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3 Questions Answered About Bad Credit Mortgages
Release Date:
2017-10-27
Description:
 
Credit Mortgages

Getting a mortgage is tough at the best of times. When you have credit issues, it can be more of a problem. But it doesn’t have to be impossible. In fact, thousands of people with bad credit get mortgages every year. You just need to know how to apply and what you can do to make your prospects as positive as possible. Find out more about applying for a mortgage with a poor credit history, and what you can do to succeed.
  1. Can I Get a Mortgage When My Credit is Bad?
Some credit issues are more important than others when it comes to assessing eligibility for a mortgage loan. And timing matters too, along with the amount of money involved. your circumstances will affect whether you can get a mortgage. It is a good idea to do your own credit checks to find out what your credit score is with the main agencies. It is also a good idea to get advice on a bad credit mortgage from a specialist.
  1. How Bad Is Missing a Payment?
Lenders look not just at the credit rating but also the circumstances of your credit history. Which makes some circumstances more important than others. For example, a County Court Judgement will be judged in a different way to a missed utility payment. It is not a good idea to miss payments on your debts or on your bills since these can be recorded on your credit file. Missing a mortgage payment is considered a more serious form of default than others and even missing just one payment may result in lenders unwilling to offer a mortgage deal. It is also important how many payments you miss, since missing one gas payment will be looked on more favourably than missing an entire six months of payments. If you have had problems paying bills on time in the past then you can rebuild your credit score by making payments consistently on time for up to two years or more.
  1. Can I Get a Mortgage with an IVA?
If you are under a debt management plan this can help to pull you out of a debt black hole. Or you can get an individual voluntary agreement that will allow you to make payments over a period of five or six years. These can be a good way to clear debt over the long term but they are recorded as defaults on your credit record. Usually you will need to have fully completed the payment plan and then made payments regularly on time for at least three years before lenders will consider a mortgage deal after an IVA.

AS A MORTGAGE IS SECURED AGAINST YOUR HOME OR PROPERTY, IT COULD BE REPOSSESSED IF YOU DO NOT KEEP UP THE MORTGAGE REPAYMENTS.
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