Bad Credit Mortgages
Ok well I am writing this from experience , let me tell you having bad credit did make it a lot harder to get a mortgage, lenders turned me down left right and centre and even the brokers just couldn't help me, I was stuck.
Poor or adverse credit as I call it is not uncommon, millions of us have some sort of bad credit on our credit report but a small majority of us actually take into account how this can effect us.
Applying for a bad credit mortgage means paying a higher interest rate to the lender, the fact that you have bad credit usually means that at some point you have missed a repayment or have outstanding debt so the lender will see you as a higher risk.
So whats different about a bad credit mortgage and why did I apply for a bad credit mortgage you ask? Well I didn't really have much choice so I applied for a mortgage with my bad credit and paid a slightly higher rate which was a very fair offer considering my credit history.
Poor credit mortgages are available readily with interest rates ranging from around 7% onwards, again this all comes down to what your credit report says, if you have bad credit then depending on what has caused it will make a lot of difference.
It is always ideal to ring through to a broker since you can obtain a more accurate rate if you provide your circumstances i.e. employment status etc.
So having bad credit didn't stop me applying for a mortgage, and I am sure it wont you, why not give A Mortgage 4 You a call on 0845 2 605 506 today to see how they can help you apply for a mortgage even if you have bad credit.
But don't fear the worst, remember your credit score can be improved by basic principles, why not save some money, keep money in a bank account, ensure all debts are paid off, for any outstanding debts that you cannot afford in bulk do not avoid them, why not try to agree a repayment arrangement to avoid any CCJ's being issued against you.
Bad credit is just one of the problems that can effect your ability to get a mortgage, other things include CCJ's, defaults etc. When you apply for any type of financial product, in this case a mortgage, you will have your credit rating checked.
Credit rating is a way for the lender to see how reliable you have been in the past with financial products. They need to make sure you are worth the risk of lending you the money. The lender will look at why you're applying for the mortgage. They will study your financial position ie your income and outgoings. In addition a detailed credit check will be carried out.
The mortgage lender will use one of the two major credit reference agencies, Experian or Equifax.
We can assist you with
- Poor Credit Mortgages and Applications
- Bad Credit Scores and Repairing
- Adverse Credit Loans
