Can You Get a Mortgage With Bad Credit in Leicester?

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Can I get a mortgage with bad credit?

Bad Credit Mortgage FAQs

Bad Credit Mortgage Advice in Leicester

Unsecured credit requires careful consideration. We frequently speak with customers seeking specialised mortgage advice in Leicester due to issues like missed payments, low credit scores, CCJs, and defaults.

Even a series of missed payments on a mobile phone contract can result in a default on your credit file, which can complicate future mortgage applications and suggest a lack of payment reliability.

Fortunately, having missed payments or defaults doesn’t necessarily spell the end of your mortgage prospects. While it may require specialised mortgage advice in Leicester to navigate the process, there are still potential options available to you.

While a lower deposit may decrease your chances of approval, having a sufficient deposit size can make a mortgage feasible, even with bad credit. When applying with a specialist mortgage lender, they will inquire about the timing and reasons behind any defaults registered against you.

The further in the past the default occurred, and if there is a valid explanation, such as a significant life event, the higher your chances of achieving mortgage success.

Everyone makes mistakes, and if your default was a genuine and honest error, the mortgage lender may show more understanding and leniency during the application process.

Bad Credit Mortgage FAQs

Here is a selection of commonly asked questions about bad credit mortgages along with their corresponding answers. If you don’t find your specific question or situation addressed below, please don’t hesitate to reach out to us.

Our experienced mortgage advice team has dealt with a wide range of complex mortgage scenarios and may have encountered a situation similar to yours before. We are here to help you in any way we can.

What will my mortgage advisor in Leicester need to see?

Prior to applying for a mortgage, it is important to provide your mortgage advisor in Leicester with an up-to-date copy of your credit report. You can typically obtain this report online for free.

Obtaining your credit report is especially important if you have concerns about your credit history. It helps you assess your financial standing and prevents multiple unsuccessful credit searches, which can negatively impact your credit rating and potentially hinder your mortgage application.

I have a good income but bad credit. Can I still get a mortgage?

The answer to this question varies based on your specific circumstances. Many customers find themselves puzzled by their credit score and seek assistance in understanding why it may pose an issue.

While some customers may have a favorable deposit and a steady income despite a less-than-ideal credit score, mortgage lenders may still be hesitant to approve their borrowing due to the associated risk.

Mortgage lenders need assurance that you can consistently meet your mortgage payments without the risk of falling into arrears. Repossessing your home is something they aim to avoid whenever possible.

Despite the challenges, options for bad credit mortgages do exist, albeit with higher interest rates.

To navigate this process effectively, it is highly advisable to schedule an appointment with an experienced mortgage broker in Leicester who can guide you through the available options and help you make informed decisions.

I’ve had mortgage problems before. Will that stop me from getting a mortgage?

Financial difficulties can arise unexpectedly, leaving you struggling to meet your mortgage payments despite previously having no issues. Unfortunately, even temporary setbacks can result in missed payments being recorded on your credit history.

When it comes time to remortgage in Leicester, buy a home as a first time buyer in Leicester, or move to a new property, these credit challenges can present obstacles. Mortgage lenders assess the risk involved and determine whether they can trust you to avoid similar situations in the future.

As experienced providers of transparent and specialised mortgage advice in Leicester, we have helped numerous customers who were previously tied to a mortgage and now face a poor credit history.

If you find yourself in a similar situation, consulting with a fast and friendly mortgage broker in Leicester can greatly benefit your journey toward achieving future mortgage success.

What other types of adverse obstacles are customers faced?

During the mortgage process, customers may encounter various bad credit issues that can lead to significant challenges. These issues include, but are not limited to:

• Missed mortgage payments
• Defaults on credit cards or loans
• County Court Judgements (CCJs)
• Bankruptcy

While these circumstances are less than ideal, they don’t necessarily mean the end of the road for you. Although you may face a longer and more arduous process with higher mortgage rates, there are specialist mortgage lenders who can potentially offer assistance.

To improve your chances of mortgage success and gain access to better rates, it’s important to focus on enhancing your credit score. By taking steps to improve your creditworthiness, you can pave the way for a more favorable mortgage outcome.

Get in Touch for Bad Credit Mortgage Advice in Leicester

If you require expert and transparent mortgage advice in Leicester on bad credit mortgages in Leicester, we invite you to book your free mortgage appointment online. Our team of experienced mortgage advisors in Leicester is here to help you.

With over 20 years of mortgage knowledge and expertise, we are dedicated to developing a clear plan of action for your credit score prior to the mortgage process. Our ultimate goal is to help you secure a mortgage of your own.

Take advantage of our experience and schedule your appointment today. We look forward to guiding you towards a successful mortgage journey.

Date Last Edited: December 6, 2023