How Just Mortgage Brokers Can Help You
Purchasing a new home is an extremely exciting time for any home buyer, however, when looking for a mortgage, all applicants need to consider their credit report and the role it plays in the success of your mortgage application. This is even more important when a bridging loan is required to make the purchase a reality.
What is a Bridging Loan?
For anyone who is unsure, a bridging loan effectively works to ‘bridge the gap’ in finances that you might have. For example, the interval between two transactions, typically the buying of one house and the selling of another.
In recent months, there has been a growing trend among borrowers to use bridging loans because high street and private banks are typically taking longer to process applications for larger home loans. We recently reported on the bridging loan industry making an impressing start to 2016, following on from a strong finish to 2015. You can read more here.
So what if I have Bad Credit?
Like many finance options, bad credit can often be seen as presenting an obstacle to bridging loans. Whilst this is true for many high street lenders, bad credit does not necessarily mean you have to shut the door on bridging loans as an option. Just Mortgage Brokers work with specialist lenders, not traditionally found on the high street, who can support those with bad credit, and have access to rates and deals favourable and available to those with bad credit.
Whilst these options are available, we always advocate that people, where possible, look to improve their credit rating. Some actions that people can take include:
- Use credit cards less and more wisely when it is required to use them. Do not use them as a cash-flow “solution”.
- ALWAYS pay debts and bills on time.
- Avoid payday loans or taking out other forms of credit
- Look for ways to repair your credit
If you would like to discuss a bridging loan, or bridging finance with a skilled adviser from the Just Mortgage Brokers team, get in touch today. You can call us on 0800 114 3575 or use our contact form. Alternatively, you can email us at [email protected].co.uk.