Can I Get a Mortgage With Bad/Adverse Credit in Nottingham?

Bad Credit Mortgage Advice in Nottingham

Many people argue that unsecured credit is too easy to come by and it’s not uncommon for clients to approach us for Specialist Mortgage Advice in Nottingham when they have a missed payments or have a low credit score.

Once you have missed payments, especially when it comes to mobile phone providers, you may end up with a default attached to your credit report. This has quite a bad effect on your future ability to obtain a mortgage because it can indicate that you represent a higher risk.

Just because you have missed payments or have a default it doesn’t necessarily mean you can’t get a mortgage but it’s likely that you’ll need some specialist help because it is fairly likely you will be turned down for a mortgage by a High Street Bank who may be risk-averse, especially if you only have a smaller deposit for example.

Specialist Lenders will want to know the date the default was registered against you and the longer ago it was, the more likely it is that we’ll be able to help you, particularly if it was down to a lifetime event such as separation, ill health or redundancy. People do make mistakes when they are young sometimes and it can feel that these financial mistakes come back to haunt you.

We may also be able to help if you have had historic mortgage arrears or a County Court Judgement.

Bad Credit Mortgage FAQs

Below are some helpful answers to frequently asked questions regarding Bad Credit mortgages in Nottingham & Surrounding Areas.

What will my mortgage advisor in Nottingham need to see?

Whatever the credit problem you have had in the past we are going to need to see an up-to-date copy of your credit report which you can usually obtain for free online.

It’s important that you obtain your credit report prior to applying for a mortgage if you have any doubts about your credit history because multiple credit searches can further damage your credit rating.

I have good income, but bad credit. Can I still get a mortgage?

The answer to this is very dependant on circumstances. Some customers find themselves a little confused by their credit. It may look bad, they may have had issues, but they have a solid income & enough deposit to reduce a rate and get a good mortgage. So why won’t the lender allow them to borrow the amount they’d like or anything at all? Well, that’s all down to risk.

The lender needs to be confident that you can pay back your mortgage payments without a likelihood of any arrears occuring. In the event of these arrears, the lender may need to repossess the home, which is something they absolutely want to avoid. Though it might sound complex, there are still options for people looking to get a mortgage with bad credit, albeit with slightly higher rates. Getting in touch with a Specialist mortgage advisor in Nottingham will be a beneficial next step to you finding a potential mortgage.

I’ve had mortgage problems before. Will that stop me getting a mortgage?

Sometimes, for reasons completely out of your control, you may find yourself in trouble financially and unable to keep up the mortgage payments you previously had the ability to pay with ease. These circumstances are unfortunate and whilst it could be a momentary blip that you are able to pay back not too long after, the damage is done and it will be on your record as a missed payment.

There may be other credit issues too that you’ve encountered during this time, and when it comes to getting a Remortgage, or a new mortgage after Moving Home in Nottingham, you may find yourself struggling. As mentioned above, this always comes down to risk. Can the lender trust you? Will you do this again?

Luckily, as providers of Specialist Mortgage Advice in Nottingham, we have had lots of experience in helping customers who previously had a mortgage and have since ended up with Bad Credit. If this explains your situation, then speaking with a dedicated mortgage broker in Nottingham will be crucial to finding future mortgage success.

What other types of adverse problems are customers faced with?

Customers may find themselves with an array of different adverse problems regarding their credit, all of which can negatively affect the mortgage process. These issues vary from, but are not limited to;

• Missed Mortgage Payments
• Credit Card or Loan Defaults
• County Court Judgements (CCJ’s)
• Bankruptcy

Whilst these are all awful situations to find yourself in, it’s not the end of the world. The process may be longer, it may be harder and you may end up on a higher rate, but there are bespoke lenders out there, some of which we have on panel, who will accept you depending on the circumstances.

To increase your chances of success and open yourself up to better rates, you should really focus on improving your credit score. We have a handy guide we’ve written on How to Improve Your Credit Score, which will hopefully put you in a better place for obtaining a mortgage in the future.

Get in Touch for Bad Credit Mortgage Advice

If you are in need of some expert mortgage advice in Nottingham regarding a Bad or Adverse Credit situation, then Get in Touch with our responsive and experienced team of mortgage advisors here at Nottinghammoneyman. We’ll use our accrued twenty plus years worth of knowledge to our advantage, working extra hard to try and ensure we have a clear and concise plan of action for your credit score and hopefully, if all goes right, an eventual mortgage for you.