Bad Credit Mortgage Essex

Does it matter when this bad credit occurred?

You will not be surprised to learn when the bad credit occurred, or first appeared, on your credit score matters. A more recent bad credit is more damaging to your mortgage application than an older bad credit.

However, even a recently acquired bad credit report isn’t a barrier to arranging a mortgage for Essex buyers.

Your first step is to obtain a copy of your credit report. You can arrange this with companies like Equifax and Experian. From here, you can make a better assessment of your credit profile, and we can assist you. With this information, it is usually possible to align yourself with more receptive mortgage lenders.

What sort of deposit do I need when arranging a bad credit mortgage?

It will also not be a surprise for you to learn that holding bad credit leads lenders to ask for a larger deposit. You are hopefully in a position to offer a deposit on an Essex property, so knowing if you need to arrange a larger deposit is helpful.

If you have bad credit registered related to recent events, you will likely be asked to place a larger deposit on the property you wish to buy. In some cases, a deposit of 15% to 25% is not unusual.

At the average price of Essex property, a 15% deposit comes in at just over £55,000.

If you have longed to own property in Essex, you don’t need to let bad credit stand in your way. There is a range of mortgage products to choose from, and many households in the local area have benefited from this support.

If you need a bad credit mortgage to purchase or remortgage a property in Essex, please contact us.

How to explore your mortgage options with The Money Hub

Call The Money Hub Limited on 0203 725 5830 and speak to one of our highly specialised and dedicated Mortgage Advisors or you can complete an enquiry form which will allow you to schedule a call time.