If you are using a specialist broker, they will be able to assess your circumstances and credit report. A broker will be able to tell you if you are going to be eligible for any deals or whether it may be best to wait until certain marks drop off your credit file before applying. Marks stay on your credit report for six years, after this lenders will be unable to see them.
Below are some of the main issues that lenders will be looking at before deciding to approve or decline your mortgage application. A CCJ within the previous six years can affect the chances of having a mortgage application approved. Your mortgage adviser will have successfully negotiated mortgages for clients with CCJs regularly. Make sure you speak to us before incurring any costs associated with a property purchase.
This usually occurs if you miss three or more payments on a credit agreement.
This adversely affects your credit history. Your mortgage adviser has come across this situation many times when arranging mortgages; they will know the best place to go to arrange your mortgage. Contact us now for information on how to get a mortgage when you have defaults. An individual voluntary arrangement is an agreement with your creditors that enables you to make a single monthly payment towards your debts some of which is usually written off.
An IVA adversely affects your credit history. Contact us now for information on how to get a mortgage when you have an IVA.
Usually, the last resort if your debts have become too much for you. If you have a bankruptcy on your credit file, this adversely affects your credit history. Contact us now for information on how to get a mortgage when you have been bankrupt. If you have missed or late payments on your credit file you may find some lenders refuse an application for a mortgage. This adverse credit history does not mean it is impossible to get a mortgage. Contact us now for information on how to get a mortgage when you have late or missed payments history.
If you find that you cannot get a mortgage even through one of our specialist mortgage brokers, then you will need to consider improving your credit score before reapplying. This will allow lenders to see that you have sorted out your finances and are repairing your credit report. With a continually growing population, the amount of people with bad credit continues to rise.
With more of the high street lenders moving towards only wanting to lend to customers with no history of credit issues, reliable income and large deposit this has grown the market for specialist lenders. This can be seen as positive for customers with bad credit as with ever-increasing demand and more lenders moving into these specialist areas the competition is increasing meaning lenders are now having to be more competitive with their interest rates.
This is allowing customers with bad credit to get better rates than ever before. Speak with one of our specialist mortgage brokers today, with a wealth of knowledge on bad credit they are best placed to help you get the mortgage you require. Put me in touch with a great broker who managed to get me a excellent deal.
The reason for this is that the mortgage provider has less reason to loan you a larger amount of money at a lower interest rate if your credit history is poor. Your solicitor will also make the necessary arrangements for the old mortgage to be repaid. How Do Remortgages Work? Find out more: improving your mortgage chances - how you can strengthen your application. April This reduces the risk for the lender, making you more likely to be accepted. Contact Us.
Helped to reduce my monthly mortgage payments with a great remortgage deal. Great service the advisor I was referred to was friendly and professional, helped me through the whole process. Defintley would recommend. Good Specialist brokers that know what they are doing. Bad Credit Mortgage Information. Looking for specialist advice?
Read through our articles about different bad credit situations, and get the best advice to get the mortgage that you need. Popular Pages. Remortgage with an iva. Bad credit mortgage calculator. HMO mortgage advice.
Mortgage with CCJ. Contractor Mortgages.
results Compare mortgages that may still be available if you have bad credit. The remortgage deals in this comparison are designed for homeowners with a. We work with a skilled team of adverse credit remortgage specialists that will look into your specific case and find you the best deal on the market. Make an.
Remortgaging advice. Mortgage with Payday Loan. Bad Credit Mortgage Broker.
We can't accept liability should anything go wrong. We are UK based, and the information we provide is relevant only to the UK. The information isn't tailored to your circumstances; we strive to put you in touch with an appropriate broker for your particular needs. All of our experts are appropriately qualifies and regulated by the FCA as appropriate.
Your initial mortgage consultation is always free of charge. Depending on the complexity of your mortgage, there may be a fee for your broker's mortgage advice and arrangement service. Any fees will be discussed and agreed with you before you make a mortgage application. The purpose of the site is to put you in touch with a suitable expert. Going above your agreed overdraft limit will have an adverse effect on your credit files, as will overdrawing without an arranged overdraft.
A high income-to-debt ratio will be considered risky due to a lower amount of disposable income. Less is better. Too many applications for finance showing on your credit files. So, one application in six months. Poorly managed debts that have resulted in bankruptcy such as County Court Judgements will make it difficult to obtain finance. People who are financially linked to you who have a history of defaulting on finance agreements can affect your credit assessments. Your credit reports will have details about who is economically connected to you.
It should be noted that no matter what you do to improve your creditworthiness, there are no guaranteed mortgages for blemished credit. Many of the homeowners 1 st UK have helped in the past have approached us feeling trapped. Bad credit spikes interest rates; sometimes to the point of unaffordability.
Even if your credit history is trashed, there are options available. Different lenders take on different risk levels. The above are just some of the select lenders 1 st UK work with that do approve bad credit homeowner loans when the banks and building societies refuse. Alternatives for borrowing do exist regardless of what is included in your past debt history.
It can be tough remortgaging with bad credit and arrears, and even active DMPs. There are poor credit home loans available from a lender somewhere.
If you have an existing mortgage that is an exceptionally good deal, for example:.