I have a poor credit rating will that stop me getting a mortgage?
For those who find themselves, for whatever reason, with a poor credit rating it can seem that you are swimming against the tide! You may have already been declined by a high street lender and left wondering where you can turn.
It may be more difficult to get a mortgage if you have bad credit , but it is not impossible. Lenders consider a number of factors when evaluating mortgage applications, and credit score is just one of them.
Having a low credit score can make it harder to get approved for a mortgage and may result in less favorable terms, such as a higher interest rate. However, there are still options available for individuals with bad credit who want to buy a home.
Some lenders offer mortgages specifically designed for borrowers with poor credit, and these loans may come with higher interest rates and fees. In addition, some lenders may be willing to work with borrowers to help them improve their credit scores in order to qualify for a mortgage.
If you are considering applying for a mortgage and have bad credit, it’s vital you work closely with a mortgage broker experienced in dealing with lenders who are happy to lend with clients who may have had previous difficulties. They will help you explore your options and find a lender that is willing to work with you. It is also a good idea to work on improving your credit score, as this can make it easier to get approved for a mortgage and may result in more favourable terms.
As an experienced broker firm we have access to many of these lenders who are sympathetic to clients who find themselves in a difficult position. Obviously any lender will want to ensure that you can afford the mortgage and will not get into financial difficulty but these lenders are happy to judge each application individually.
Let our experienced advisers take the opportunity to assess your personal circumstances and give you an honest assessment of your potential to be agreed by a lender for a mortgage. You may be pleasantly surprised!
Your property may be repossessed if you do not keep up repayments on your mortgage.