mortgage offers that other brokers simply cannot. And, we are committed to finding all our customers a mortgage in the standard sector if we think they qualify for one.”