If you live in Basildon and are looking for mortgage advice as you have bad credit registered, we are here to help. We have access to specialist lenders who provide mortgages to clients that have been declined by traditional high street lenders.
What type of bad credit do lenders accept?
The bad credit that we typically see on clients credit reports include the following:
Missed Payments – These could have happened years ago or perhaps more recently.
Defaults – This is where you were between 3-6 months in arrears and therefore the lender has issued you with a default. You would have defaulted for a set amount of money on a specific date. Even if you satisfy this default it will remain on your credit report for 6 years.
County Court Judgements (CCJ) – This is where you have been taken to court over a debt issue.
Debt Management Plans – This is where you have made a payment arrangement with your lenders to help with the financial strain you are under. Typically this is arranged through a 3rd party.
Bankruptcy – If you have been made bankrupt in the past there are still lenders that would be willing to help, however the bankruptcy must be discharged.
Individual Voluntary Arrangement (IVA) – If you have in the past taken out an IVA there are lenders that can help however the IVA must be satisfied.
When looking to arrange a mortgage the first step is to obtain a copy of your credit report. There is a company called CheckMyFile who provide credit reports which show the data from the two main credit agencies being Experian and Equifax. With this credit report you should speak to one of our bad credit mortgage advisers covering Basildon to discuss your options and give you advice.
Can you get a mortgage to debt consolidate?
When considering debt consolidating with a mortgage it is important that you understand both the advantages and disadvantages as explained here:
Reduce monthly payments.
One payment going out each month rather than lots of debts to manage.
Improve your credit profile.
You are taking unsecured debts and putting them on your home, so if you fail to keep up repayments you are risking your home.
By consolidating the debt over a longer term you may pay more in the long run.
Improving your credit profile can take a long time.
Remortgaging is one way of debt consolidating, but you should also explore an unsecured and a secured loan option.
How to speak to a bad credit mortgage adviser?
Please complete the above enquiry form or call the office. As mentioned having a credit report ready is important. There are many reasons why clients use our services such as:
Experienced poor credit mortgage advisers.
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We can help give you advice on lots of different mortgages such as Help to Buy mortgages, Shared Ownership mortgages, remortgages, buy to let mortgages and secured loans etc.
There is not one particular bad credit lender which is better than the others. They all have their own criteria and the most suitable one for you will depend upon your circumstances and needs. By using a mortgage broker they can identify the most suitable lender for you.
Most high street lenders require you to have a good credit score, however some building societies and specialist lenders available through mortgage brokers do not credit score, however they will review your credit profile to determine whether you are suitable for them. This is where using a mortgage broker is really helpful.