How do I get mortgage advice with a bad credit history?
Advice seems to be available wherever you choose to look however, not all is good advice nor sadly indeed correct. One option to getting advice is to seek this from each individual lender yourself by looking on their website and speaking to them each separately however, with all lenders having their own individual fairly rigid criteria that sets out their rules for who they will or will not consider for a mortgage, this can be extremely time consuming. It could also start to be detrimental to your chances of success if each carries out a credit check that gets registered on your credit file. The other option is to employ the services of a mortgage adviser who can source the different lenders on your behalf. Even better perhaps is that the mortgage broker you look to use is a specialist in the bad credit sector. This way you can be sure that they have the specific knowledge to advise you of everything you need to know.
There are pros and cons for each route. We’ve highlighted some of these below:
Potentially lower fees
Direct contact with the lender
Gives you complete control
Can be much more time consuming
May end up costing more
Possibly not obtain the most appropriate mortgage
Using a mortgage broker:
Should save you a lot of time
Expert knowledge in one place
Impartial advice with many lenders available
Best advice resulting in confidence of arranging the most suited mortgage
Could be additional fees to pay
May still not have access to all lenders