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Many people believe that they can’t get a mortgage because they have a history of bad credit. Whilst it can be difficult, it’s not impossible if you have the right mortgage broker to help you.
Friends Capital have existing relationships with lenders of bad credit mortgages. We can help you find the best mortgage deal. We will review your personal circumstances and then search the entire market to ensure you get the best mortgage rates possible. We will then deal with all the paperwork, submit your mortgage application, liaise with your mortgage lender and solicitor, and ensure that your mortgage application is completed as quickly as possible. We can:
A bad credit mortgage is for borrowers with adverse credit, a poor credit score or low credit rating. Specialist providers will provide loans to bad credit applicants, although the rates and payments offered might be higher than for customers with a clean credit rating. If you have enough income or a healthy deposit, it may be possible to find a competitive deal. A mortgage advisors, like us, can help you get the best possible mortgage deal.
To secure a mortgage with bad credit, you first need to find a lender who specialises in customers with credit challenges. Once you have found your lender, the challenge is that it will be difficult to find the best mortgage deal possible as the interest rates are usually higher. The best way to improve your chances of securing a mortgage with bad credit is contacting a mortgage advisor who will find you the best possible rates available. Friends Capital has access to the entire market, meaning you will get the best possible mortgage deal.
Before applying for a bad credit mortgage it’s best to:
Bad credit remortgages can be harder to arrange, and while you won’t typically be offered the same competitive rates as someone with a better credit score , this doesn’t mean that you should settle for less. We work with are adverse credit remortgage specialists and know all the providers who can consider bespoke deals for those who don’t fit even the most flexible of lender.
If outstanding debt is, or is one of, the challenges causing your bad credit, you can remortgage to consolidate your debts. If you meet certain criteria, there are lenders who will consider your application, even if you have bad credit. Lenders will require an explanation for the reasons an applicant has fallen into arrears in the past and these are questions that a good broker should be asking during the mortgage application stage. At Friends Capital we always look at the bigger picture and treat every customer sympathetically with regard to their credit past and their private reasons why they got into financial difficulties.
Friends Capital have existing relationships with lenders that welcome bad credit mortgages. We can search the entire market and get access to the best and most exclusive deals available. Then we will choose the deal that are most appropriate to your personal circumstance. We can:
One of our friendly advisors will either call you back within 24 hours (usually the same working day), or will take details from you in order to best deal with your situation.
When you speak with us, we will take a ‘fact find’. At this stage we take basic details about your situation. We will then search the whole of the market and find you the best deal available.
If you are happy with the deal that we offer, we will then contact the lender for you and get you what is called a ‘decision in principal’.
If you’re happy with the decision in principal then we will secure this deal for you and deal with the application for you on your behalf.