Poor Credit Mortgages
Poor credit mortgages are defined as those offered to applicants with an event or multiple events of negative credit history that are unable to secure a mortgage through the more recognised channels. Sometimes terms such as adverse credit mortgages or bad credit mortgages are used but collectively they all cover the same aspect of this type of lending. Due to the more specific nature of this type of mortgage, rarely are these advertised in best buy tables and therefore the services of a specialist mortgage broker can be of great use when looking to source the most appropriate scheme for a borrowers individual requirements.
Can I get a mortgage with poor credit?
The mortgage market today has a variety of lenders who are specifically in the industry to assist those with a poor credit score. Indeed this has been seen as a part of the industry that has evolved and grown over recent years with those already in the market improving on their offers and criteria and new lenders entering the sector to give greater choice. Therefore, although there is never any guarantees for anyone, a potential borrower today has a very good chance of being able to get a mortgage with poor credit. Using a mortgage broker who understands this market can be of great benefit in securing the most suitable mortgage. They can use their expertise to match criteria and offer the best chance of getting you approved.
Mortgage rates with poor credit
If you have a history of poor credit or perhaps a low credit score because of a total lack of credit, this can impact the ability to obtain a mortgage from a mainstream lender at the most competitive rates.
The good news is that there are a number of lenders willing to take a view on individual circumstances and very often we able to place an application with a specialist lender. Mortgage interest rates are likely to be slightly higher for people with a ‘clean’ credit profile. However, as time passes and any credit issues become more historic, we would expect to be in a position to renegotiate your mortgage onto better terms.
Poor credit mortgage lenders
As a firm of mortgage brokers who have a team of specialist advisers assisting those with a poor credit history, we deal with numerous people for which a poor credit mortgage lender becomes a solution to their needs. Poor credit mortgage lenders are available to look to help those that are unable to secure a mortgage through the more commonly known mortgage providers. They will have a greater understanding of the applicants credit file and the terminology used such as defaults, CCJs, debt management plans to name a few and their criteria will be set specifically in regard to such events. Assessing the overall risk, the rate offered will likely be higher than that given to an applicant with a clean credit history although hopefully in time, with an improved credit file, the borrower can work towards improving on this during the mortgage term.
poor credit mortgage brokers
Having Poor Credit can exclude you from a large amount of high street lenders, we have access to a number of lenders that specialise in Poor Credit. Due to the fact that we are Bad Credit Mortgage Brokers, we have very good relationships with these lenders and are talking to them on a daily basis, we are therefore able to establish whether we can help and do this in a timely manner. Unfortunately, the smallest of credit penalty can cause an issue with lenders and the downside being a decline and possible a mark on your credit file. Here at Just Mortgage Brokers, we can reduce the chances of being declined and help you to receive the mortgage you require.
Let us do the hard work for you!