I cant get a mortgage because of bad credit what can i do?

Discussion in 'Investing and Retirement Saving' started by Eduardo, Dec 15, 2015.

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  1. Eduardo

    Eduardo Newbie

    I've been looking to get onto the property ladder for a while now and have managed to save some money so I can put a down payment. The trouble is my credit is not so great and I'm afraid that the mortgage application wont pass because I have missed loan payments in the past. I've been improving my credit by making payments above and beyond the minimum payment before the money is due so I'm headed in the right direction. Does anyone have any experience of getting a mortgage with bad credit?
    Ammo_Ram likes this.
  2. Ammo_Ram

    Ammo_Ram Newbie

    There is a slim change you could get a mortgage if you have bad credit but you will get a mortgage on a very high rate. More and more people want to get onto the property market with interest rates really low at the moment. If you have a good credit history and you have made payments on time then you can really get a good deal and save lots of money. Many people ask how to get bad credit home mortgage loan and if you actively try to improve your credit score then finding the right property and getting yourself a house may be more realistic than you think.

    The first thing that you have to do is get a copy of your credit report to assess how bad the situation is. Once you have assessed the report you need to find ways that you can improve your credit score. By taking your time here and repairing some of the damage done you can really make a difference when you are applying for a bad credit mortgage loan.

    Many people believe that if they have adverse credit they are less likely to get a deal from the banks, this is not the case. What you will find out is that although it will be harder to get home loans for people with bad credit you will ultimately have to pay a higher interest for the deal. You might be thinking that this is not fair however because you pose a greater risk you need to pay an additional premium in terms of higher interest rate to mitigate your risk.

    To find the perfect home loans with bad credit you need to look around. Once you have taken some strides in repairing your history you need to use a comparison site to search the entire market to find the cheapest deal that is available. Go to all the big comparison sites and make sure you provide them with accurate data. Recently these comparison sites have dedicated a search for home loans with bad credit so that they can provide you with accurate results. Once you have found the best rate and company you need to secure it.

    Now what you have to do is put in an application for a poor credit home loan. Make sure you provide them with as much information as they require. Be as truthful and open as you possibly can and provide them with evidence of your employment and how you are taking strides to really clean up your act when it comes to credit scoring. Explain to the bank that you are applying to why you got into trouble and what you are doing to prevent this from happening again. If you can provide a compelling case that you can really keep up with the payments then more often than not the banks will accept your terms and you will get your first step on the property ladder.

    Overall many people are led to believe that these kinds of products are unavailable to them, this cannot be further from the truth. Ultimately you will have to pay a greater amount compared to those people who have better credit however the fact remains that with some hard work and patience you too can get into the property market.
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