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Home » Mortgages » Adverse Credit Mortgage Brokers

Have Bad Credit? – You Need a Specialist Adverse Credit Mortgage Broker

You may think getting a mortgage is out of reach if you have bad credit. However, there are options available to you. An adverse credit mortgage broker can help you find the right mortgage. With their knowledge and experience, they can guide you through the process and get you the financing you need.

What is an Adverse Credit Mortgage Broker, and What do they do?

Adverse credit mortgage brokers specialise in helping individuals with adverse credit, such as a history of late payments, CCJ or IVA or bankruptcy, navigate the mortgage process. They work with lenders who offer subprime mortgages and can help you find the right one for your situation.

Buying a home is a significant investment and shouldn’t be taken lightly, especially if you have adverse credit, so make sure you get the right advice from experienced advisers.

How Can an Adverse Credit Mortgage Broker Help you Get a Mortgage Despite Your Poor Credit History

Adverse credit mortgage brokers have connections and relationships with lenders that offer bad credit mortgages. They can search the market on your behalf to get you the right terms and rates possible to suit your circumstances. Additionally, they can advise you on steps to improve your credit, such as paying off debts or disputing errors on your credit report.

Do Lenders Offer Credit to Applicants with Adverse Credit?

Some lenders offer adverse credit mortgages to individuals with poor credit histories. However, these mortgages typically have higher interest rates when compared to high street lenders and will require a larger deposit (equity). An adverse credit mortgage broker can help you find the right lender and navigate the process to get you the financing you need to purchase a home or remortgage.

If you have adverse credit and are looking to buy a home, consider working with an adverse credit mortgage broker. They can guide you through the process and get the right terms for your situation. Don’t let bad credit prevent you from achieving your dream of owning a home.

How Much Does it Cost to use the Services of an Adverse Credit Mortgage Broker?

The cost for a bad credit mortgage broker services will vary. Some may charge a flat fee, while others take a percentage of the mortgage amount. It is important to shop around and compare fees before choosing a broker. When considering using a mortgage broker you should:

  • Read their reviews
  • Check the FCA register
  • Does the advisor have experience of helping clients in similar positions

Overall, using the services of an adverse credit mortgage broker can save you time and money in the long run by finding the right mortgage options for your specific situation.

How Likely will I be Approved for a Mortgage Through an Adverse Credit Mortgage Broker?

There is no guarantee that you will be approved for mortgage, However, they can work with you to improve your credit and increase your chances of approval. There are many bad credit mortgage lenders in the market and it is your advisors role to review the lenders criteria to find you the right lender based upon your circumstances.

What are the Benefits of Using a Mortgage Broker?

Some of the benefits of using an adverse credit mortgage broker include:

Access to a Wider Range of Lenders

One of the primary benefits of using an adverse credit mortgage broker is that they have access to a broader range of lenders. This means that they are more likely to be able to find a lender that is willing to provide financing to individuals with bad credit.

Faster Approval Times

Another benefit of using an adverse credit mortgage broker is that they may be able to secure faster approval times. This is because brokers often have relationships with lenders and can use this to expedite the approval process plus presenting the case in the right way with all the required

documents has a big impact with timescales.

Personalised Service

Another benefit is that they provide a personalised service. This means they will work with you individually to ensure you get the best possible service on your mortgage and using their experience they can help with any questions you may have.

How Can I Find an Adverse Credit Mortgage Broker?

One way to find an adverse credit mortgage broker is to ask for referrals from friends or family who have used one. Another option is to search online and read reviews of brokers. It is essential to thoroughly research and speak with potential brokers before deciding which one to choose.

What Should I Expect When Working with an Adverse Credit Mortgage Broker?

When working with an adverse credit mortgage broker, you can expect them to advise and guide you through finding a suitable mortgage. This may include providing advice on improving your credit and comparing offers from different lenders. It is crucial to remember that while they will work on your behalf, ultimately, the decision to approve or deny a mortgage lies with the lender.

When Working with an Adverse Credit Mortgage Broker, What are Some Things to Remember?

When talking with an adverse credit mortgage broker, please consider the following points:

  • It is vital to provide the broker with all relevant and accurate information about your financial situation. This will help them in finding the right options for you.
  • Be prepared to potentially pay a higher interest rate or have stricter terms on your mortgage due to adverse credit.
  • Ask about fees and thoroughly read any contracts or agreements before signing.
  • Remember that mortgage brokers work on your behalf, but the ultimate decision to approve or deny a mortgage lies with the lender.
  • Be prepared to improve your credit to secure a better mortgage in the future.
  • Provide the relevant documents quickly.

What Types of Bad Credit Mortgages are there?

Bad Credit lenders can help clients with a wide variety of situations such as:

  • First Time Buyers looking to purchase a property using the shared ownership or right to buy scheme
  • Homemovers looking to sell and maybe buy a larger property or downsize.
  • Buy to let mortgages – In both personal and company name (SPV Mortgage & HMO Mortgage).
  • Complex income situations – maybe you are self employed or a contractor.
  • Remortgaging and looking to capital raise for home improvements or debt consolidate to reduce outgoings.

How to Explore Your Adverse Credit Mortgage Options with The Money Hub

If you are looking for a mortgage, but you have an adverse credit rating, help is available.

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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Adverse Credit Mortgage FAQ’s

There are specialist lenders that provide mortgages to clients that have missed payments, defaults or CCJ’s registered against them. These lenders you can access through mortgage brokers.

This depends upon when the bad credit was registered, what type of bad credit was registered (missed payments, defaults, CCJ’s), what type of agreement did you go in arrears on (mortgage, loan, credit card, phone contract). Depending upon the answer to these questions will determine what deposit you will need to put down, however as a guide you will more than likely need at least a 15% deposit

Bad credit lenders generally don’t credit score an application, so there is no minimum score you need to pass. The lender will still run a credit check on you to see if you pass their criteria, this is where the help of an experienced adviser can be of benefit.

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