Bad Credit Mortgage Preston

Expert Advice on Mortgages & More, working across Preston and wider areas of the UK.

Bad Credit Mortgage Preston

Are you looking to secure a bad credit mortgage? But don’t know where to start? GoMortgage specialises in helping clients in Preston with less-than-perfect credit histories find suitable mortgage solutions. We understand that financial setbacks can happen to anyone, and our goal is to provide you with the support and guidance needed to overcome these challenges and secure an adverse credit mortgage.

Our team has access to specialist lenders who help borrowers who have gone through previous financial difficulties. These are usually at a slightly higher interest rate, and you may have to provide a larger deposit or a greater amount of equity. 

However, a few high street lenders allow for a small amount of adverse credit, so we will always try them first. Having a copy of your up-to-date credit report is always helpful, so we can work out the best options for you. Don’t let CCJ’s and other negative marks on your credit report get you down, contact our friendly team today, and we can talk you through the bad credit mortgages available.

For more information, fill in our online contact form or to speak to a member of our team today, you can call us on 01253 935050 or email a member of our team: admin@gomortage.co.uk.

Bad Credit Mortgage

How Do Bad Credit Mortgages Work?

Securing a bad credit mortgage can seem daunting, but understanding how they work can help you navigate the process with more confidence. Here’s an overview of the key aspects of bad credit mortgages:

Eligibility: Bad credit mortgages, also known as adverse credit mortgages, are designed for borrowers who might be considered higher risk by traditional lenders due to their credit history. This includes individuals with past issues such as missed payments, defaults, bankruptcies, or CCJs (County Court Judgments).

Higher Interest Rates: Because lenders see these mortgages as higher risk, they often come with higher interest rates compared to standard mortgages. The increased rates help offset the risk associated with lending to borrowers who have experienced credit problems.

Limited Product Choice: Those applying for bad credit mortgages may find that their options are more limited in terms of the number of available products and providers. This is due to the specialised nature of these loans, which cater to individuals with adverse credit histories.

Varying Criteria: Each lender that offers bad credit mortgages has its own set of criteria and may weigh different aspects of your credit history. Some lenders might be more lenient than others, considering factors like your current financial situation, employment stability, and efforts to improve your credit score. As a result, the terms and conditions of these mortgages can vary significantly.

By working with a knowledgeable mortgage advisor like those at GoMortgage, you can better understand your eligibility and find a lender that suits your needs. Our team is here to help you explore your options and guide you through the process of securing a bad credit mortgage, ensuring you find the best possible terms for your situation.

Why Choose GoMortgage?

Navigating the mortgage market with a bad credit history can be challenging, but with GoMortgage, you have a dedicated partner who understands your unique needs. Here are six compelling reasons to choose GoMortgage for your bad credit mortgage advice in Preston:

Specialised Expertise: Our team of experienced advisors specialises in bad credit mortgages. We have a deep understanding of the challenges you face and the knowledge to guide you through the process. We use our expertise to find the best mortgage solutions tailored to your specific financial situation.

Personalised Service: At GoMortgage, we believe in providing a personalised service that addresses your unique circumstances. We take the time to understand your financial history and current situation, crafting a mortgage plan that fits your needs and helps you achieve your homeownership goals.

Access to Specialised Lenders: We have established relationships with a range of lenders who are willing to work with borrowers who have bad credit. These specialised lenders offer more flexible criteria, increasing your chances of approval and securing favourable terms.

Transparent and Honest Approach: Transparency and honesty are at the core of our service. We provide clear information about the terms and conditions of bad credit mortgages, including any higher interest rates or fees, ensuring you are fully informed and can make confident decisions.

Comprehensive Support: From the initial consultation to the final approval, GoMortgage offers comprehensive support throughout the mortgage process. We handle all the paperwork, negotiations, and communication with lenders, making the process as smooth and stress-free as possible.

Commitment to Customer Satisfaction: Our numerous 5-star reviews reflect our dedication to customer satisfaction. We strive to exceed your expectations by providing exceptional service, expert advice, and continuous support, ensuring you feel valued and supported every step of the way.

Choosing GoMortgage for your bad credit mortgage needs in Preston means partnering with a team that is committed to helping you succeed. We understand the difficulties that come with securing a mortgage with bad credit, and we are here to make the process easier and more accessible. Contact us today to start your journey toward homeownership with confidence.

Why Choose GoMortgage
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Frequently Asked Questions (Bad Credit Mortgage FAQ’s)

Q1: What is a bad credit mortgage? A: A bad credit mortgage, also known as an adverse credit mortgage, is a type of loan designed for individuals with poor credit histories. These mortgages are tailored to help those who have experienced financial difficulties, such as missed payments, defaults, or bankruptcies, to secure a home loan.

Q2: Can I get a bad credit mortgage if I have a history of bankruptcy? A: Yes, it is possible to get a bad credit mortgage even if you have a history of bankruptcy. While it may be more challenging, there are specialised lenders who consider applicants with previous bankruptcies. Your chances improve if you have a stable income, a larger deposit, and have taken steps to rebuild your credit.

Q3: How much deposit will I need for a bad credit mortgage? A: Typically, lenders require a larger deposit for bad credit mortgages compared to standard mortgages. While a standard mortgage might require a 5-10% deposit, a bad credit mortgage often requires a 15-30% deposit. The exact amount can vary based on the lender and your individual circumstances.

Q4: Will I pay higher interest rates on a bad credit mortgage? A: Yes, bad credit mortgages usually come with higher interest rates compared to standard mortgages. This is because lenders view borrowers with poor credit histories as higher risk. The higher interest rates help to offset this risk. However, by improving your credit score over time, you may be able to refinance to a lower rate in the future.

Q5: How can I improve my chances of getting approved for a bad credit mortgage? A: To improve your chances, save for a larger deposit, keep your financial documents accurate and up-to-date, and work on boosting your credit score by paying bills on time and reducing debt. Demonstrating stable employment and consistent income also helps. Consulting with a mortgage advisor specialising in bad credit can provide additional guidance and help you find the best lender.

Enquire About Bad Credit Mortgage Advice In Preston

If you would like to know more about bad credit mortgages in Preston or for information about our other services, contact us today. Our professional team are happy to answer any questions you may have and provide you with the best solution for your needs. Simply fill in our contact form, call us on 01253 935050 or email a member of our team: admin@gomortage.co.uk.

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