Do you have a poor credit history or bad credit rating?
We can help. As mortgage brokers, we will work with you to find the best lender and get you accepted. We are on your side to work through the best possible solution in full confidence.
As independent mortgage brokers with access to the whole of market, we can approach specialist lenders who are not on the high street.
I have CCJ’s and payment defaults
There are many lenders that can help even if you have existing County Court Judgments (CCJ’s) that are still outstanding, regardless of the amount owed.
If you have CCJ’s or defaults it is likely that you will be rejected by some high street lenders, but there are many more lenders who don’t advertise on TV and who don’t operate on the high street who specialise in bad credit mortgages. That is where we can help.
Can I still get a low-interest rate with bad credit?
Yes, you can. The likelihood is that you won’t be eligible for some of the best interest rates on the high street, but many specialist lenders are still happy to offer affordable interest rates and some of them are very decent at the time of writing. This is bound to change in the future when interest rates increase, so now is the best time to start your research.
How do lenders assess my bad credit?
Most specialist lenders operate a tiered interest rate structure. What this means is that depending on the severity of credit issues, they will place you into a tier between 1-8 and the interest rate available will be higher or lower depending on how your credit search result comes back with the lender. Tier 1 is the best case scenario and Tier 8 is the worst case scenario.
This is a common sense approach to lending as most high street lenders only have a Tier 1 category acceptance.
Will the credit search affect my current credit score?
No, in most cases our specialist mortgage brokers will ‘soft score’ your mortgage application. If you are worried about your score reducing we can look to get you a mortgage agreement with a lender who will ‘soft score’.
When lenders ‘soft score’ or ‘soft credit search’ they won’t leave an imprint on your credit file for other lenders to see or reduce your credit score/rating.
Here at Glow, we offer free advice and a free bad credit mortgage assessment to work out which lender we can approach
How do I get started?
We will need a copy of the latest credit report for all applicants to get started. We recommend CheckMyFile for your full credit report.
CheckMyFile are the only UK company to provide your credit report from the four leading agencies (Experian, Equifax, CallCredit and Crediva). This allows us to have the most comprehensively reported credit information about you.
We will use your credit report to carry out some basic research.
We will not carry out a credit search or credit check to get started. We will research the likelihood of acceptance and determine what bad credit Tier you will be placed into.
We will then report this back to you and you can then make a decision on how you want to proceed.
Author: Ben, Glow Mortgage Advisor (CeMAP, BSc Hons)
First Published: 14th December 2017