Credit scores are one of the things lenders consider when assessing if you’re a good candidate for a mortgage loan. Any sign of bankruptcy or county court judgments in your financial history can impact your eligibility.
However, having a low credit score does not automatically mean a mortgage is out of reach. At Mortgage Lifetime Solutions, we will guide you in exploring your options for poor credit score mortgages in Croydon. With over 25 years of experience and an extensive network of loan providers, clients have trusted us to help them navigate the property market and secure the right loan.
How Poor Credit Scores Affect You
When applying for a mortgage with poor credit score, expect interest rates to be higher than ideal. Know that the rates are inversely related to your score. This means the higher your score is, the lower the rates will be.
Credit scores also affect your ability to get secured or unsecured loans. Taking out a secured loan requires you to put up collateral, which may include the property you’re planning to purchase. Unsecured loans, on the other hand, do not necessarily require collaterals, but may need a good credit standing.
We understand that certain events in life may cause your credit score to plummet. Although this can be discouraging for homebuyers, it’s never too late to turn things around and achieve your dream property.
There are lenders who specifically target buyers with poor credit scores, especially those who have undergone illness, divorce, and other life-changing experiences. Our team will help you discover the right deal for your needs.
