There is a market for bad credit mortgages and the rates are surprisingly competitive. You just need to choose a company to help you who has the adverse mortgage market experience, access to those specialist plans and has already arranged the mortgages you require.
To find out how you could secure a bad credit mortgage, remortgage or home loan, simply fill in our 60 second on line enquiry form for one of our UK mortgage team members to see how we can help you - alternatively give us a call on 0800 298 3000 (freephone) / 0333 003 1505 (mobile friendly) and talk confidentially to our mortgage advisers about your particular scenario. There is no obligation to proceed with any of your mortgage options and all quotations are provided for free.
At First Choice Finance we understand that at some point most of us have will have a dip in our finances. For whatever reason you have unfortunately built up some bad credit, but it doesn`t mean that you will continue to do so and it shouldn`t be the end of the road for those of you looking to take out a mortgage. Many of our lenders understand that - which enables many of our customers to obtain a mortgage and leave their bad credit behind them. The key is knowing how to get to the mortgage lenders who give you that chance and how get approved? This can be achieved by choosing First Choice - a mortgage advice business who has an established relationship with the lenders and so can access their mortgages for bad & adverse credit clients.
How Do I Know If I Have Bad Credit?First of all it would be wise to give you an idea of what might constitute bad credit. Your credit profile can be affected for a number of reasons (Please note some of our lender plans may allow multiple of these):
- Missed or late credit payments
- Missed Mortgage payments in last 24 months or current mortgage arrears
- Defaults on loans or credit accounts
- Count Court Judgements (CCJ`s)
- Debt management plan causing under payments on credit agreements
- Individual Voluntary Arrangement (IVA)
What Are Bad Credit Mortgages?So enough about whether you have bad credit, what are bad credit mortgages? A bad credit mortgage is a mortgage for people with either a larger County Court Judgement or a poor credit history on current or previous loans, credit cards or mortgages They are often referred to as adverse mortgages or sub-prime mortgages.
Some differences to a regular mortgage:
- Interest rates may be higher
- Fees from the lender may be higher
- May need a bigger deposit if you are purchasing a property
Where Can I Go To Get A Bad Credit Mortgage?Before looking to secure a mortgage if you think that you might have less than ideal credit it may be worth getting yourself a credit search to see where you are at with your credit and credit score. Once you have your credit file in place it is advisable to come to a reputable broker like ourselves to look into securing the best bad credit mortgage for you. This helps to avoid people carrying out many credit searches when you are applying to different lenders yourself which can decrease your score in it`s own right. Multiple credit searches in a short period of time can negatively affect your score and could be the difference between a pass or a fail with certain lenders. We have been doing this for 25 years and we know where to go and when for our clients, taking out not only all of the leg work but also the potential downsides of simply applying to everyone (which could mean you pass with no one).
If you come to us with your credit file in place our experienced advisers can find a tailor made bad credit mortgage perfect for your situation.
Can I Improve My Credit Rating?The question that is on the tip of everybody`s lips. Can I improve my credit rating? Nobody is beyond redemption and rebuilding your credit score is no exception.
Here are our top tips for improving your credit score:
- Make sure you are on the electoral roll
- Pay your bills on time and in full
- If you have no credit try to build some up. Always borrow responsibly
- Keep up to date with your credit report
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME.
Late repayment can cause you serious money problems. For help, go to moneyhelper.org.uk
Established In 1988. Company Registration Number 2316399. Authorised & Regulated By The Financial Conduct Authority (FCA). Firm Reference Number 302981. Mortgages & Homeowner Secured Loans Are Secured On Your Home. We Advice Upon & Arrange Mortgages & Loans. We Are Not A Lender.
First Choice Finance is a trading style of First Choice Funding Limited of The Old Courtyard, 103 Buxton Road, High Lane, Stockport, Cheshire. SK6 8DX. Copyright protected.