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Bad Credit Mortgage Advice in Leeds

If you have bad credit in Leeds, it still may be possible to get a mortgage. Discover your borrowing potential and move closer to securing your dream home.

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Getting a mortgage with bad credit in Leeds?

It’s important to know that many clients present some level of adverse credit on their credit report. The great news is, as a mortgage broker in Leeds, we are usually able to help most applicants secure a mortgage despite having bad credit in Leeds. Here are some of the things that we can usually help with:

  • Adverse credit asset acquisitions.
  • Remortgaging options for poor credit.
  • Complex circumstances?
  • Mortgage solutions for individuals over 60.
  • Bad credit mortgages for self employed persons.

By conducting a search through high street and specialist mortgage lenders, we can try and find you a bad credit mortgage product in Leeds. Each lender has extensive lending conditions aimed at assisting clients with poor credit to secure mortgages, we are here to help you find the perfect product for your specific circumstances.

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Bad Credit Mortgage Advice in Leeds

How to get a mortgage with bad credit in Leeds?

Getting a mortgage with bad credit in Leeds can be difficult, but not impossible.

What applicants with bad credit usually don’t consider is the detrimental effect getting declined for a mortgage can have. When applying for a mortgage, if you are declined, it could leave a negative mark on your credit file which can lower your chances further of getting a mortgage in some cases.

As a mortgage broker in Leeds, we can provide our help you find a mortgage product suitable to your specific circumstances, making sure that you are not applying for a product where you will be declined.

Acquiring mortgages with poor credit is a complex process. It’s not simply about finding the most cost-effective interest rate and applying there and then, you have to meet specific criteria.

Types of bad credit mortgages in Leeds

Some variants of bad credit mortgages in Leeds can be found in the form of County Court Judgments (CCJs), Debt Management Plans (DMPs), defaults, instances of missed or delayed payments, Individual Voluntary Agreements (IVAs), and even bankruptcy.

If you are looking for a bad credit mortgage in Leeds with one of these in your name, it is important to speak with a specialist mortgage advisor in Leeds.

Using a mortgage broker in Leeds could be what you need to find a specialist product tailored to your circumstances.

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Popular FAQs for Bad Credit Mortgages in Leeds

How much deposit do I need for a mortgage in Leeds with bad credit?

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For a mortgage with bad credit in Leeds, usually a minimum deposit of 10% is required. This deposit can originate from your savings or could even be a gifted deposit from your family.

Like every other type of mortgage, a larger deposit often translates into a better interest rate deal. All mortgage deals, bad credit included, fall into certain categories. Each category has its unique interest rate which is decided based on the perceived risk to the loaner.

For instance, the interest rate will be comparatively higher for a mortgage of 95% loan to value ratio compared to a mortgage of 75%. This is because the lender is assuming more risk in the former scenario.

If your credit problems are substantial, unresolved, and recent, the mortgage lender may ask for a higher deposit than 10%.

Does the type of bad credit affect getting a mortgage in Leeds?

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In terms of bad credit mortgages in Leeds, many variables such as the nature, date, and amount of your credit problem and whether it has been resolved or not affect your chances of getting a mortgage. Generally, the older and smaller the credit issue, the less likely you are to get a mortgage.

For example, if you have bad credit due to a CCJ that was issues over 5 years ago, your chances of getting a mortgage will have improved compared to when the CCJ was issued.

What types of bad credit can we normally help with?

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Different types of adverse credit that can be considered for a mortgage include:

– County Court Judgements (CCJs)
– Debt Management Plans (DMPs)
– Missed or late payments
– Defaults on previous loans
– Individual Voluntary Arrangements (IVAs)
– Past bankruptcies
– A low or poor credit rating
– Substantial personal debts from loans and credit cards

Mortgage lenders will be looking at when the credit problem was issued in your name, the extent of it and the reasons behind it.

When it comes to bad credit mortgages in Leeds, the process isn’t as simple as finding the lowest rate online, it’s about finding a product that fits your bad credit mortgage situation.

Can I get a mortgage with bad credit in Leeds if I'm over 50?

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Indeed, a wide range of mortgage options are now accessible for the over 50s in Leeds, even when you have bad credit.

No matter your aim, whether it’s to acquire a new real estate property, revise your existing mortgage, raise capital, or handle a more challenging situation, our dedicated team specialising in later life financial matters are available to answer your questions 7 days a week.

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Our Simple 4-Step Process

Free Mortgage Appointment

Step 1

When attending your free mortgage appointment in Leeds, it's necessary to mention specifics regarding your earnings and outgoings to evaluate your financial capability.

You will also need to tell us about any credit problems you currently have or have had in the past. These are likely to show on your credit file, but it's better to tell us from the start.

Finding a Suitable Product

Step 2

Despite the limitations that bad credit may pose, our aim is to search through 1000s of deals to locate the perfect deal for your situation.

Whilst we do this we can also secure an Agreement in Principle (AIP) for you. This document is important when making an offer on any properties as it shows that you have been pre-approved with the mortgage lender.

Preparing Your Mortgage Application

Step 3

If you are happy with the mortgage product we have picked out for you, we can begin advancing to the mortgage application stage of the process.

From this point, you will be paired with one of our case managers who will be right by your side through the remainder of your journey. They will make sure that you have all of the correct documentation attached to your application before sending it off.

Reviewing Your Insurance Options

Step 4

After you have sent off your mortgage application, all that is left to do is to await the good news from the mortgage lender.

Here your mortgage advisor in Leeds will also recommend insurances to ensure financial protection for you and your loved ones in a situation where you pass away or are unable to work. You do not have to take out insurance alongside your mortgage, but we always recommend it.

Reasons to Choose Us

Free Appointment in Leeds

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Getting bad credit mortgage advice in Leeds has never been easier!

Every customer can benefit from a free mortgage appointment by simply booking online or giving our team a call. We would love to try and help you get a mortgage in your bad credit situation.

Search 1000s of products

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As a mortgage broker in Leeds, we hold strong relationships with a variety of mortgage lenders, all of whom have 1000s of mortgage products on their panel.

We aim to find the most suitable bad credit mortgage solution tailored perfectly to the personal and financial situation.

Our Service

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As a responsive and experienced mortgage broker in Leeds, we're dedicated to assisting you every step of the way through your mortgage journey by offering clear and transparent mortgage advice.

Get in touch with us and schedule your free mortgage appointment with a bad credit mortgage advisor in Leeds.

7 Days a Week

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Our team are available 7 days a week to make sure that you are able to contact us at a time that best suits you.

We know that everyone is busy, so we've tried to make sure that we available outside of working hours. This also includes most bank holidays.

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Bad Credit Mortgage Scenarios in Leeds

Can I get a debt consolidation mortgage in Leeds with bad credit?

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In evaluating your application for a bad credit debt consolidation mortgage in Leeds, elements such as your single or combined income, expenditures, age, credit rating, job role, and personal circumstances will all be taken into consideration.

Typically, your chances of obtaining a bad credit debt consolidation loan increase with the more available equity you possess. Furthermore, the further away the bad credit was issued can aid your cause significantly.

It’s crucial to obtain expert guidance from a mortgage advisor in Leeds, as consolidating debt with bad credit is a huge financial decision. Consolidating unsecured loans and tying them to your home opens up the possibility of your property being repossessed by the lender if repayments aren’t maintained.

Can I get a mortgage in Leeds with a county court judgement (CCJ)?

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Indeed, obtaining a mortgage with a county court judgement (CCJ) is possible, though it might involve a slightly more complex process.

Your CCJ status could range from satisfied to part-satisfied, unresolved, set aside, or even expired – and in all scenarios, there exist mortgage options specifically designed for those with a bad credit CCJ.

In some cases, a larger deposit could boost the likelihood of your mortgage application being approved.

As your mortgage broker in Leeds, we can guide you effectively through the options available for CCJ mortgages, offering tailored recommendations based on your unique situation.

Can I get a mortgage in Leeds with missed/late payments?

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In most cases, yes it can be possible to get a mortgage in Leeds with missed or late payments. However, there are some situations where this may not be possible.

With this in consideration, here is what you need to look for if you have missed a payment:

1. Identify the nature of the missed payment – for instance, was it a mobile phone bill or a missed mortgage repayment?

2. Ascertain the magnitude of the missed payment – did it amount to £1,000 or was it merely £10?

3. Narrow down the timeline of when the payment default occurred – was it a recent offence from the previous month or has it been half a decade?

4. Establish whether you have since compensated for the missed payment or if it continues to remain unpaid?

5. Understand the circumstances that led to the missed payment – was it an honest mistake quickly resolved or was the original payment simply unaffordable?

If you have any questions regarding missed payments and getting a mortgage with bad credit in Leeds, get in touch with our team today.

Can I get a mortgage with a default in Leeds?

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Indeed, acquiring a mortgage with a poor credit history and defaults on your credit record is feasible, but it increases the complexity of the approval process.

There are two types of defaults: settled, meaning the debt has been fully paid, or unsettled, denoting that the debt is still outstanding.

If you have a large amount of unsettled debt, your chances of getting a mortgage will be significantly reduced. Vice versa, if you unsettled debt, you may still have bad credit, however, you have repaid your debt and your chances of getting a mortgage in Leeds may be improved.

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Leedsmoneyman.com & Leedsmoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.

UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.

Authorised and Regulated by the Financial Conduct Authority.

We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk

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