Low Credit Score mortgage

July 2016 – Getting a mortgage with a Low Credit Score? , anyone searching for a Low Credit Score mortgage or with bad credit should

low credit score mortgage

low credit score mortgage

seek the help of a  mortgage advisor.who will search the for the most suitable Low Credit Score mortgage deal. Our experienced bad credit mortgage advisors have years of experience helping people with Low Credit Score mortgage. — Contact Us Today!

July 2016 update  – Realistic lending of  upto 70 – 85% if you have;

  • ccj’s
  • defaults
  • mortgage arrears over 12 months old
  • Current or previous debt management plans DMP running over 2 years

enquire-now

 

A low credit rating or bad credit report can negatively affect virtually every aspect of your life. Whether you are consistently late on your car payments or over your limit with your credit cards, bad credit can make purchasing on credit virtually impossible and it can limit your lifestyle in many different ways.

Getting a mortgage with a  low credit score

OK  so many high street lenders do look at the credit score , but there are a growing number of lenders that ignore your credit score, and dont take the credit score into account.  They simply credit search,  ie  they check that what you tells them  eg you had a  ccj issued 2 years ago  – is correct,  but they ignore the actual credit score itself. Mortgage lenders that dont credit score

Low credit score mortgage

Low credit score mortgage

 

For instance, if you are planning to purchase a new or used car, it may be virtually impossible to secure a financing loan if you have a low credit report rating. Even if you can obtain a loan, you interest rate may be up to one hundred percent higher than it would if you had excellent credit. Rather than paying six or seven percent interest, you could end up with a fifteen or sixteen percent interest rate. Having bad credit can cost you thousands of dollars over the course of paying back your car loan. Not only will you not be able to get that new car you want, but you will also end up paying much more for the old car that you have to choose instead.

Low Credit Score mortgage after the credit crunch

Recent credit crunches have reduced the number of Low Credit Score mortgage deals available. Banks are not as willing to assume risk associated with these products as they once were. The reduction in products also means less competitive rates available. However, while customers don’t have as many choices in a bad credit mortgage as they once did, they can still find financing allowing them to reestablish good credit so more options eventually open up for them.

Today, Low Credit Score mortgage s are still available to many customers with questionable credit today. Most require at least a 70% loan to value to qualify. The rates are not as competitive as they were just a few years before. However, for those with poor credit due to circumstances beyond their control, a bad credit mortgage is the perfect choice for getting back on track with their financial future.

Low credit score mortgage help

To determine whether you qualify, there are factors to take into consideration. First, determine why your credit is bad in the first place. If it is due to reasons beyond your control, this may positively affect your ability to borrow. Companies that specialize in bad credit mortgages usually take reasons for the poor credit under advisement, as well as the level of adverse credit history (some are worse than others). Applicants who have a significant deposit to put down on the loan will also benefit with a lower rate on a bad credit mortgage.

 

If you are interested in purchasing your own home, you will have to take out a mortgage. If you have perfect credit, you can secure a low interest rate of around five percent or even less. This will make your monthly payments rather low. However, if you have bad credit, you might only be able to secure a loan that charges nine or ten percent interest, making your monthly payments much higher, and costing your thousands upon thousands of dollars over time.

Credit card debt is one of the causes of poor credit, and it is also one of the ways poor credit can cost you the most. If you have several thousand dollars in credit card debt, and you are paying up to twenty percent in interest, it will be virtually impossible for you to ever pay off your debt within your lifetime. One the other hand, if you have excellent credit, you may be charged rates as low as eight percent, or possibly even lower still.

Low Credit Score Mortgage

A bad credit mortgage is a mortgage designed specifically for borrowers with impaired credit ratings.  If you have a low credit rating, caused by current or previous substantial credit problems in the past such as , Defaults, County Court Judgments, IVA or bankruptcy, a bad credit mortgage may be your only option. We would caution you though that bad credit mortgage lenders tend to charge quite high rates and restrict the maximum loan to value LTV on Bad Credit Mortgages – i.e. you may need a much larger deposit or if remortgaging your ability to borrow may be restricted.

Whatever your circumstances we will not judge you, we will listen and offer help wherever we can as to which if any bad credit mortgage is suitable for you, we will explain all the costs involved in the bad credit mortgage before proceeding.

Poor credit report ratings can affect not only your loan and credit card situations, but they can also affect your car insurance premiums! Though it seems unfair, automobile insurance companies sometimes consider people with bad credit as high-risk drivers. Having poor credit can cost your hundreds of dollars per year in car insurance premiums.

Low credit rating mortgages

If you are renter rather than a homeowner, some landlords and property management companies run credit checks before allowing you to rent from them. If your credit report shows a low score, you can be denied housing. If you do end up being able to rent, you might not be able to turn on utilities in your name, especially if you have been negligent in paying your bills in the past.

Bad credit report ratings can affect virtually every aspect of your life, from your car to your house to your insurance premiums. Because of this, it can certainly also affect your health. Financial worries are a leading cause of personal and relationship stress, and this stress can lead to mental and physical health problems. There are many consumer credit counseling bad credit good creditservices that can help you gain control of your finances and get you on the right track toward good credit. Many of these companies are non-profits with their sole purposes of existing being to help people get back their financial and mental health.

Why People may need a Low Credit Score deal

There are many reasons why people may end up with a bad credit rating. Divorce, a medical emergency and loss of a job are just a few. In many of these situations, the circumstances were beyond one’s control. However, that doesn’t make a difference for many lenders, who will turn down loan applications like these simply on the basis of the credit report. The good news is that there are mortgage options for people with less than stellar credit.

Low credit score due to no credit

Equally you may have no adverse credit history at all, but the absence of having any existing or previous credit facilities may mean your credit rating is low and could push you towards a bad credit mortgage simply because the lender doesn’t have enough information to class you as a good risk.

Certainly a bad credit history could mean a record of county court judgements CCJs bounced cheques mishandled debts and bailiffs on the doorstep. Equally it could mean nothing more than the fact that you have never previously applied for credit and therefore have no credit track record at all! In between we may add in the self-employed who dont have a long enough record of accounts to satisfy standard lenders and those who have moved more frequently than the norm in the last couple of years.

We can help also people obtain bad credit mortgages if they are looking for:

  • IVA MORTGAGES
  • IVA REMORTGAGE
  • PREVIOUS IVA MORTGAGES
  • CCJ MORTGAGES
  • EX BANKRUPT MORTGAGES

 

Enquire now about a Bad Credit Mortgage

 Affordablemortgages Home Page

To avoid too many inquiries on an already borderline credit rating, you should use a broker to shop for rates rather than applying to companies directly. This allows us to find the lowest rate for their individual circumstance with the help of a single resource.

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