Robert Dickinson Mortgage & Protection Advice

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Bad Credit Mortgage

Whilst we all do our best to stay on top of our financial situation, the recent economic climate has meant many of us have found ourselves getting into debts we cannot control. Missing payments or defaulting on credit agreements can mean you build up a poor credit history, making it difficult to obtain a mortgage offer. Many people with bad credit think they are only ever going to be able to rent, but with our help, you may find there is another way.

Your home could be repossessed if you do not make the agreed repayments on your mortgage

Mortgages are often rejected when the credit checks made on the individual throw up problems in their financial past. Missed payments, County Court Judgements (CCJ’s) and unpaid loans can all make it difficult to secure a ‘yes’ from the lender, and can make it difficult to obtain credit of any sort. This is because you are seen as a ‘risk’ to the lender, because in the past you have not always repaid debts as per the agreement you signed up to.

Even worse than that, when a mortgage company or other type of lender does reject your application, a ‘footprint’ is left on your credit file of the rejection. This can further damage your credit record, and make it even more difficult for you to obtain credit in the future. So what is the solution for people with a less than perfect credit history to deal with?

Well, it will please you to know that there are a small number of lenders who deal specifically with people who are suffering with a poor credit history. These lenders judge each application individually, and will make an offer based on that person’s individual circumstances, as long as they are confident that their financial situation has changed for the better.

As with any type of mortgage application, it’s crucial to understand all your finances to make sure you can really afford the repayments on the agreement. That’s why it’s so important to be up front and honest about your financial situation when you talk to one of Linear’s mortgage advisors. With their help, you can secure a competitive, affordable mortgage for your needs, as long as we fully understand your requirements and situation from the start.

Lenders for poor credit mortgages may want to know more about you than a typical lender requires, but that doesn’t mean you’re in any less of a chance of getting the mortgage you need. Often they are simply looking for evidence that supports the fact your finances have improved, and that you are in a good position to borrow money from them now.

At Linear, there are numerous advisors who are well versed in dealing with poor credit mortgages, so talk to us for bespoke, helpful advice that will really get you moving faster. Linear have had much success in securing competitive mortgage offers for clients with a poor credit history, and often these don’t take any longer to set up than a straightforward high street mortgage would.