Bad Credit Mortgages for people in North Devon
Securing a mortgage can be a difficult task, due to increased house prices and the tighter criteria imposed by the Financial Conduct Authority (FCA) and lenders since the 2008 market crash. It does not matter the size of deposit you have, or the nature of the property you wish to buy, if you are unfortunate to have a poor credit rating, the number of lenders willing to grant you a mortgage is limited.
Having a mortgage application rejected will often result in making your overall credit score weaker. Therefore, you may struggle to obtain a mortgage due to the issues with your credit history.
However, Aspire Financial services can and will help you. By seeking experienced professional advice from a mortgage broker before making an application, you will increase your chances of acceptance many times over.
Among the factors that contribute to your credit score the most common reasons for a poor credit rating include:
- Missing a loan, credit card or mortgage payment
- Getting behind on your Council Tax or utility bills
- Having an unpaid parking fine
- Missing your mobile telephone payment
- Defaults and CCJs
- Having an ongoing loan with a payday loan provider
- Being declared bankrupt or entering an individual voluntary arrangement (IVA)
It is also worth noting that if you have never taken out credit, you might find you have not yet built up a record of credit, so your score could be low.
There are several online tools that can be used to measure your credit score, but the best one to use before applying for a mortgage is ChekMyFile.com. Further information about this can be located in our FAQs.
Looking after yourself
At Aspire Financial Services we treat every client personally and individually to make it easier for those with adverse credit to secure the mortgage they need and want.
Whether you’re a first-time buyer or a homeowner looking to remortgage or move, we have the best relationships with the lenders who are understanding of adverse credit.
Our financial advice will explain which lenders will be happy to work with you at this time.
If you have adverse credit and are struggling to secure a mortgage, we can help.
Book a 30-minute FREE consultation and start your journey to solving your mortgage needs today.