There are many reasons why we can have credit problems or a poor credit history. Often not our fault or out with our control it can have serious consequences for getting a mortgage or credit in the future.
Solutions exist and a good mortgage broker can find a lender who will give you a mortgage based on most bad credit history and can help even with, missed payments, defaults, CCJ’s (County Court Judgements), IVA’s (Individual Voluntary Arrangement) and even bankruptcy.
The first step is to apply for a free trial with at least one of the main credit agencies. There are three in the UK, Equifax, Experian and Call Credit and most lenders will search a combination of bureau’s for information.
Not all types of bad credit are rated equally and there are often different mortgage rates available depending on the type, size and age of the adverse credit. It can really make a difference to your monthly payments and an experienced bad credit mortgage broker will know which lenders will accept or decline your mortgage application based on the circumstances that they are made aware of.
Where an adverse mortgage lender is recommended it is often on higher rates or with larger fees. As specialist bad credit mortgage advisers we would ask that clients only consider these as a shorter term credit repair solution and not a longer term mortgage product. A well researched mortgage solution for any individuals with bad credit history will allow time to repair any outstanding issues that have prevented a mainstream mortgage rate being recommended without stopping home ownership.