GREAT SERVICE FOR ALL
Bad credit shouldn’t mean bad service
If you have current or past credit issues it can often feel like your options are limited. The remortgage and loan rates advertised online all sound great but dig into the small print and it quickly becomes clear that you need to have a squeaky-clean credit history to be in with a chance of approval.
So if bad credit is a problem what do you do next? At Tailored Money we put the advertising headlines to one side and operate in a different way. Our no-hassle approach gives you a quick answer on eligibility and clearly sets out the terms of any remortgage deal that we find on your behalf.
We work with you on an individual basis – assessing your case carefully and giving you quick and honest feedback on your likelihood of securing a good remortgage deal. In the interests of saving you time, we do all of this before making you go through the process of a formal remortgage application.
If we think we can help then the next step is to assign a specialist mortgage broker to work on your behalf. In all cases your broker will be friendly, professional and highly experienced in working on cases just like yours where bad credit is an issue.
Of course it would be misleading to guarantee remortgage acceptance in every single case, no company can do that. What we can guarantee is that we’ll take the time to understand your unique circumstances and work hard to find a solution that fits for you. If you have adverse credit, it is unlikely that you will be accepted for a remortgage from a mainstream or high street bank. This means exploring the option of a specialist lender, who specialises in obtaining mortgages for people with poor credit ratings. Here at Tailored Money, we have secure remortgage deals for customers with previous credit issues, including:
No Credit History
The first step taken by mortgage lenders is to review your credit score and credit history. This is done by analysing entities such as a credit card or a current mortgage. Although you may think you have no credit history, you can boost your credibility as a borrower with evidence of essential payments, such as phone bills, store credit cards, loans and rent. At Tailored Money, we have helped many customers obtain a remortgage, despite having little or no credit history.
Low Credit Score/Bad Credit
Firstly, there is no such thing as a bad credit remortgage. Bad credit is a description of a person or a company’s predicted inability to repay a debt on time and in full. It is based on the individual or company’s past history of paying off debt and related personal finance factors. To help boost your credit score in the short term, ensure that you are on the electoral role, and close down any credit accounts you no longer use. At Tailored Money, we have helped clients achieve a remortgage with previous credit issues such as late payments or going beyond their credit limit. Applying to various lenders will have a further adverse affect on your credit, so we recommend speaking to a Tailored Money Mortgage Advisor who specialises in remortgaging for those with poor credit.
Late/Missed Mortgage Payments
When applying for a remortgage, the lender will carefully study your accounts, with emphasis on how you have managed your existing mortgage payments. Using this information, alongside data such as your income and occupation, they will make a judgement on how likely you are to keep up with your mortgage payments. Unsecured arrears shouldn’t pose too much of a problem when applying for a remortgage, provided these arrears did not happen recently or on a recurring instance. When someone has neglected to pay their mortgage in the past, it indicates a real issue in the borrower’s ability to repay. Some lenders can be lenient if the instances of arrears are historical, and a reasonable explanation has been given to explain them. There are various scenarios where equity within your existing property could be used to alleviate your financial position, and make your monthly economic situation more comfortable. Whilst it can be challenging missing mortgage payments, we will work to find a solution for you, through our experienced team.
It is possible to remortgage after a previous repossession, however, you must have demonstrated good credit conduct since the repossession. There are a number of factors that will impact your application:
- The recentness of the repossession
- The size and number of repossessions
- The reason for the repossession
- Your credit conduct since the repossession
At Tailored Money, we have helped customers attain a remortgage despite a previous repossession.
Once you have been discharged from bankruptcy, it is possible to remortgage, however, you may need to borrow from a specialist lender. If it is less than 6 years since you went bankrupt, your credit rating will still be poor. The amount you will be able to borrow depends on the timescale since your bankruptcy. At Tailored Money, we have a strong reputation for helping our customers remortgage, despite a previous bankruptcy.
And it’s not just mortgages and remortgages we deal with – we also help customers secure homeowner, business and bridging loans when bad credit has stopped them from being accepted elsewhere. Take the first step towards approval today by completing our ultra-quick online application form.
But one last thing: what about the small print? Well we think that’s important too which is why we talk about it on the main sections of our website and not hidden away in tiny font in the footer of the page.
As you may already know, your home may be repossessed if you do not keep up repayments on a mortgage or on any other debt associated with it. That’s clearly a fate we all want to avoid so it’s vital to take the time to fully understand the terms of any agreement you enter into and feel confident that it’s affordable for your circumstances. Your assigned mortgage broker will help select a product that meets your needs but never be afraid to ask questions and probe further.
Financial agreements usually have many pages of terms and conditions and whilst they don’t exactly make exhilarating reading it’s so important have a good grasp of the contract you are entering into. We are here to help so if there is anything you are not sure about at any point in the process, please just ask.
Looking for more information? Click here to read our general terms, conditions and policy for treating customers fairly.
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