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GETTING A MORTGAGE WITH BAD CREDIT?
BAD CREDIT MORTGAGE ADVICE
Have you ever been denied a mortgage based on your credit history? You have wondered how to get a mortgage with bad credit? At Azembel our aim is to help make it possible for you to get a mortgage despite of your credit score.
We appreciate that it can be difficult for most to find a lender who is willing to provide a mortgage in such circumstances, but with help from our mortgage advisors, you can get a potential mortgage.
Just because you may have experienced problems in the past with your credit, you will may to go down the route of getting a sub prime or impared credit mortgage from a specialist lender.
The interest rate that would be offered will be determined by the seriousness of the credit history, there are other aspects that can be taken into account such as the loan to value (LTV ).
BAD CREDIT MORTGAGE
Since the financial crisis of 2008 providers heavily confined the availability of their products to purely to those who had clean credit histories and larger deposits or low loan to values.
CAN YOU GET A MORTGAGE WITH poor CREDIT?
While it can be much hard to secure a loan with a poor credit history, it is surely not impossible for everyone. You could improve the chances of being accepted for an adverse credit loan by doing a few simple things.
WHAT CAUSES BAD CREDIT?
Bear in mind, that there’s no such a thing as a “bad credit” score.
If you’re receiving letters from credit card companies or you’re being chased by debt collectors, it could be clear that your credit history is not as strong as it should be. The first sign that you have a default credit rating is when you are declined by a high-street lender. This could be a surprise if you have not had credit history for long.
Is there an alternative interest only loan?
The alternative is for you to have a repayment mortgage. Though the monthly payments are significantly higher if all monthly payments are made the loan is guaranteed to be fully paid at the end of the term.
Interest only mortgages do carry a risk that if you could possibly not make enough to cover the overall payment at the end of the term.