Can a Mortgage Broker help borrowers with a poor credit history?

Adverse credit

In short, the answer is yes.

People looking for mortgages that have a poor credit history, or can only afford a small amount for their deposits generally find that it’s easier to deal with a mortgage broker than it is with a high street bank.

Most high street banks require a squeaky clean credit history or if not, then and a sizable deposit to minimise their perceived lending risk.

Whereas, mortgage brokers can source arrangements from a much wider range of lenders many of who can offer a more flexible approach when it comes to a poor credit history.

We have found through many years of experience that a favourable lending decision can come down to the way a borrowers’ case is presented.

High street banks are driven by stringent lending policies and principles which are set at head office level, whereas many of the lenders we deal with are able to apply local level decision making discretion and can act upon the delivery of a well presented case.

A well-presented case will detail the reasons behind a poor credit history or rating. Often it’s a result of circumstances beyond the borrowers control such as redundancy or illness causing a lapse in their repayments.

We have virtually unlimited access to the UK mortgage market, including lenders who specialise in offering poor credit history mortgages. This is just one of the reasons why over 70% of borrowers now prefer to use the services of a mortgage broker.

Reduce your stress over your credit situation and whether you able to secure a mortgage. We are able to work with lenders and find you the best deals to match your specific needs and circumstances.

Call us today to find out more.

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