Adverse Credit

MORTGAGE

Advice

Our expert team can assist you in finding the perfect Mortgage. We conduct a whole of market search to match you with the perfect lender.

Adverse Credit Mortgage Brokers

There are many forms of adverse credit, ranging from accidental missed payments, through to arrears, defaults, and county court judgements.

Typically, it is about getting a good grasp on why these issues occurred, which could be due to a life event or oversight.  By understanding the issue, it helps in placing the mortgage correctly.

Pinnacle are highly experienced brokers in dealing with adverse credit cases and have a proven track record of securing our clients mortgages with bad credit.

Am I able to get a mortgage with bad credit?

Whilst having bad credit does affect your chances, yes, it is possible to get a mortgage with a bad credit history.  However, the available options will likely be limited, but we are able to search the whole market to find you the best deal.

When applying for credit, no matter what type, there will always be a credit check run against you. Some of your credit history will carry more than others and affect your application depending on the amount you are looking to borrow, and the period elapsed since the mark has been on your credit file.  The type of credit marker will be crucial.

With bad credit, the vast majority of high street banks will refuse to give you a mortgage, whilst building societies can often prove more flexible. Fortunately, Pinnacle have access to the whole of the market and can help approach the right lender for you.

Mortgage Broker Essex

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If I have a CCJ, can I get a Mortgage?

With regards to a CCJ there are two things to consider.  Firstly, is the CCJ settled or unsettled?  Secondly, when did the incident occur?  Depending on the answers will dictate where you would fit in a lender’s criterion.  Depending on acceptance you would still need to meet the product criteria, such as minimum deposit level and/or minimum property value.

What are the pros and cons of buying a house in bad credit?

Whilst it is possible for you to secure a mortgage with adverse credit history, there is always the option of trying to improve your credit score first which will help increase your chances of being accepted for a mortgage at a more preferential rate. Here are some pros and cons to getting a mortgage with adverse credit:

Pros:

Choice – There is greater choice to individuals with poor credit with over 1,600 mortgage deals making options more competitive than ever.

Homeowner – You will be a homeowner much sooner if you take a mortgage out on bad credit instead of waiting to improve your credit.  This could have a positive impact on equity gained.

Cons:

Higher rates – You will most likely need to pay a higher interest rate on your mortgage with a poor credit history, resulting in higher monthly payments.

Larger deposit: Unlike with a normal mortgage your deposit will likely need to be much higher than the average deposit, typically 10-15%.

How can Pinnacle help you?

We know it can feel exasperating trying to obtain a mortgage with poor credit, especially when the incident(s) in question are historic.   Here at Pinnacle we are able to help you secure a mortgage for your new home, whilst giving you helpful advice every step of the way. Reach out to today and speak to one of our friendly mortgage brokers who will guide you through the process from start, to completion, and beyond.