Poor Credit – First Time Buyers

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They had been declined previously but we made the magic happen

Recently I’ve helped a number of first time buyers get mortgage offers. Some had previously been told by other advisors that a mortgage wouldn’t be possible for them because of a poor credit history. Some had also had previous applications declined. No doubt there are lots of people out there who are in a similar position that hold similar beliefs – that they wouldn’t able to get a mortgage due to defaults, missed payments, CCJ’s, bankruptcy etc that may have happened in the past. This is not necessarily true. We work with a number of lenders who specialise in bad credit mortgages. 

If your credit report is far from perfect then of course you would be right to assume that it does makes things more difficult. But there are often more options than you might think. Everyone’s circumstances are different. But as an example, I’ve helped clients get mortgages where applicant 1 had defaulted on a credit card last year. Also his partner had previously been declared bankrupt. They were absolutely convinced that they wouldn’t be able to get a mortgage. A few months later and they now own their own home. In another example case – applicant 1 had a number of historic defaults on credit cards, loans, and utilities. His partner also had a fairly poor credit score. It certainly did not look great. They’d had applications declined previously and been told it wouldn’t be possible. Yet they came to me and they now have a mortgage offer in place.

The key to mortgages for adverse credit clients is knowing the market place and then placing the case with the right lender in the right way.

What’s the first step?

IThe first thing I ask of any client with a poor credit history is to get an up to date copy of your credit report. A quick and free way of doing this is through a website called Noddle. However you can also use Equifax or Experian. They will show more detail which helps me to see things more clearly. Additionally there is a new service called Checkmyfile that shows the results of all the big credit agencies. All of those services will offer you free access to your credit report for 28 days.

If you have a poor credit history or have been declined a mortgage application in the past, I’m more than happy to have a chat to discuss your options and see if I can help you where others perhaps weren’t able to.

Get in touch with a copy of your credit report and I’ll see what options you have.

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