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.
What type of bad credit do you accept?
We are able to help clients arrange a bad credit mortgage if they have the following recorded against them:
County Court Judgements (CCJ).
Low Credit Score.
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.
What causes a low credit score?
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.
What information does a credit report show?
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.
How long does poor credit show on my credit report?
Your credit report covers the last 6 years. Even if you resolve any credit issues they will remain to be on your credit report until the initial event is over 6 years ago.
How to arrange a Bad Credit Mortgage in Colchester?
Simply complete our online enquiry form where you can schedule a call or call the office now to speak with an adviser.
Specialist bad credit lenders typically provide their mortgages through mortgage brokers and you are unable to access them directly. Each lender will have their own criteria, so using an experienced adviser is important.
To get a mortgage with high street lenders you will require a good credit score, however there are specialist lenders available through mortgage brokers who do not use a credit score instead they will review your credit report to understand your credit profile and make a decision on your credit worthiness.