"have you been refused a mortgage due to a bad credit history ?, don't be too disappointed, we may still be able to help you secure a mortgage, call or contact us today"
A poor credit history stemming from missed and late payments on your loans, receiving a County Court Judgement (CCJ) for defaulting on credit agreements, or being made Bankrupt, can unfortunately create huge hurdles and difficulties in obtaining credit and securing a mortgage with lenders. The good news is, that there are still a few specialist lenders out there that can assist and help you obtain a mortgage, even if you have been refused elsewhere.
You may now be in a situation where you have overcome your financial difficulties of the past, earning a decent salary and saved a hefty deposit for your new home. Disappointingly, these prerequisites are only half the story, if your credit score is still not upto scratch and contains some adverse activity from the past such as late payments or CCJ's, then you may have to hear the unwelcome news of your mortgage application being declined. This may seem unfair, but Banks and Building Societies are very cautious when it comes to lending, and therefore will scrutinise and investigate your financial past thoroughly to assess your credit worthiness before they agree to lend.
If I have bad credit, will I be accepted for a mortgage ?
Lenders are keen to analyse prospective applicants’ financial past very closely to see if there is any adverse entries present such as ever defaulting on any loan agreements in the past 6 years or late and missed payments. Banks an Building Societies decide whether or not they they will offer you a mortgage based on the following factors in relation to your credit history:
- Your Credit Report
- County Court Judgements (CCJ's)
If you have managed to add any of the above adverse entries to your credit report, it does not necessarily mean that you will not be able to secure a mortgage at all, it just means that you will most likely end up paying a higher interest rate than normal to reflect the level of risk you present to the lender. You may also find that your choice of lenders will be narrowed down to a few select lenders specialising in the sub-prime market who mainly deal with applicants with adverse credit histories, rather than having access to the whole of market set of lenders in the mainstream. It is also worth mentioning that you are most likely to require a higher deposit to put down when applying for a mortgages when applying through specialist lenders.
Mortgage brokers have experience of dealing with and access to a range of specialist lenders that deal with applicants experiencing poor credit difficulties, and can therefore offer very useful and invaluable advice to overcome your mortgage hurdles when applying for mortgages under such circumstances or when you have been refused elsewhere. Because of regular contact with underwriters within specialist sub-prime lenders or providers of adverse credit mortgages, Mortgage Brokers can assess your requirements and circumstances, and then place you with a a lender that will give you the most likelihood of acceptance of your application, steering you away from the those whose criteria is most likely to yield a decline.
How I can Help
I can provide you with concise and comprehensive advice and assistance regarding all aspects of your Mortgage needs from initial advice to application stage and all the way to completion. Having a mortgage professional on hand to assist you every step of the process can save you time, effort and money, easing the stress of your Remortgage process.
Please contact me today for an informal and friendly chat to discuss your needs. All initial advice is completely free and confidential. You can contact me using the “contact us” form at the top right of this Page and i’ll get back to you as soon as possible, or alternatively you can contact me via my details below, or CLICK HERE
Thank you for visiting.
Balraj Singh (Bal)
Tel: 0330 010 1433 (Mobile Friendly)
Mob: 07985 417 490