01708 535 946
Arrange a FREE meeting or
Arrange a FREE meeting or
Here are some tips to improve your chances.
Credit reference agencies give your credit history a rating, and this will be generated by lenders when applying for a mortgage. The results usually range from ‘Very poor’ to ‘Excellent’, and this is based on how you have managed your current and previous debts. The credit score given is calculated by looking at your financial history over the previous 6 years.
So if you’ve had some previous issues and missed credit card payments, or have a CCJ or default against your name, the score will almost certainly be lower.
Specialist lenders often deal in bad credit mortgages. These lenders are much more likely to consider applicants with low credit scores,and historical issues with credit management. There is obviously a limit as to what will be accepted, but these lenders will often consider people with defaults, CCJ’s, IVA’s and missed payments against their name.
Mortgages for bad credit usually come with higher interest rates, so let me compare all possible options to find the most affordable deal!
Explanations may be required, so don’t be surprised if you are asked to explain what happened. Maybe a job loss, an illness, or a bereavement caused the issues.. lenders will often be more willing to lend, if there is a genuine reason behind the problems.
Rebuild the score. If possible it may be wise to delay applying until you’ve improved your credit. Work on paying all the bills on time, reduce overdraft limits, try to avoid new lines of credit.
Ask me to get your up to date credit report… I use ‘Check-my-File’ and can send a link for you to use!
Let’s go through your credit history together, we can then see which lenders are most suited to you!
Click the ‘Book an Appointment’ button at the top of the page to get in touch.
Clarity Wealth Management LLP is authorised and regulated by the Financial Conduct Authority. No: 575252
Registered in England and Wales as a limited liability partnership. No: 0C371189
Your home is at risk if you do not keep up repayments on a mortgage or other loan secured on it.