Bad Credit Mortgage Advice

Unsecured credit is a topic that isn’t to be taken lightly. Our team frequently speak with first time buyers in Hull who are in search of tailored mortgage guidance due to a variety of financial missteps, such as defaulting on payments, having a low credit score, CCJ’s, and defaults, amongst others.

Too many missed payments on things like a phone bills could result in a default on your credit file. This could potentially hinder future mortgage applications as it indicates unreliability in making timely payments.

An optimistic perspective is that missed payments or defaults doesn’t mean you can’t get a mortgage. Despite the necessity for expert mortgage advice in Hull to successfully navigate the mortgage process, there exist accessible options should you find yourself in this situation.

If you have a lower deposit, your chances of being declined are likely. If you have a suitably sized deposit though, even if you have bad credit, a mortgage may still be an option for you.

Bad Credit Mortgages in Hull

A lender specialising in mortgages will be interested in the specifics of your default. Your chances of securing a mortgage are higher if the default was due to circumstances beyond your control and if a considerable amount of time has passed since its occurrence.

Past mistakes do not always have to define you. If the issue was genuinely accidental and unanticipated, the mortgage lender may exhibit some leniency during your application process. Our team is also on hand to assist with more intricate mortgage scenarios.

Bad credit Mortgage FAQs

We have put together a list of frequently asked questions and answers on the top of bad credit mortgages.

If you are in need of a mortgage broker in Hull, don’t hesitate to reach out. Our mortgage advisors in Hull have extensive experience in handling complex mortgage situations and may likely have encountered a situation similar to yours.

What will my mortgage advisor need to see?

No matter the nature or extent of your past credit problems, an up-to-date copy of your credit report is essential. You can typically access this for free online. It is recommended that you obtain your credit report before applying for a mortgage, especially if there are concerns about your credit history. Multiple unsuccessful credit searches can exacerbate your credit rating and potentially block your mortgage application entirely.

What if I have a steady income but poor credit. Can I still get a mortgage?

This largely depends on your unique financial situation. Many of our customers find their credit scores requires help to understand why it might pose a problem. Credit scores may seem arbitrary to some customers, especially those who have a healthy deposit and regular income. However, due to the inherent risks, a mortgage lender may still be wary of granting a mortgage.

The lender must be sure of your ability to maintain regular mortgage payments without risking debt. Despite these challenges, there are still options for mortgages with bad credit, potentially with higher rates. The most proactive step is to consult with an experienced mortgage broker in Hull.

Will past mortgage issues prevent me from obtaining a new mortgage?

IIn many situations, you may find yourself struggling to keep afloat financially, for reasons that you cannot control. This can be a temporary setback; however, a missed payment can leave a lasting imprint on your credit record.

Regardless of the nature of your credit trouble, you may experience difficulties when trying to remortgage in Hull, buy your first home or move house. This often boils down to the lender’s risk perception and their confidence in your ability to avoid future defaults.

As providers of trusted, specialist mortgage advice in Hull, we have had lots of experience in helping customers who previously were tied to a mortgage and have since found themselves with a poor credit history.

What other types of adverse obstacles are customers facing?

Customers may encounter many types of credit issues that can complicate the mortgage process. Some of these include but are not limited to:

  • Missed Mortgage Payments
  • Credit Card or Loan Defaults
  • County Court Judgement (CCJ’s)
  • Bankruptcy

Whilst none of these are particularly great circumstances to find yourself in, it’s not necessarily the end of the road for you. You may have a longer, more challenging process, with higher mortgage rates, but there are specialist mortgage lenders in Hull who may be able to help.

To increase your chances of mortgage success and to get access to better rates, you should focus on improving your credit score. We have a useful article that we have written on how to improve your credit score in Hull article, which will hopefully help you to obtain a mortgage in the future.

Get in Touch for Bad Credit Mortgage Advice

If you require expert, straightforward mortgage advice related to bad credit mortgages, book your free mortgage appointment online, and our team of mortgage advisors in Hull will see how they can assist. We have over two decades of mortgage knowledge and experience to develop a reliable plan for enhancing your credit score ahead of your mortgage process.

Date Last Edited: 11/13/2024