Finding a mortgage with bad credit can be difficult and has to be approached carefully. Due to the shortage of lenders available in this market, getting the application right first time is very important. Having the experience of a specialist adverse credit mortgage broker will greatly enhance your chances of success.
I’ve helped many people with poor credit to find a mortgage. For a free no obligation chat, get in touch today
Steven Neale – Specialist Bad Credit Mortgage Broker
The tricky one. Would you lend to someone if they had missed payments on their mortgage? Thankfully, there are lenders who will.
Many people I talk to are delighted to find that after talking to me they do qualify for a mortgage having been made Bankrupt.
Has Your Contractor Mortgage Been Declined? Special circumstances need a Specialist Contractor Mortgage Broker.
The main consideration a credit lender will want to know when looking at the CCJ’s on your credit file is the date they were registered.
Having been refused a mortgage isn’t the end of your home buying dream, but what you do next is very important.
Any Defaults registered over 2 years ago can be ignored, do not have to be repaid and you could borrow up to 100% of a property’s value.
I will help to prepare your applications, limit the impact of your DMP, and secure the finance needed to purchase your new home.
If you have equity in your home, you could arrange a remortgage to clear your IVA early by offering a reduced settlement amount to your creditors.
This is the tricky one! Understandably lenders are extremely wary of lending if you have previously had a property repossessed.
I know of 6 lenders that offer mortgages if you have a poor credit history. One of them will accept 5% Cashback from the builder as your deposit!
100% Mortgages Available! A Shared Ownership property can help you get on to the property ladder sooner as you only need a smaller mortgage.
Mortgages are readily available from the High Street however many of them will only accept you if you have a clean credit history.
First time buyers with bad credit in Scotland can get up to £25,000 towards the cost of a new build or existing property
By using a Product Transfer, Homeowners could save hundreds of pounds per month by changing their current lenders interest rate to a new deal
Bridging finance really should be your last place for finance having exhausted family, friends, mortgage lenders and second charge lenders. This service is by referral only.
Do you need a loan but your existing mortgage lender has said no? The answer maybe a Second Charge Mortgage. This service is by referral only.
Each lender scores you differently, so this is more art than science, especially because lenders are tight-lipped about what they’re looking for.
Why should you use a Bad Credit Mortgage Broker?
Applying for a mortgage with bad credit is a tricky business. If your mortgage application is rejected, this can act as a red flag to other lenders. This is why it’s crucial to get it right first time, by using an experienced and qualified bad credit mortgage broker, who can tell you with a high degree of certainty, who is likely to lend, and who is not, based on your credit file and personal circumstances.
Unlike applying for a mortgage with a high street lender, where there are sourcing systems that quickly & easily find the best mortgage for you by entering your details, there is no such help when it comes to finding a bad credit mortgage.
First, a Broker has to read a copy of your credit file and understand its contents. It requires a real understanding of the information on your file to be able to match the information to a lender, and this can only be learnt with time and experience.
Having read your credit file, a broker has to manually look for an adverse mortgage lender that would consider you based on your credit history (as well as other factors such as income and employment status). There is no automatic process for this so each lender’s criteria has to be assessed to see whether they would lend.
How can a broker help you get a mortgage with bad credit?
A bad credit mortgage broker like myself has access to the specific lending criteria of a wide panel of lenders who can help those with credit issues. Having this level of insight allows me to match an applicant with the right lender based on the applicant’s specific credit issues and the lender’s own criteria.
Without this knowledge, applicants would essentially be applying blindly to lenders hoping that they meet their criteria, and in most cases, they will not if they have credit issues. Applying for mortgages in such a way will further damage the applicants credit score by resulting in a string of rejected applications.
What if a broker can’t find you a bad credit mortgage?
Depending on your credit file and the severity of your credit issues, it’s possible that I would not be able to match you with a lender. This is fairly rare as I work with a wide range of lenders who cater for all levels of credit issues, but it is possible.
In such circumstances, I would identify the particular issue with your credit file which puts you out of range for an application, and highlight when you would be able to apply, and who with.
Do mortgage brokers have access to all lenders and deals?
In short, no, but they do have access to most. In the case of bad credit mortgages, brokers like myself will have access to the vast majority of products available. In addition, many lenders in the bad credit market will only deal with certified brokers and do not allow applicants to apply directly.
Steven Neale
Specialist Bad Credit Mortgage Broker
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.
3 REASONS TO ASK ME TO ARRANGE YOUR MORTGAGE
Years of Experience
I specialise in Bad Credit Mortgages for people who have a poor credit history because of any number of reasons.
Choice of Lenders
I am a Whole of Market, Mortgage Broker meaning I can talk to every lender to see about finding you the right mortgage.
Saving You Money
As a specialist Mortgage Broker for over 30 years I have a great deal of experience that will help save you time & money.