Credit files. The power of knowledge Bad Credit Mortgages
The mortgage product you will qualify for depends on the severity of the poor credit registered on your credit file. Your broker can advise on different bad credit mortgages.
The dates any defaults or CCJ’s were registered, the amounts and whether they have been paid or not will all dictate the final product available. With a severe bad credit mortgage you may have to find a larger deposit, suffer a higher interest rate, and the lenders arrangement fee will also increase.
Bad credit mortgage lenders offer mortgages for purchases and bad credit remortgages, and like high street lenders will conduct a “search” on your credit file to establish the exact nature of your credit history. Never be tempted to omit your true address history, or personal details such as current credit. They will find it, if not immediately then almost certainly before they issue a bad credit mortgage offer, then they will decline the application and any fees you have paid initially will be lost.
Knowledge is power, order a copy of your credit report and find out exactly what information is held, give this information honestly to bad credit mortgages lenders to ensure the product offered is relevant and you will complete on your mortgage smoothly.
