Overcoming Bad Credit to Secure a Mortgage

As an estate agent, we know that obtaining a mortgage can be a daunting process, especially if you have a bad credit history.

However, we're here to tell you that securing a mortgage is not impossible, even if your credit score is less than perfect. Bad credit mortgages are becoming increasingly available, as lenders recognise that not everyone has a perfect credit rating. This means that even if you have had financial difficulties in the past, there may still be options available to you.

 

One option is to seek the help of a specialist mortgage broker, who can advise you on the best lenders and products for your individual circumstances. They may also be able to help you to improve your credit rating, by offering guidance on how to pay off debts, for example.

Another option is to consider a guarantor mortgage, where a family member or friend agrees to guarantee your mortgage payments. This can help to reassure lenders that you are a reliable borrower, even if your credit history is less than perfect.

 

It’s worth noting that bad credit mortgages may come with higher interest rates and fees, as lenders consider you to be a higher-risk borrower. However, if you can make your payments on time and demonstrate that you are a responsible borrower, you may be able to re-mortgage in the future at a more competitive rate.

If you are struggling to obtain a mortgage due to bad credit, it’s important to seek advice from a reputable source.

Don’t be disheartened by your credit history – with the right guidance, you may still be able to achieve your dream of homeownership.

 

At Thornley Groves, we understand that everyone’s situation is different, and we’re here to help you navigate the complex world of mortgages. Get in touch with us today to find out more about how we can help you overcome bad credit and secure your dream home.

 

Your property may be repossessed if you do not keep up repayments on your Mortgage. The content contained in this article is accurate as of the most recent time of writing. Lender criteria and policies change regularly so speak to one of the advisors our agency works with to confirm the most accurate up to date information. This is of course not tailored advice to each individual reader, and as such does not constitute financial advice. All the advisors working with us are fully qualified to provide mortgage advice and are authorised and regulated by the Financial Conduct Authority. They will offer any advice specific to you and your needs. Phew!