What does a bad credit calculator do?

Whilst knowing how much your mortgage payment is going to be and that it is within your budget now and for the future, the first step of your journey is to establish if you are able to obtain a mortgage.  This latter point is perhaps more especially the case if you have a bad credit history.  A bad credit mortgages calculator can be used to give you an indication of your chances of success.  By answering a few simple questions about yourself and your credit history the mortgage calculator for bad credit will give you a response as to what your prospects are. There are no guarantees and ultimately you will still be best placed to seek advice however, a calculator is a very good place to start.

Information required for a mortgage calculator for bad credit

If you’re interested in using a bad credit mortgage calculator in the uk, then to obtain the most accurate result you will need to input the correct information.   The typical information you will need to know or have an idea about is:

• The valuation or purchase price of the property
• An indication of how much you may need to borrow
• What your annual income is (for each applicant if there is more than one)
• Information about your credit history. Whilst this information is something you can estimate, if you obtain a copy of your credit report in advance this will ensure you can input the precise information.
• Your credit score. Each credit reference agency uses their own scoring system so ensure you know how much this is and which credit report it is taken from.