Bad Credit Mortgages Colchester

If you have a low credit score or maybe been declined by other lenders we can help.

We have a specialist panel of lenders and our advisers are very experienced in helping find clients a bad credit mortgage.

Getting a mortgage when you have bad credit can be tough, especially if you have bad credit history, defaults, county court judgements (CCJs), mortgage arrears or individual voluntary arrangements (IVAs). Despite these factors though, it’s not impossible to obtain a bad credit mortgage.

We are able to help clients arrange a bad credit mortgage if they have the following recorded against them:

• Missed Payments.
• Defaults.
• County Court Judgements (CCJ).
• Low Credit Score.
• Discharged bankruptcy.
• Satisfied IVA.

When considering a mortgage the first thing to do is to find out exactly what is recorded on your credit file. There are two main credit agencies operating in the UK called Experian and Equifax. Many lenders will review the data held at both these agencies to understand your credit profile and creditworthiness. We would recommend you obtain a copy of your credit report from CheckMyFile which produces credit reports that contain data from both credit agencies.

There can be a range of factors which cause you to have a low credit score such as:

• Voters Roll – Are you registered on the voters roll in Colchester? This helps the lender identity your name and address.
• Payment Profile – If you have had bad credit registered such as missed payments, defaults &/or county court judgements this will reduce your credit score.
• Credit Balances – If you are always using credit and are close to the limit this will imply that you rely on the credit for your daily living.
• No active credit – If you don’t have any active credit then you will have no record of being able to manage credit.

Improving your credit profile takes time, but having a good credit score allows you to possibly access cheaper forms of borrowing from high street lenders, so it is worth the time and effort.

Your credit report will detail lots of information about you such as:

• Your full name and date of birth.
• Address history including voters roll information.
• People you are financially linked with.
• Active credit and previous credit you have had along with the payment conduct record, so if you have bad credit such as missed payments, defaults etc – this will show.
• Previous credit searches.
• Any County Court Judgements registered.