Bad Credit Mortgage Broker – What Do You Need To Know?
Bad credit mortgage broker; if your credit rating is less than perfect then this may be someone you are searching for to help with your home buying process. But, at what point does your credit history begin to have negative effects on the type and cost of the mortgage you can secure? What can you expect from such a broker? And what costs are involved in securing a mortgage if you have had previous credit issues? To find the answers to these and other questions related to whether you need a mortgage broker London based for bad credit, read on.
Is A Bad Credit Mortgage For You?
A bad credit mortgage broker can provide advice and guidance on the right type of mortgage based on your current credit score and your credit history. Lenders use your credit history, from the past six years, to determine the level of risk you pose in terms of making your repayments. The higher the risk, the less likely a normal lender is going to agree to lend to you. Your risk level is based on the amount of credit you have had in the past six years and the difficulties you may have had paying off this credit. A bad debt mortgage broker knows that the decisions lenders make about mortgages are also dependent on the type of credit problems you have had in the past. So, for example, if you have had a few late payments over the past year, you are still likely to be able to get a mortgage. However, if you had an IVA or Bankruptcy, you may find your choice of lenders is more restricted. Where you are still able to get a mortgage, you may be required to lay down a bigger deposit. This reduces the amount you borrow and therefore reduces the risk to the mortgage provider. Secured debts and arrears also affect lending decisions and whether you should approach a bad credit mortgage specialist. If you have current mortgage arrears you may be accepted, whereas if you have defaults or a repossession within the last year, you may again find your choice of lenders is more restricted.
Advice From Bad Credit Mortgage Brokers UK
Your ability to get a mortgage, including from bad credit mortgage brokers UK, is not just based on your credit history. Affordability, the type of property, the deposit you have and other elements all affect the outcome of a lending decision. Given this, there are some things you can do to improve your chances of being accepted. The first thing you need to do is get hold of a copy of your most recent credit report. Check that the report is correct. If there are mistakes or debts on there that are not yours, then take steps to get this corrected. Next, take a good look at your income and expenditure. It’s not just about ensuring the numbers add up, but also seeing how stable these numbers are. If you had to cut your working hours, were to lose your job, or get hit with an unexpected expense, could you make enough changes to your budget to still be able to afford your mortgage payments. Being able to explain your contingency plans to your bad credit mortgage broker could help a lender make a positive decision. Looking at the size of the deposit you can put down can also affect the lending decision. If you can offer a bigger deposit, lenders may look at your application more favourably. The same is true if you have other assets. Not only does this show the lender that you are able to make payments regularly, but it also means you have another source of disposable income should it be needed.
Finding The Best Mortgage Broker For Bad Credit
If your circumstances mean that finding the right mortgage is going to be more difficult, then a mortgage broker with experience in bad credit applications is a must. However, it is important that you find the best mortgage broker for bad credit if it is to result in a positive outcome. Firstly, you need a broker that has the training and qualifications that are required by law for them to practice. Ideally, you also want a broker with experience in the mortgage market in general, so understands how the system works. You also need a broker that has access to a wide range of mortgages and mortgage companies that provide for people with bad credit scores and limited credit records. They should know the lending criteria of the different companies and be able to give you a clear indication of your chance of being accepted. Mortgage brokers that deal with bad credit should take time to go through your credit history, income, expenditure, contingency plans, and assets, and discuss the property that you are looking to buy. They should work through the application process with you, ensuring that all relevant information and supporting documentation is included. Any broker you are considering should be easy to contact and willing to discuss your application and any concerns you may have. Above all, they should be upfront and honest about their fees and what these fees cover. One company that meets all these criteria and many more is JB Mortgages.
For An Affordable Bad Credit Mortgage Broker, Head To JB Mortgages Today
At JB Mortgages, we pride ourselves on our high levels of customer care and satisfaction. We are open and honest about every aspect of our service, including how likely you are to be granted a mortgage. As an experienced bad credit mortgage broker, we can help you find the right solution for your specific needs and credit history. To find out more about our full range of services, visit https://jbmortgages.co.uk/. To make an enquiry about our services, our range of lenders or to ask anything else about mortgages call us on 0203 488 3267, we are here to help.
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Your home may be repossessed if you do not keep up repayments on your mortgage.