Bad Credit Mortgages Essex

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Bad Credit Mortgage in Essex

According to Rightmove, the average price for Essex property in the past 12 months (as of February 2021) is £370,767.

There is a broad range of property prices on offer in Essex and a diverse range of properties. Most buyers should find something in their price range, and it should be possible for prospective buyers to arrange a suitable mortgage.

However, what about prospective house buyers in Essex who suffer from bad credit and need a mortgage? Thankfully, there are solutions available, and we can help you find a mortgage product that is right for you.

Can you help me arrange a mortgage with bad credit?

There are many reasons why people suffer from bad credit. If you hold a bad credit rating for any of the following reasons, we can assist you:

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

You’ll find a wide range of mortgage products on offer, and some lenders specialise in bad credit mortgages. Many homebuyers in Essex have benefitted from a bad credit mortgage, and there is no reason you can’t if you need this support.

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.

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Bad Credit Mortgage FAQ’s

There is no one specific lender that is best for bad credit as they each have their own individual criteria. These are some of the specialist lenders that work in this area:

  • Bluestone Mortgages.
  • Norton Home Loans.
  • Pepper Money.
  • Precise Mortgages.
  • The Mortgage Lender.
  • Together Money.
  • United Trust Bank.

It does take time for your credit score to improve. Ways to improve your credit score would be to satisfy any outstanding missed payments, defaults &/or County Court Judgements, pay debts on time, don’t use up all of your credit facilities and register on the voters roll.

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