....and why you need to be very careful when
making an enquiry
In
the past few years an increasing number of mortgage brokers
and lenders have started specialising in bad credit (aka "adverse
credit") cases.
This
is simply because there's good money to be made from the higher
interest charges that people with a bad credit record have
to pay for their mortgage.
More
recently the "normal" well known high street type
lenders have started to get involved in this area. This might
be because many more of us have developed bad credit ratings
- thanks to the explosion in the UK's lending culture. It's
almost certainly because the banks are under pressure to produce
ever higher profits.
So
you could go to your existing bank and ask them about any
such mortgage packages they might do.
However you must be very careful when making
any enquiry to a bank or mortgage lender.
Lenders
will often take your enquiry as a "mini application".
They will do a quick credit search on you before answering
you - even while you're on the phone.
The
problem with this is that their check will be seen
by other lenders who you should also be approaching (you
should always shop around and get three quoteswhen
getting any type of financial product).
Lenders
- including your own bank - will often assume that an enquiry
to a rival means you were turned down - and not that you are
in fact carefully shopping around and rejecting the bad deals.
What
to do?
Well
the best way around this significant problem is to ask an
independentspecialist
bad credit mortgage adviser.
They will know immediately which currently available deals
are best for you. They will also know how likely you are to
be accepted by the lender. So you will be able to avoid
the rejection spiral.
The
best way to find this type of professional is by word of mouth
recommendation. If you can't find
one in this way, we can link you with an independent, regulated
one we know. This is a free service and there is no obligation
at all to proceed with any deals suggested by them. Click
here if you want this now.
Whatever
you decide to do, just make sure that you shop around
as there's a big market out there.
Don't
just take the first offer you get.
Bad
credit concerns? Simply ask a bad credit mortgage
expert.
It's free and completely confidential.
Simply fill out the form below
