Author: Carl Shave - CEO and co-founder Last updated: July 8th, 2022
It’s not uncommon for people with bad credit to have problems obtaining a mortgage themselves directly from the well-known high street lenders. The mainstream providers tend to accept only those applicants with the cleanest of credit records who fit into a standard template. They minimise their exposure to perceived risk and in turn their process to application and lending is made as simple as possible for them. Anyone outside of these narrow parameters is unfortunately likely to be declined, and so you will be best advised to approach a specialist mortgage broker to help you locate the mortgage to meet your needs.
In general terms, a bad credit mortgage broker is a title given to an adviser who specialises in this area of the market. These brokers specifically focus on bad credit lending to ensure they are knowledgeable in this sector, routinely handling applications on a daily basis from people who suffer from adverse credit, ensuring they are up-to-date on all developments in what can be a very fast-changing market, and keeping abreast of new products as they become available. They will also have the ability to recognise whether a bad credit mortgage is genuinely required, or where a standard lender could still be available and arrange the best option to meet your circumstances.
At Just Mortgage Brokers, we receive many enquiries from would-be borrowers who find themselves in a position where they have been turned down for a mortgage due to some credit difficulties in their past. As specialist brokers, we completely understand the nature of their problems and immediately put them in contact with one of the many bad credit mortgage advisers on our team, who will have the right experience and training in this area of lending to ensure they are best-placed to give you the most appropriate advice, and will usually have great relationships with the lenders who cater to this sector of the market.
Determining which mortgage product and lender will be the right one for you takes insight and research – something our bad credit mortgage brokers are able to provide quickly and transparently so that you can understand your options.