Bad Credit Mortgages: Let’s help you unlock the best deal
Bad Credit Mortgages: Let’s help you unlock the best deal
With many banks and high street lenders continuing to tighten their requirements, it can be tricky to find a mortgage that’s suitable for you if you currently have bad credit.
Whilst challenging, it is possible and CCJ Expert has access to the whole of the market, with in-depth knowledge on specialist lenders who regularly provide bad credit mortgages, also known as adverse credit mortgages.
We understand that every individual’s situation is unique but we focus solely on sourcing mortgages for people with poor credit, simplifying the entire process, whilst opening the door to a collection of experienced and dependable adverse credit lenders.
With a highly trained team of specialist advisors, we arrange mortgages for people suffering from:
- No credit history
- Late payments
- Incorrect address listed on credit report
- Poor credit score
- Poor bank account conduct
- Not being listed on the electoral roll
- High volume of credit applications
- Missed mortgage payments
- Payday loan debts
Unlocking doors to find experienced bad credit lenders
Whatever your situation, it’s important to know that you’re not alone. It’s true that the credit crunch left many lenders struggling to find their feet,
but there are plenty of specialist alternatives out there and we can ensure you get the right advice every step of the way.
Looking beyond your credit score, these lenders consider your income, outgoings and financial situation to make a final decision.
In addition to proving complete market access, CCJ Mortgage Expert can increase your chances of success, ensuring you understand every
aspect of your prospective purchase, including rates, terms, lenders and features. It’s important to understand that every bad credit
lender will specialise in a unique area, so for example, if you have a default, your ideal lender will be very different to one
specialising in bankruptcy plans.
Having acquired an in-depth understanding on the industry as a whole, and bad credit mortgages in particular, our goal is to continue offering an exceptional level of support for people with poor credit. Purchasing a home should be seen as a big step forward and an exciting period in your life but you don’t have to let your current credit score get in the way of your dreams and vision for the future.
How we can maximise your chances of success
CCJ Mortgage Expert is an independent broker so there is absolutely no preference for any particular lender. We work for you, helping you understand and compare the most suitable financial products, whilst taking your current situation, budget and goals into account. We’re one of the few nationwide mortgage advisors who will sit down with you face-to-face, managing and processing your application without delay, speeding up the entire process for you, including research, comparisons and applications. Bad credit doesn’t mean you have to delay your plans of buying a home, so whether you’re suffering from a CCJ, default or a series of missed payments, we can ensure your journey to finding the right mortgage is smooth and stress-free.
If you wish to speak to us about your current situation, or want to learn more about
us and how we can help you, please call CCJ Mortgage Expert today
on 0800 488 0004,
or send us a message and we’ll be back in touch as soon as possible.
Bad Credit Mortgages
Lots of people have historical finance complications; lots of people also have current ones. This shouldn’t stop you getting your dream home, as there are plenty of lenders out there today to help you get on the property ladder, despite your past or present finances. The market is enormous and certainly has space for you, irrelevant if you have tried and failed previously. That could be down to the advice you were given, so it is absolutely worth having a look into it further.
Bad Credit mortgages are for people with adverse credit, a rubbish credit score or just a really low one. Understandably lenders will more than likely charge you more in rates and repayments to take out a mortgage with them. You are deemed a larger risk, due to your credit status, as you either have history of not keeping up with payments from previous agreements, or you are currently failing to pay them. Either or, this information is held on your credit file and will have a knock on effect to your future financial agreements. Whether that be a credit card, a store card, a car finance deal or the roof over your head.
It isn’t plain sailing getting a mortgage with bad credit but it isn’t impossible. You just need to find the right product that works for you and yours. These guys are specialists and sell niche products to those that have enough income and a decent deposit. It is also totally down to the severity of your credit problems and also, how long you have had them. Throw in to the pot your age, your employment status, the size of your deposit, the property you want and also what your current outgoings are. Each lender will have different ‘lending requirements’, so it really is best to go and see a financial advisor as they will know the criteria. There is a wide range of lenders that offer mortgages to people with bad credit however the interest rate you end up will depend on your age, level of damage on your credit report and the reasons as to why you have credit issues. They will look at your case even if you have declared yourself bankrupt, have had repossessions on your file, IVA’s and CCJ’s! There is a small selection of lenders that would review your file and try to get you a mortgage.
These specialist lenders do exactly that. They’re aware that not everyone fits into the same box and can go to High Street lenders. These guys have lots of experience, knowledge and skills on getting you a mortgage and don’t rely on computer to tell them what the outcome should be. They work off the eligibility requirements and whether you meet that. The first one is: how serious the issue is and what type it is. Is it just a missed payment of a store card bill or have you recently declared yourself bankrupt? Then finally, when was this all registered? The general rule of thumb is, the older the problems are, the more it is going to move in your favour. If you have recently become bankrupt, you need to step away from even considering getting a mortgage for a good twelve months, once you have been discharged. Most lenders will push for at least a three or possibly four-year timeframe plus a sparkling credit file in that time. Bankruptcy sits on your credit file for a solid six years, so you really do need to work hard to get everything in the right place once you have come out the other side. It is a similar situation for those that have had property repossessions. If it is within the last three years, the rates offered to you will be ridiculous. However, they would slowly decrease that year on year. You just have to stay vigilant on getting your finances straight and gleaming without a blemish. As once the level of risk in lending to you, has reduced, they will lower their rates and potentially offer you more to borrow.
In order to recover your credit rating you will need to get in to detective mode and go through your credit report with a fine toothcomb. The three main companies to go to for a credit reference are: Callcredit, Equifax and Experian. You may need to pay a little bit to get your detailed report but think of it as a long term investment. Make sure they all have the same information and they are updated. Then get ready to dissect each one. From the wrong address, to out dated bills, missing electoral register info, accounts you no longer use and any sort of out dated associations. You need to find the balance of having everything on the straight and narrow but not perfect. So perhaps look at getting a low limit credit card for customers with adverse. If you spend on it, pay it off straight away as this will work towards you having that sparkling credit report. You need to show that you can manage your finances and in turn can have a mortgage, albeit a Bad Credit Mortgage, it is a start!