A bad credit broker helps people with poor credit find the right lender to approve them for a loan. They are experts in the market and know to find the right lender and help clients with their home loan applications.
For those with poor credit, a mortgage broker can be a valuable resource. They could make poor borrowing decisions which could lead to long-term problems or even have their application denied.
Which Credit Problems Can They Assist You With?
When considering mortgage applications, lenders will carefully review your credit history. Lender-approval criteria will differ from one lender to the next. A specialist broker can help you determine which lender is most likely to approve your application.
These are the most common credit issues, with links to further information about how they could impact your chances of getting approved for a loan.
- Missed payments
- Debt Management Plans and IVAs
- County Court Judgements
- Bankruptcy
How Do I Find The Right Broker?
Talk to us and you can quickly find one! We can match you with a broker who has years of experience in solving cases similar to yours, whether it is bankruptcy or late payments.
Rest assured, your inquiry will be handled immediately by a member of our team. You will also have access to the top mortgage brokers for poor credit in your local area.
It’s a good idea to bring a summary of your credit history with you when you meet with a broker to allow them to assess your situation and determine how they can help you. Click on the link to download your credit reports
We Can Help You Arrange For An Advisor To Get In Touch With You Immediately.
Bad credit mortgage usually require a larger deposit than good-credit loans. However, there are exceptions. Although a 100% loan to value mortgage is not possible in this situation, it’s possible to obtain a mortgage with no deposit. You may be able to get a mortgage through a homeownership program like a guarantor mortgage or Shared Ownership.
A broker can help you assess your credit situation and recommend the best provider or mortgage plan for you.
It’s a good idea to bring a summary of your credit history to a broker for bad credit mortgages. This will allow them to assess your situation and determine the best way to help you.
You can access your credit reports by visiting the credit reports hub on Online Money Advisor.
They Can Help You Refinance With Bad Credit.
Mortgage brokers are available to help applicants with poor credit.
These deals are often very similar to the first-time applicants for a mortgage. Lenders will still consider your income, age, and loan-to-value ratio when deciding what type of loan or interest rate is available for your remortgage.
For more information about remortgages, see our detailed guide on how to remortgage if you have bad credit.
It is easy to get the best remortgage offer by connecting with a broker that understands your credit situation and can connect you with lenders who will cater to it.
What Does A Bad Credit Broker Charge?
Lenders are accustomed to paying a commission to brokers when a mortgage arrangement is successful.
Bad credit mortgage applications require a lot of work. A broker might charge an advisory fee.
The potential fees for advice will be discussed in detail at your first meeting with the broker. They’ll ask about your credit history and help you understand how to get a mortgage. If they are unable to assist you, there will be no charges.
