If you have a bad credit history or problem with paying existing loans it may not be sensible to take on more debt, but if you need a mortgage and have a blemish on your credit record, or if you need to re-mortgage to pay off bad debts, there are plenty of lenders who offer bad credit mortgages.
The Bigger the Deposit You Have Means a Bigger Choice of Lenders
When you have had bad credit problems, most lenders will be cautious about issuing mortgages to you, so it is important to show the lender that you are financially stable at the moment – and will stay that way. If you cannot afford a large deposit on your mortgage, it is still possible to get a bad credit mortgage but having some cash reserves will make you less of a risk to the lender, and they are more likely to offer you a better rate.
Having to Pay More For Bad Credit Mortgages?
It is an unfortunate fact that with bad credit mortgages you are going to have to pay more for your mortgage than someone with excellent credit. However, there are higher rates, and it is well worth talking to a specialist mortgage adviser with access to a whole of market panel of lenders including building societies, banks and specialist bad credit mortgage providers. Just because you have bad credit, mortgage companies are not necessarily the only lenders open to you, so you need to be able to get quotes from as wide a range of providers as possible to ensure you get the right deal to suit your personal circumstances.
Talk to a Specialist That Deals with the Whole of the Market
At the mortgage broker we have a team of specialist advisers who focus entirely on helping clients with bad credit to get a mortgage for a new home or to remortgage an existing property and release equity to pay off outstanding debts. Each adviser is equipped with the latest technology enabling them to find the best deal to suit your needs from our whole of market panel of lenders which include providers who are not available to the general public.
Whether you have had a small blemish on your record such as a CCJ or a more serious problem, we can normally help. Our professional advice, quotes and mortgage illustrations are completely free so you have nothing to lose by contacting us to see what we have to offer.
We work for you – Not the lender so you can rest assured that we will find the right mortgage for you.