Bad Credit Mortgages Illford

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Bad Credit Mortgage in Illford

If you are looking to buy property in Ilford, it is helpful to familiarise yourself with the prices paid in this part of the country. According to Rightmove, as of February 2021, the average price paid for Ilford property is £422,248.

This figure is a helpful starting point in determining your budget and working out where you want to live. However, when it comes to arranging a mortgage, there is a lot to consider. If you have bad credit, you might wonder if you can arrange a mortgage when buying or remortgaging a property in Ilford.

Thankfully, help is available. Many current homeowners arrange their mortgage while holding bad credit, and there is no reason you cannot. If you are looking for guidance or assistance in arranging a mortgage, please get in touch, as we are specialist bad credit mortgage brokers.

What is a Bad Credit Mortgage?

This is a mortgage which is available to clients that have adverse credit registered and therefore traditional high street lenders are unable to help. There are many reasons why people suffer from bad credit, and it is no barrier to buying a home. If any of the following reasons apply to your bad credit, get in touch with us, as we can help you:

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

While there is demand for Ilford homes, buyers with bad credit can position themselves as an attractive proposition for vendors.

There is a wide range of mortgage products on offer, for a variety of buyers. Not every lender provides products for buyers with bad credit, but some do. You’ll even find some mortgage lenders are specialists in bad credit mortgage products, which can also be known as Subprime Mortgages.

Our team has helped many buyers find a suitable mortgage, including buyers in Ilford, and we look forward to assisting you with your property search.

Is there a difference between old or new bad credit?

It is fair to say lenders view old bad credit differently from how they view more recent bad credit. The more recent the poor credit is, the less favourably a lender will consider your application.

Of course, there are ways to improve your application, and it is always helpful to be proactive.

Obtain your credit report from Experian or Equifax. With this information, we will review your credit profile, and help you connect with bad credit mortgage lenders who are most likely to be welcoming to your needs.

What sort of deposit will I need?

Lenders consider the reasons for the bad credit, but these companies review many factors. Some of these are under your control; some are not.

If you have recent bad credit, you should prepare yourself to need a larger deposit when buying a home. Current bad credit often leads to lenders requesting a deposit of a minimum of 15% to 25%.

With the average property price for Ilford homes coming in at around £420,000; a 15% deposit would be approximately £63,000.

If you are keen to buy property in Ilford, you should explore every avenue and opportunity. A bad credit profile is no barrier to property ownership. To fully explore your options, and enhance your chances of arranging a mortgage for an Ilford home, please get in touch.

Are there any Help to Buy Schemes for clients with bad credit?

To help you get on the property ladder there are help to buy schemes available where a small deposit or even no deposit is required, even if you have bad credit registered, such as:

If you would like more information on how The Money Hub can help you source a mortgage please get in touch by completing the enquiry form or calls us.

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Bad Credit Mortgage FAQ’s

Typical documents that will be required to arrange a mortgage are Proof of Identity (Passport or Driving License), Proof of income (Payslips, P60, Tax Calculations, Tax Overviews, Accounts) and Bank statements along with any lender documentation.

A bad credit mortgage to purchase a property typically takes around 8 weeks, whereas a bad credit remortgage can take around 6 weeks.

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