There are hundreds of subprime mortgage lenders around and even available online, which means you are able to quickly find a mortgage with a bad credit rating. Taking the time to get your finances right first will save you both time and money. You can even choose the loan term that best suits your budget. Start with high street lenders, and then expand your search if you need to go to a more bespoke lender. Usually in as little as a day, you can get your mortgage application started and be on your way to buying your new home.
Before Buying A House, Fix Your Finances
Before looking for your dream house, take some time and effort to get your finances in check. It won’t just give you a good idea of what mortgage you can actually afford, it will provide insight of how good or bad your credit is. Mortgage advisers
usually need information regarding your credit and if you have had any CCJ’s or Defaults to find the right bad credit mortgage lender
. So getting your credit information prepared is a good idea to speeding up the purchase of your home, by getting approved for your bad credit mortgage quicker.
Picking The Right Mortgage For You
The first thing to do is to get mortgage quotes from all of the high street lenders. Even without viewing your credit score and report, lenders can usually give you a rough idea of what interest rates and costs are going to be involved.
While you figure out the figures of your new mortgage with adverse credit you can also look at the different mortgage term options. For example, if you have a 30 year mortgage you will pay less each month but more interest over the length of the mortgage compared to a 20 year mortgage.
If you plan to pay your mortgage early, then you need to make sure you are aware of the ERC’s (Early Repayment Chargest) involved. These can occur even if you are selling your property.
Where To Find Bad Credit Mortgage Lenders
Starting your bad credit mortgage lender search online is a great idea, however starting it on the high street is even better. Even though the internet provides a larger variety of options, doesn’t mean it provides the cheapest or the best option. High street lenders will usually provide a cheaper mortgage for people with bad credit if they can. You can even look at high street mortgage lenders that specialise in working with people who have low credit.
Bad Credit Mortgage Lender