Having a poor credit score is not the end of the world when it comes to getting a mortgage loan. Although we at Mortgage & Lifetime Solutions understand the challenges this involves, particularly if you have bankruptcy, individual voluntary arrangements, or county court judgments in your history.
But don’t worry, when it comes to all things mortgage and the property market, ours is a trusted name. With over 25 years of experience and a reliable network of loan providers, we can help you explore your options for poor credit score mortgages in Bromley.
What having poor credit score means for you
When considering getting a mortgage with poor credit score, the first thing you’ll have to understand is that the interest rates may be higher than ideal. The rates are basically inversely related to your score – the higher your score is, the lower the rates will be. This is because lenders tend to use historical data as basis for future behaviour.
There’s also the matter of getting secured or unsecured loans. Getting a secured loan means you’ll have to put up collateral. The property you’re purchasing might be used in this case. Unsecured loans, on the other hand, don’t need collaterals, but usually require having a good credit standing.
There are lenders that cater specifically to people with poor credit scores, especially those who have experienced life challenges like illness, divorce, and others.