Bad Credit Mortgage Brokers

  • Missed or late payments
  • Debt management plan
  • Discharged bankruptcy
  • Defaults, CCJs or IVAs

Bad Credit Mortgage Brokers

  • Missed or late payments
  • Debt management plan
  • Discharged bankruptcy
  • Defaults, CCJs or IVAs
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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.

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How can I find a mortgage broker for bad credit?

In theory all mortgage brokers can advice you if you have bad credit however, using a specialist in this sector will usually pay dividends for you as their in-depth knowledge will mean they have a greater understanding not only of your own situation but also of the lenders criteria.  They will hopefully also have the ability to give you input as to how you may be able to improve your likelihood of acceptance or possibly to obtain a more attractive interest rate.  If you are reading this then we believe you need look no further as any of our fully trained mortgage brokers who specialise in bad credit will be happy to assist you.

Absolutely, a mortgage broker can help.  A good mortgage broker who understands their market can be worth every penny.   Whilst they can not guarantee they will be able to find a mortgage for you at the time you may need one, what they will be able to do is discuss a clear path forward to give you every chance possible in the future.  If one can be arranged, their expertise should not only save you hours of your own research but ultimately ensure you end up with the most appropriate scheme for your situation and needs.

Items that a bad credit mortgage broker will discuss with you are:

  • What are the events in question – ie the amounts and time/date of any issues on your credit file
  • What is your loan to value (LTV) – the lower this is the better chances of success you have and also possibly an improved interest rate. This will be determined by how much deposit or equity you have
  • What is your income and expenditure – different lenders accept different forms of income eg some will accept benefits where other will not and it will vary on how one lender assesses self-employed income to another
  • Is the property of standard construction – not all properties will be deemed suitable for a mortgage based on the type of construction ie concrete, timber framed or high rise flats to name a few that can be declined by some bad credit lenders

Finding out you need a bad credit mortgage could be the first time you have had the need to utilise the services of a mortgage broker for bad credit.  Indeed you may not have experienced using a broker at all in the past for your mortgage arrangements or you could be a first time buyer sorting out your very first mortgage.  It’s likely you will have a good understanding of the costs to set up the mortgage itself but what about the fees the broker will charge for their professional services.  Not all brokers will charge however, typically a specialist bad credit mortgage broker will charge for their services.  This can be a flat fee or a percentage of the loan amount and on occasion a combination of the two.  Why should I pay this fee you may ask. Of course you do not have to pay anything if you opt not to use the services of a broker however, a good bad credit mortgage broker in the uk who has in-depth knowledge of the bad credit mortgage market can be the difference between you being accepted or declined.  At Just Mortgage Brokers we believe in complete transparency and your adviser will provide you full disclosure of our fees before you start your mortgage journey with us.

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