Finding A Mortgage When You Have Bad Credit


Often at times in our lives we hit troubles, and often those troubles are of the financial kind. Having a bad credit history is not necessarily something you meant to happen, and often arises though some event that you have had no control over, such as losing your job for example.

If you have a poor credit rating, and want to get a bad credit mortgage, then you will find it tough to get a lender to trust you enough to lend you what is normally a very large sum of money, after all people who have handled their finances poorly in the past are not usually the top of the list to offer a mortgage to.

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Thats not to say its impossible though, there are specialist lenders who deal in bad credit borrowers on a daily basis and make a business from lending money only to those who have suffered financial problems in the past that have affected their ability to get credit.

These lenders wont usually lend to those who have voluntarily avoided or delayed making repayments on their loans, these borrowers are usually a risk to far. However, if your situation was one of losing your job for example, which meant you could not meet your repayments for one or two months, then you will find these lenders will usually take that into account and will have a balanced view of the risk you pose.

Assuming you now have a job once more, and you are in a position to comfortably meet your repayments on a new mortgage, then these lenders will usually be open to the idea of lending to you.

The best lenders for you to use are those that have a local presence to you, use the internet to search for mortgage providers that deal with bad credit mortgages as a specialty and also that are somewhere nearby so that you can visit them in person to discuss your circumstances, why you have a bad credit rating, and why you feel you can meet the commitments of a new mortgage.

Being able to visit the lender, and talk to them face to face, gives you the opportunity to out across your side of the story without being immediately judged and rejected by a credit scoring computer, the specialist lenders dealing with bad credit loans and mortgages know every situation is different, and that just because your credit score is poor, it does not necessarily follow that you are a bad risk for them.

Go well prepared for you meeting with the lender, be honest with them, take bank statements and other financial information such as payslips etc to back up your argument, this way you will stand the best chance of landing the mortgage you need and taking the first step on the way to buying the home you desire.


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