Bad Credit Mortgages

In recent years our economy has caused many families to experience financial difficulties from time to time. These include missed credit card payments, mortgage arrears, defaults, CCJs (County Court Judgments) or bankruptcy. Therefore your ability to access a competitive mortgage deal will, unfortunately, be challenging.

Since the credit crunch lenders have become more cautious when lending money and so if there are any gaps when carrying out a credit check this will, in the majority of cases, result in a decline.

Financial Commitments

Income ProtectionWhen banks and building society assess a mortgage application they require evidence that financial commitments have been satisfactorily conducted in the past. Lack of any financial commitments can also be detrimental to your credit file. Added to this, refusal of a mortgage application can present you with further problems.

If you’ve got a poor credit rating or have had credit problems you can still get a mortgage, although the interest rates and charges will be higher than the standard mortgage and it may also be necessary to find a larger deposit of approximately 25% of the value of the property. There are a variety of mortgage deals available for example fixed, variable and tracker rates.

Recommendation

Your ability to obtain a standard mortgage with a lower interest rate can be obtained following regular mortgage repayments being made because your credit rating will be significantly improved. Our recommendation would be to provide us with a copy of your credit file in order for us to establish the likelihood of a successful mortgage application.

Independent

Our independent mortgage advisers are not tied to any lenders and are working for you. Not only do we offer independent mortgage advice, we can also source all your mortgage related insurance needs from a range of insurance product providers.

No obligation

For a quick, no obligation mortgage quote simply give one of our helpful advisers a call on 01933 303020.

Remember, our friendly advisers are always on the end of the phone to discuss your mortgage requirements should you need any help or guidance.

Got a question?

Please feel free to have a look at our ‘Mortgage Jargon Explained’ and our FAQs for more information.

Alternatively, are you looking for a bridging loan? If so, you can find more information here.

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY DEBT SECURED ON IT.