Bad Credit Mortgages in Essex

It is easy to talk to friends and family members who bought property in the early-mid 2000s and think that youbve just missed the boat. Lending was easier back then, and if you had good credit, or terrible credit, the chances were that you would be afforded the chance to acquire a mortgage. During the intervening years we have seen the economic crash and it has become gradually more difficult to acquire a mortgage if you donbt have a good credit history.

Before starting the process of an application for a mortgage with poor credit you should think about improving your credit score. There are a few ways in which you can repair your credit score. This can be as simple as contacting the credit agencies to ensure that any errors on your file are corrected, keeping your current debt to a minimum and starting to pay all of your bills on time. This process of repairing your credit score could take up to 12 months or more. In this time, it could be a struggle to get a mortgage, but it isnbt impossible.

As long as you have demonstrated that you have started to bring down your debt with regular payments and a good behaviour in terms of lending, we have contacts with lenders that are willing to give you a chance to continue proving your ability to pay off debt in a proactive and responsible way.

You should be aware that although there is a chance to acquire a bad credit mortgage, there will always be some conditions that you must adhere to. The first of these relates to the deposit linked to your mortgage application. In the past you could have bought a property with a down payment of 5%, but that has naturally become a higher percentage for all applicants, regardless of credit score. If you have bad credit be prepared to have a large deposit ready to put down.

The second factor to consider is that you might expect to pay a higher rate of interest on your mortgage than those individuals with a better, or good, credit score. It is with these considerations that you can decide on whether it is worth having these restrictions in order to acquire the mortgage you are dreaming of. If you do want to go ahead, Central Mortgages has a portfolio of lenders that can be of assistance.

If you are looking for a bad credit mortgage in Essex, youbve come to the right place. Central Mortgages has links to several lenders, allowing you to acquire a mortgage even if you have bad credit at this time. To find out more information, call us on 01277 630 183 and a member of our team will be happy to talk through your financial situation and work out the best route moving forward to secure an Essex mortgage with adverse credit. We look forward to helping you.