Using the right specialist mortgage broker is crucial. Most specialist lenders will only accept business from an approved broker like us; they do not deal directly with the public, as they rely on brokers to assess the fundamentals of an application. We will check for the best lending option, whether it be a high street or specialist lender, taking all factors into account. Using Click Mortgages can help you save time and ensure you achieve the best outcome quickly.
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You Could Get a Mortgage Approved Even With Past Credit Issues
Do you need a mortgage for a purchase or wish to remortgage, perhaps to pay slightly off debts or for another purpose, but are worried that your credit history might slam the door shut? You’re not alone. Bad credit mortgages are specifically designed for borrowers with a poor credit history, offering an excellent option for a new mortgage when mainstream lenders say no.
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Understanding bad credit mortgages
Securing a mortgage with poor credit is difficult but not impossible. Bad credit mortgages (also referred to as adverse credit or sub-prime mortgages) are specifically designed solutions that do not automatically disqualify you from approval solely due to previous financial challenges.
Because lenders view you as a riskier borrower, you’ll typically pay a slightly higher interest rate. For a property purchase, we can help find a lender who will accept a deposit of only 5%, although this may need to be higher depending on your credit history. Most lenders will accept a deposit that’s gifted from a family member, which can help you get on the property ladder more quickly. Just remember that the money must not be a loan, and you must be under no obligation to repay it.
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When applying for a mortgage, your credit history matters.
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Four steps to bad credit mortgage success
Securing a mortgage with adverse credit necessitates a strategic approach. Here’s how you can maximise your chances of approval, even when your credit history isn’t flawless.
Obtain reports from all three UK credit reference agencies (Experian, Equifax, and TransUnion), challenge any errors, and understand precisely what lenders will see before applying. Consider using Checkmyfile, whose reports include all three of these credit reference agencies.
The larger your deposit, the better your chances. However, there are potential options available with only a 5% deposit or equity, but the more deposit or equity you have, the better!
While you may have experienced credit issues, showing that you have recovered is very beneficial. This encourages lenders to agree to a deal with you, as they can see that the financial difficulties are behind you.
Bad credit mortgage brokers have relationships with specialist lenders, understand complex credit situations, and can match you with the right mortgage product for your circumstances. Contact Click Mortgages to receive your expert personal guidance.
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