Those with a poor credit score, the self-employed with variable cashflow and the young are particularly hard hit by lenders rigid rules and often see renting as their only alternative to buying a property.
After a rejected application, a record of the search is visible on the credit file, this becomes a vicious circle as this itself is viewed unfavourably by many lenders and leads to further rejections.
However, even in the current financial climate, our close links & experience within the mortgage industry enables us to source mortgage facilities for people who have had some historical bad credit. The lenders take the view that some people are generally good with their finances but have had one or two problems with late payments or have made a stable recovery from bankruptcy and fall foul of the automated procedures at the High Street Mortgage Lenders. These specialised lenders will judge an application on its individual merits.
If we feel we can assist in obtaining a mortgage for you with some historical bad credit, this will normally take the same amount of time as it would processing an ordinary mortgage & would be underwritten in the same way. From time to time, depending on the lending company, additional supporting information to demonstrate the fact that your finances are now back on track may be required.
When we have been successful in obtaining mortgages for clients who have had historical poor credit, and providing all future commitments are met going forward, we find often this improves the clients credit file and as a consequence may well increase that particular applicants chances of obtaining a High Street mortgage at a future time. However as always we can never guarantee that that would be the case as market conditions and lenders attitudes to market conditions change so frequently.
We can obtain a Decision In Principle within hours for you.
Complete our full Factfind document [download] and email it back to us at Martlandmortgages.com
We will then match your needs to the most appropriate lender & contact you with details of rates and fees once we have a Yes! Decision in Principle from a lender.
Our bad credit remortgage experts will use their Bad Credit Secured loans are able to accept far more bad credit then to secure your bad credit mortgage with
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