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If you have a less than perfect credit history, it may still be possible for you to obtain a mortgage for a property. it may still be possible for you to obtain a mortgage for a property with the help of a mortgage broker Hinckley. Although high street lenders tend to be more cautious when lending to customers with bad credit, there are specialist lenders that can consider applications. The likelihood of being approved for a mortgage with bad credit will depend on the severity of your credit history.
Missed payments on your credit history are not uncommon and a lender may be willing to overlook them, especially if you have a good deposit. However, multiple defaults or County Court Judgments (CCJs) may require a specialist lender, and high street lenders may not be interested in granting a mortgage to this type of applicant.
Some specialist lenders will overlook mobile phone defaults. In the past, catalog providers were known for marking customers’ credit files with defaults even if they were only slightly late with payments. However, mobile phone companies have replaced them in this respect in recent years, which is why specialist lenders may completely ignore mobile phone defaults.
When looking for a mortgage with a bad credit history, you are at more risk. Specialist lenders exist, but they do not compete with high street lenders in terms of interest rates, and their rules are very strict about the number of defaults, CCJs, and missed payments that they will allow. They are known as stepping stone lenders, meaning that they will grant you a mortgage for a few years, but they expect you to remortgage with a high street lender once the initial period comes to an end.
It is recommended to use a mortgage broker if you have credit issues, as the rules that specialist lenders impose can be complicated to understand. A broker can help you obtain a copy of your credit report, evaluate it, and obtain or perform a soft search on your behalf. They will then help you find the cheapest deal available with a view to getting you back with a high street lender on the best possible rate in the future.
Take Help of Mortgage Broker Hinckley
If you’re based in Hinckley and looking for a mortgage broker to help you navigate the complexities of obtaining a mortgage with bad credit, look no further. A mortgage broker can offer invaluable guidance and support, helping you to secure a mortgage with a bad credit history.
Working with a mortgage broker in Hinckley can help you to access the best possible deals and rates, with a broker taking the time to evaluate your credit history and find the most suitable options for your individual circumstances. They can also offer advice on how to improve your credit score in the long term, to ensure you’re in a strong position when it comes to remortgaging in the future.
At our Hinckley-based mortgage brokerage, we have a team of experienced and knowledgeable advisors who can provide personalised support and guidance, whatever your credit history. We understand that the mortgage process can be daunting, especially if you have a less than perfect credit history. That’s why we’re committed to helping our clients navigate the process with confidence, finding the best possible deals and rates for their individual needs.
So, if you’re looking for a mortgage broker in Hinckley to help you secure a mortgage with bad credit, get in touch today. We’re here to help, offering friendly and professional advice to help you achieve your goals.
