How to Secure Competitive First Time Buyer Mortgage Rates
Applying for a mortgage with bad credit issues can be extremely stressful. However, it doesn't mean to say you won't find a competitive mortgage!
The best option is to work with an independent broker who can advise which lenders will consider your application. As bad credit experts, mortgage advisors also assesses your credit score, can advise on strengthening your application, and recommend mortgage products that are best suited to your circumstances.
For help with your bad credit mortgage, give us a ring on 0330 304 3040, or drop a message to [email protected].
How Can a Bad Credit Broker Help me Get a Mortgage?
The key is to apply to the right lender - and depending on what credit issues you have, this might need to be a precise search.
From there, we identify the right mortgage provider. That means analysing their criteria, evaluating the rates on offer, and knowing which banks will automatically reject an adverse credit applicant.
Once we are happy that we've found the best deal, we work with you to put together an application for an agreement in principle. This outlines what the lender will offer and can be based on indicative information if you haven't found the right property yet.
Then it's a case of deciding what home you'd like to buy. An agreement in principle is a powerful negotiating tool since it shows that you are ready to proceed when a price is agreed. It can also offset any apprehension about moving forward with a sale if any credit checks are run.
You'll need to appoint a solicitor unless it is a remortgage application too. The property must be valued, although in most cases, the lender will organise this. You can choose to have a further valuation or full structural survey carried out if you wish.
When everything is complete, the lender provides a full mortgage offer, provided the valuation is as expected. You will then need to provide your documentation proving your income and ID, for example, and instruct the solicitors to proceed with the purchase paperwork.
The final step is exchanging contracts, collecting signatures and signing - at which stage the property transaction is completed.
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2023-05-09 
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