Bad Credit Mortgages Edinburgh
Over the past few years many new mortgage lenders have entered the market and focused their attention on people that have had past credit problems and being refused mortgages by the high street lenders.
Here at Lothian Mortgage Services we help our clients find the best mortgage deal when they require a mortgage and have encountered credit problems. We aim to make it easier for you to find a lender prepared to lend when you have poor credit.
Expressions such as Low Credit Score, Default, Debt Management Plan , CCJ ,Default, Delinquent payments, Trust Deed late payment, missed payment and credit rating are all used to express poor credit.
Mortgages For Bad Credit
There are many reasons that you might struggle to obtain a mortgage. Often through life experiences such as separation, divorce, health or loss of business or employment.
However often it is not as bad as you think , at Lothian Mortgage Services we specialise in assisting our clients who have had past credit problems to buy their first home .obtain a mortgage whether you are a first time buyer existing home owner.
Your credit file has a great impact on your applications to lenders and we at Lothian Mortgage Services would advise you obtain a free copy of your credit file.
Main credit agencies used by the high street lenders:
- Call Credit
Bad Credit Mortgage Deposits
When you have had bad credit problems, most lenders will be cautious about issuing mortgages to you, so it is important to show the lender that you are financially stable at the moment. The larger your deposit the less risk it is to the lender and they are more likely to offer you a better rate.
Factors that can affect your application if you have defaulted on payments, after one or two years, dependent on the size of default it is possible to obtain mortgage funding. In these cases you will require a good deposit. If however it is more than three years since your default was registered you have a better chance to obtain a 95% Mortgage keeping in mind that your history since then has been improved.
Debt management plans and Trust Deeds will need to be settled for at least three years although there are new lenders coming available and this may change in the future.