True Cost Mortgages – Liverpool Mortgage Brokers.
The good news is bad credit mortgages otherwise known as poor credit mortgages or adverse credit mortgages are available to individuals with bankruptcies, foreclosures, repossessions, low credit ratings, etc.
However, the bad news is, unfortunately, having a negative credit rating typically means a higher mortgage rate and a limited choice of lenders.
Still, there are numerous home loans to choose between. Thus, homebuyers with bad credit can and often do qualify for a mortgage.
If you are looking to buy a home and you have bad credit, otherwise known as adverse credit a mortgage broker can be your best friend. Without using a broker, selecting the right mortgage loan is time consuming.
This would entail contacting several lenders, and enquiring about their mortgage loan requirements.
Because a large number of traditional lenders favour home buyers with high credit scores, borrowers with bad credit will not be eligible for most bank, building society or credit union mortgages.
A better use of your time would be to contact us once the decision has been made to buy a home.
As leading Liverpool Mortgage brokers we have associations with several types of lenders, including a selection of subprime or bad credit mortgage lenders. The consequence of which is we are capable of quickly matching your needs with a suitable mortgage arrangement.
Increase Chances of Getting a Better Rate.
Homebuyers with a low credit rating should not expect the best mortgage rate. However, there are ways to improve your odds of obtaining a lower rate mortgage.
For example; at least twelve months before applying for a mortgage loan, make an effort to boost your credit rating.
Often this can be accomplished by simply paying bills on time and reducing debts. Other approaches to raising your credit score involve keeping credit accounts open, limiting the number of credit enquires that will appear on your credit file, and paying off high interest credit cards wherever possible.
A vital part of the process involves understanding your credit score and the information held on record to check for any inaccuracies. At True Cost Mortgages we offer a credit review service. To find out more please follow the link.
