Getting Mortgage Advice in Taunton with Bad Credit
Having a poor credit history does not automatically disqualify you from getting a mortgage in Taunton. While high street banks apply strict credit criteria, there is a growing market of specialist lenders who consider applications from borrowers with county court judgements, defaults, missed payments, or even previous bankruptcy. The key is working with an independent mortgage advisor in Somerset who has experience of adverse credit cases.
What Counts as Bad Credit for a Mortgage?
Credit issues that affect mortgage applications in Taunton include: county court judgements (CCJs); mortgage or loan defaults; missed or late payments on credit cards, loans, or utilities; debt management plans; individual voluntary arrangements (IVAs); and previous bankruptcy. The severity, recency, and amount of each issue determines how much it affects your mortgage options. A specialist advisor will assess your full credit profile before recommending lenders.
Which Lenders Accept Adverse Credit in Somerset?
High street lenders in Taunton such as high street banks typically decline applications with recent adverse credit. However, specialist mortgage lenders and building societies have more flexible criteria and will consider applications case by case. Some will accept CCJs if they are over two years old or below a certain value. An independent mortgage broker in Taunton will know which lenders are most likely to consider your specific credit history.
How to Improve Your Chances of Getting a Mortgage with Bad Credit
Steps that improve your mortgage prospects in Taunton include: checking your credit report for errors and having them corrected; ensuring you are on the electoral register; avoiding new credit applications in the six months before your mortgage application; saving the largest deposit possible; and working with a specialist mortgage broker rather than applying to lenders directly.