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Bad Credit Mortgage Advice in Hull

If you have bad credit in Hull, it may still be possible to get a mortgage.

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Getting a mortgage with bad credit in Hull?

Securing a mortgage with a poor credit score may seem like an impossible task, but rest assured, many individuals face this situation and some are able to overcome it. As a mortgage broker in Hull, we specialise in helping buyers in complicated situations, including those with bad credit.

We offer solutions for various scenarios, such as purchasing a property with bad credit or exploring remortgage options. We also cater to more complex situations, including mortgage options for individuals over the age of 60 and self employed individuals with bad credit.

Our extensive network includes both high street and niche lenders, providing access to a wide range of bad credit mortgage deals. Each lender has specific criteria tailored to help those with bad credit secure a mortgage. We cater to both employed and self-employed individuals, offering a variety of options to suit their needs.

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Bad Credit Mortgage Advice in Hull

How to get a mortgage with bad credit in Hull?

We find that a lot of our customers have attempted to secure a mortgage through various means such as their bank, real estate agent, price comparison website before reaching out to us for assistance. Applying for different mortgage products on your own without any help and being declined can severely harm you credit score. This is why we recommend that you reach out to our team before you commit to anything.

Securing a mortgage with poor credit is a complex process and it cannot be solved by simply finding the lowest interest rate and applying for it. An experienced mortgage broker in Hull like us possesses extensive knowledge of lending criteria and strives to find the right lender for you on the first try, without causing any harm to your credit score.

If you do not have an updated copy of your credit report, we can point you in the right direction to help you get one right away.

Types of bad credit in Hull

Our team of experienced bad credit mortgage advisors will take the time to understand your specific needs and gather information about your bad credit history. This includes details such as when it was recorded, the nature of the credit issue, whether it has been resolved, and the amount involved. With this knowledge, we can provide personalised recommendations for the best course of action.

Examples of bad credit situations may include CCJs (county court judgments), DMPs (debt management plans), defaults, missed or late payments, IVAs (individual voluntary agreements), or even bankruptcy. These can all impact your credit score and make it challenging to secure a new mortgage.

If you are in the process of looking for a new mortgage and are worried about your credit score, our mortgage advisors in Hull are here to help. Contact us today to learn more about your options for obtaining a mortgage with bad credit.

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Bad Credit FAQs in Hull

How much deposit do I need for a mortgage in Hull with bad credit?

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If you have bad credit, you should expect to have to provide a higher deposit than the usual 5% of the property’s value. This deposit can come from either your personal savings or a gifted deposit from your family.

Mortgage options, including those for bad credit, are divided into different bands, each with its own interest rate based on the level of risk for the lender. For instance, a 90% loan to value mortgage will have a higher rate than a 60% loan to value deal, as the lender is taking on a greater risk.

For bad credit mortgages, the amount of deposit required will depend on the type, date, and amount of your credit issue, as well as whether it has been resolved or not. Generally, the smaller and more distant the issue, the lower the deposit needed will be. However, if your credit problems are significant, unresolved, and recent, your mortgage lender may ask for a larger deposit.

Can I get a mortgage in Hull with bad credit?

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In some cases, yes this can be possible to obtain a mortgage even with a poor credit score. Various types of bad credit can still be considered for a mortgage, including county court judgements (CCJs), debt management plans (DMPs), missed payments, defaults, Individual Voluntary Arrangements (IVAs), bankruptcy, and a poor or low credit score. Additionally, high levels of debt in the form of personal loans and credit cards can also be taken into account.

However, the severity, timing, and reasons behind your credit issues, as well as the amount of deposit you can provide, will play a significant role in determining which lender will approve your mortgage application. It is important to note that with bad credit mortgages, the focus is not on finding the cheapest rate online, but rather on meeting specific criteria set by the lender, even if it means paying more.

Can I get a mortgage in Hull with missed/late payments?

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It is possible to obtain a mortgage with missed or late payments, as long as you have the right lender. However, there are certain factors to consider when seeking a bad credit mortgage with missed payments. These include the type of payment that was missed, such as a mobile phone bill or a mortgage payment. The amount of the missed payment is also important, whether it was a small sum of £10 or a larger amount of £1,000. The timing of the missed payment is also a factor, whether it occurred recently or several years ago.

Additionally, it is important to note if the missed payment has been paid off or if it is still outstanding. The reason behind the missed payment is also taken into consideration, whether it was a simple oversight that was quickly rectified or if the payment was unaffordable. While obtaining a mortgage with bad credit and missed payments may be more challenging, it is not impossible with the assistance of a reputable broker.

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Our Simple 4-Step Process

Free Mortgage Appointment

Step 1

During your free mortgage consultation with a mortgage advisor in Hull, it will be necessary for you to disclose details about your bad credit situation, earnings and expenditures in order to assess your financial capacity.

1000s of Specialist Products

Step 2

We have many different specialist mortgage lenders on panel, we are dedicated to searching through 1000s of deals in order to discover the optimal solution for you.

Your Mortgage Application

Step 3

If you are happy with the mortgage product we have found you, we can begin preparing your mortgage application. Remember that this deal will be the best available to you in your current financial situation.

Submit Your Application

Step 4

Once we have all of your documents ready, we can send off your mortgage application to the mortgage lender. We will be in touch as soon as we receive any updates.

Reasons to Choose Us

Open & Honest

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Our mortgage advisors in Hull prioritise transparency and always have your best interests in mind. We provide a free mortgage appointment to every customer that can easily be scheduled online at your convenience.

Reach out for bad credit mortgage advice in Hull today.

Search 1000s of products

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With our extensive panel of specialist lenders, we have the capability to look through numerous mortgage options in order to discover the perfect fit for your needs.

Our goal is to find a tailor-made mortgage product that compensates for your unique situation.

Our Service

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If you are seeking mortgage guidance in Hull, you have landed at the perfect destination. Our team is dedicated to helping you throughout the entire process.

Our mortgage advisors in Hull possess over two decades of expertise in the field, making them well-equipped to guide you seamlessly through your mortgage journey.

7 Days a Week

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Our team is dedicated to helping you find the perfect mortgage product that fits your unique needs and financial situation, 7 days a week!

Whether it's morning, evening, or weekend, you can schedule a free mortgage appointment with us. So don't hesitate to reach out for all your mortgage advice needs.

Malcolm and Amy Davidson - Mortgage Advice in Hull

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Common Mortgage Questions in Hull

Can I Get a Mortgage in Hull With a County Court Judgement (CCJ)?

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It may be possible to obtain a mortgage with a county court judgement (CCJ) in Hull, although it may prove to be more difficult. Whether your CCJ is satisfied, partially satisfied, not satisfied, set aside, or expired, there are options for bad credit CCJ mortgages that you can consider.

Our team of experienced mortgage advisors in Hull can guide you through the various CCJ mortgage options and recommend the most suitable one for your personal situation. It is important to keep in mind that obtaining a mortgage with a CCJ is just a temporary solution, and as your credit score improves and the CCJ is removed from your credit file, you may qualify for better rates in the future.

Can I get a mortgage with a default in Hull?

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Defaults typically remain on your credit report for a period of 6 years and can significantly impact your ability to secure a mortgage. It is important to note that defaults can be classified as either satisfied, meaning they have been paid off, or unsatisfied, meaning they are still outstanding.

The source of the default can also play a role in the lender’s decision. For instance, many lenders now disregard defaults from phone companies as they are often for small amounts and can easily occur without the borrower’s knowledge due to changes in contact information.

Having a larger deposit, a stable income, and a satisfied default can increase your chances of being approved for a mortgage. However, it is important to note that having a default on your credit file, whether it has been repaid or not, still poses a higher risk for lenders. As a result, they may have stricter criteria and conduct more thorough checks to protect themselves from the possibility of having to repossess your home.

Can I get a debt consolidation mortgage in Hull with bad credit?

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When applying for a debt consolidation mortgage with bad credit in Hull, various factors will be taken into consideration, such as your income (whether sole or joint), expenses, age, credit score, employment type, and personal situation.

The amount of equity you have available can greatly impact your chances of being approved for a debt consolidation mortgage with bad credit. Additionally, the length of time since your bad credit occurred and the amount of debt can also play a role in the decision.

If you have bad credit and are considering a debt consolidation mortgage in Hull, it is highly recommended to obtain an updated copy of your credit report and have it reviewed by a mortgage broker. This will help you understand your current financial situation and determine the best course of action.

Can I get a mortgage with bad credit in Hull if I'm over 50?

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In today’s world, there is a wide range of mortgage options specifically designed for individuals over the age of 50. Whether you are in the market for a new property, looking to remortgage, or needing to raise capital, our team of experts specialising in later life mortgages in Hull are available to help you 7 days a week.

Some of your options include regular mortgages, retirement interest only mortgages, equity release mortgages, and standard interest-only mortgage products.

Mortgage Guides & Hullmoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.

UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.

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