Helping first time buyers in Manchester
We help people with all circumstances, whether you have good credit score or poor. This blog is to give you a guideline if you currently have a poor score.
First, seek whole of market mortgage advice. You may feel that having adverse credit in the past makes it impossible in getting a mortgage. It may not be. It all depends on the severity of adverse and the date it is registered. Mortgage lenders are lenient with historic adverse. Contact us, it’s important to choose the right lender based on your circumstances.
Second, you will need to check your credit file immediately with Experian or Equifax. Most mortgage lenders use Experian or Equifax as their credit reference agency. Tackle the problem and don’t be frightened in knowing what you have registered on your file.
Third, have an action plan in improving your score. This is where we help. We have been in contact with clients from a year ago trying to build credit files and now they are applying for mortgage. If you leave your credit file on a low score, you will struggle to apply for a mortgage with adverse credit. The simple answer is that if you have a good credit score, this could outweigh your historic adverse, providing you opt the right mortgage lender.
Note: Mortgage lenders have their own internal credit scoring systems and don’t always use credit scores from Experian or Equifax. Nevertheless make sure you are in the best position to apply, and give yourself every opportunity to pass the score.
Tip: Reduce the number of credit searches as it leaves hard footprints on your credit file.
Tip two: Do not miss mortgage payments or rent payments
Tip three: Do not take out Payday loans to improve score.
Benefits: Potentially better monthly payments and lower set up fees.