Bad Credit Mortgage Advice

Living with parents or friends, or maybe you rent where you live at present. If this is you and the reason is you think you can’t get a bad credit mortgage due to your past history then read on. The market today is far more flexible then it was before and there are more options available for people such as yourself in your situation financially.  No longer is it the case that your past can stop you from getting a bad credit mortgage. Here at Ideal Home Loans we can take care of everything for you if you feel you are in this situation.

Have you been denied in the past on a previous application based on your credit history? If so, do not despair.  We are bad credit mortgage advisors based in Wiltshire however we can offer our expert services all across the UK. So, if you aren’t near our location don’t worry we can still offer friendly and helpful advice. It can be difficult to find a lender in your circumstances and we work with a large database of lenders who will consider all applications based on individual criteria and more importantly your present situation not the past. Sometimes what happened is not your fault. Each application is judged on it’s own unique merits and your situation now not your past.

We work with specialist lenders who work with borrowers who have experienced problems in the past. These could have resulted in CCJ’s or defaults, you might still have arrears or be behind on payments. If so, don’t presume this will stop you getting a bad credit mortgage. Our advisors have a wealth of knowledge on this and can advise on what options are available to you.  Normally how it works is the interest rate is higher than normal but don’t let that put you off as they can still be favourable and the aren’t in the bracket of APR like loans for example. The market has evolved and even mainstream high street lenders are considering people with a bad credit history.

Also don’t assume you might need a bad credit mortgage as you could still qualify with the high street lenders. Our expert mortgage advisors in Wiltshire can help you every step of the way and make sure you fully understand what the rates are, repayments and any early repayment penalties also. More and more lenders are entering the adverse credit market and offering schemes so you have plenty of options to choose from. The interest rate will be determined by factors such as your credit history and present situation.

Usually because of the circumstances the interest rates are not displayed in any comparison charts as they will depend on the individual. Also how much deposit you can put down will have a great affect on the final offer. The more deposit you can put down the better chance of getting a bad credit mortgage you have.

A bad credit mortgage broker such as ourselves will be able to determine the best course of action for your application and circumstances.  Tasks such as income checking, credit reports and references can all be taken care of. We keep you informed every step of the way. Our service and advice is free and you are under no obligation at all times to take out the offer. It’s never too late to get on the property ladder and if you think you won’t be accepted then speak with us. We can provisionally check if you are likely to be accepted by a lender and inform you of rates and repayment costs.

To help improve your chances of a bad credit mortgage there are a few things you can do to help improve your credit rating, see below:

 

  • Register on the electoral roll.
  • Get credit reports and check all information is correct.
  • Try pay off any outstanding debts.
  • If in arrears try catch up as best you can.
  • Work out your outgoings and income.
  • Open a savings account.

Each lender will use different scoring criteria when considering your application. No 2 lenders are the same.  Also try avoid always applying for credit as this can hinder your credit score as well.  Make sure you have an up to date record of your credit score which clearly shows arrears, defaults, CCJ’s etc.

Get in touch today and our bad credit mortgage advisors can help you get on the path to owning your own property.