It’s possible to obtain a mortgage in West Bromwich even if you have a poor credit history by utiliiing specialised lenders who offer products tailored for buyers in this situation. However, it’s important to note that these products usually require a higher deposit than a standard mortgage. While a 5% deposit is common, those with bad credit may need to put down 10%-15%.
If you require assistance in obtaining a bad credit mortgage in West Bromwich, our team is available to support you. We can address your concerns and refer you to a specialist advisor located in your area.
As a mortgage broker in West Bromwich, we have assisted clients in obtaining second or multiple mortgages for various purposes, such as buy to lets, let to buys, holiday lets, and more.
Securing an additional mortgage typically requires a substantial deposit, a strong credit score, and the financial capacity to make two significant mortgage payments. However, in the case of let to buy or buy to let mortgages in Lichfield, having a tenant can cover the second set of payments.
We strongly recommend seeking advice from a trustworthy mortgage advisor in West Bromwich to evaluate your eligibility before applying for another mortgage. Our experienced team, with over 20 years of industry knowledge, is ready to guide you through the entire mortgage process.
When you book a free mortgage consultation with us, you can expect to spend approximately 30 minutes to an hour speaking with one of our knowledgeable mortgage advisors based in West Bromwich.
During the consultation, your advisor will ask a range of questions about your financial and personal circumstances to gain a thorough understanding of your goals. This will enable us to identify the most suitable mortgage products that are accessible to you.
After your appointment, your assigned mortgage advisor in West Bromwich will review your information and conduct a thorough search to find the most appropriate mortgage product that fits your specific situation.
As a mortgage broker in West Bromwich, our aim is to offer you comprehensive assistance and advice throughout the entire mortgage process. Our services go beyond simply finding a mortgage deal; we strive to identify a mortgage product that fits your unique financial and personal circumstances.
Additionally, we will assist you in preparing your mortgage application to make the best possible impression on your lender. We will ensure that all essential documentation is in order to support your income and affordability, giving you the best possible chance of success.
Before beginning your property search in West Bromwich, we recommend obtaining an Agreement in Principle (AIP). As a mortgage broker in West Bromwich, we can generally produce this document within 24 hours of your mortgage consultation.
An AIP is a useful document that indicates your financial capacity to afford a mortgage, subject to you providing evidence to support your income, credit history, and other relevant factors. Additionally, an AIP may help you negotiate with the seller and potentially reduce their asking price.
When looking for a mortgage in West Bromwich, it’s important to keep in mind that many lenders typically ask for a minimum deposit of 5% of the property’s value. However, your credit score may necessitate a higher deposit of 10% to 15% or more, depending on the price of the property you’re purchasing.