First Time Buyers With Poor Credit

We come across these issues every day

1. Default notices

2. IVAs

3. Rent arrears

4. Credit arrears

5. Payday loans

6. Bankruptcy

7. CCJ’s

8. A history of payday loans

    

Any one of these might affect your mortgage eligibility.

You as a first time buyer may find it difficult approaching a high street lender under these circumstances.

We provide a no jargon approach, and can often find a tailored solution for you.

This will depend on your credit status.

We can determine this for you once we have fully assessed your enquiry to us.

Yes, there are certain shared ownership. mortgage deals that will allow you to purchase your share of a property without the need for the normal 5% deposit.

email [email protected] for further info on this.

The honest answer is we really don’t know until we fully assess your enquiry.

There are many variables including:

The amount of deposit you have in relation to the value of the property you are interested in.

The recency of any adverse credit registered against you.

Whether you have been able to repay the poor marks on your credit file.

A mortgage in principle is also known as a Decision in Principle (DIP), Agreement in Principle (AIP) or mortgage promise. This is a statement from a lender saying that they’ll lend a certain amount to you before you’ve finalised the purchase of your home. 

With a mortgage in principle, you can show sellers and estate agents that it’s likely you’ll be accepted by the mortgage company once a full application has been submitted to the lender.

This could help you if they’re deciding between more than one buyer.

If you’re worried about your credit status, a mortgage in principle could give you an idea whether or not a lender thinks you may meet with their criteria.

It’s important to note, though, that it’s offered in principle when you make a formal application for the mortgage itself, the lender has the right to change the details of the deal, or they may decide not to grant you the loan (for example, if your financial circumstances have changed).

This decision is normally valid for up to 3 months with high street lenders or between 30-60 days applying to a niche lender if you have had poor payment credit issues.

All lenders will run a credit check when we submit for a decision in principle on your behalf. However most of them conduct a “soft search” credit check. Although this search will appear on your credit file it won’t have any detrimental effect on your existing credit score.

All lenders have their own individual built in affordability calculators.

this will take into account the amount of income you receive, examples being, basic wages, overtime, bonuses, car allowance, benefit income, maintenance income and then compare your income against your regular outgoings on loans, credit or store cards, hire purchase agreements, child care, maintenance payments etc.

We have access to every lender affordability model, so we can accurately assess day one the amount you are likely to be offered before any credit searches are carried out.

Feel free to call us on 0330438038

Alternatively email [email protected]  outlining your overall requirements.