Is your credit file preventing you from getting a mortgage?

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At Buckingham James we’ve been surprised by the increasing number of clients who are totally unaware that they have acquired poor credit files. And sadly, this problem is growing.

In the process of helping clients with home mover or first time buyer mortgages, remortgages and secured loans, we’ve noticed that the root cause of increased poor credit is as a result of missing payments on credit and store cards.

The number of poor credit ratings has also increased due to missed payments on utilities and by taking mortgage payment holidays.

When you consider the wider economic uncertainty and upheaval people have experienced as a result of COVID-19, it all begins to make sense. What is of concern is that so many clients are simply not aware of the impact that missing or making late payments can have on their credit record.

A key part of our service during the process of helping clients to reach their financial goals is we make every effort to understand our clients current and past financial circumstances.

This includes gathering information on any accrued arrears or other negative aspects such as unsettled previous debts or missed payments that may restrict our clients from raising secured finance at a competitive rate.

Reaching a full understanding of this allows us to make recommendations based on the true picture of our client’s credit standing and affordability right from the outset. This means we can help save clients from wasting their time and energy trying to match their requirements with what may turn out to be an unsuitable lender.

Our carefully managed and sympathetic approach during the advisory process is proving invaluable, especially during these uncertain and troubling times.

If your credit file is presenting you with a challenge getting mortgage finance, we do work with lenders who are able to take a wider view and as long as your application is presented correctly, there’s a very good chance that we can place your mortgage.

Call Buckingham James so we can help ensure your application for secured finance has the best possible chance of being successful.

Buckingham James is your local mortgage and insurance broker based in Brentwood.

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