Specialist Lender Mortgages
Trusted by our customers
No impact on credit score
In this article, we will outline a number of different points - click now to skip ahead.
Using a broker means you don't have to go through the process on your own – and can help you gain access to niche lenders. They can also provide advice on how to repair your poor credit score and get back in good financial standing.
Help to improve your credit score
Find the right broker for you and they can also offer a more holistic service, helping you understand and improve your low credit score, so that you can be eligible for better terms on future loans.
Dealing with any kind of money difficulties can be daunting, so having an expert on hand is the perfect solution if you're looking for a way to get back in good financial standing without having to go through the process alone.
Explore all your options
Your broker should look at all of the different adverse credit mortgage options available to you, evaluating each one individually and helping you choose the best for your situation. With their experience, they can save you time, money, and stress by finding the right loan product for your needs.
Explain every little detail
A broker with specific experience of securing bad credit mortgages will be knowledgeable about the various types of loans available, so they can help you understand all of the terms and conditions that come along with a bad credit mortgage. They can provide guidance on which loan product will be best for you and ensure that you get the best terms and interest rate available.
Bad credit mortgage brokers normally have a fee structure associated with their services, though the exact cost can vary depending on the broker and your particular situation.
Flat fee or percentage rate?
Some may charge a flat fee, others a percentage. Some won’t charge you at all but will instead work on a commission from the lender. Before you enter into any kind of agreement, it’s important to make sure you fully understand the costs involved and are happy you’re getting the best deal for you.
Save time and minimise stress
If you’re wary about spending money on a broker, remember that they should be able to save you not just significant amounts of money over the lifetime of your loan, but also considerable time and stress, making them an invaluable resource when it comes to minimising your chances of having your mortgage application declined.
Brokers who have a good range of experience in securing mortgages for people with previous financial problems are typically familiar with a variety of different lenders and their offerings.
Brokers can be very specific about who they approach depending on the severity of your issues. For example, there will likely be lenders who will be open to an application from someone with minor defaults but nothing more serious, while other specialist lenders will be open to mortgages with CCJs or even mortgages after bankruptcy.
Bad credit mortgage brokers have access to niche lenders who have a higher tolerance for risk and therefore are often willing to work with someone with poor credit. These lenders aren’t your typical high street banks and are likely to be hard to find on your own, making a broker’s help really invaluable.
By working with a specialist broker, you can be sure that you are making an informed decision and getting the best deal possible. Brokers have the knowledge and resources needed to find you just the right loan product, with terms and an interest rate that are fair.
It’s important for your broker to have as full a picture as possible of your credit history so that they can give you the best advice - and the highest chance of having your mortgage application accepted.
Access your own Credit Report
The simplest way to do this is for you to get up to date copies of your credit reports from several credit referencing agencies and to share the full details of these with your broker. Accessing information about your own credit does not impact your credit file or score in anyway, so this is the best way for your broker to get the information they need.
Be honest, not embarrassed
Although you might feel embarrassed or ashamed about some aspects of your financial history, it’s important to remember that your mortgage broker is not there to judge, they simply need an accurate a picture of your circumstances in order to find the loan and the lender that’s right for you.
Expert advice & guidance
A bad credit broker can provide you with access to competitive terms on mortgages, as well as guidance and advice to make sure that your application is successful. They will work with you to find the best loan product for your needs and provide support throughout the process.
Get in touch today and we can help you find the right broker for you, whatever your circumstances.
Been struggling to get your mortgage approved? We know how important it is for you to have complete confidence in us. Put your trust in our advice and you'll definitely improve the chances of a mortgage approval - at the best available rate.
Trusted by our clients