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Bad Credit Mortgage Advice in Sheffield

If you have bad credit in Sheffield, it may still be possible to get a mortgage.

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Getting a mortgage with bad credit in Sheffield?

If you have bad credit and are looking to take out a mortgage, you may face hurdles that could make the process a little more complicated. Having bad credit does not stop you from getting a mortgage, in fact, we have managed to help many applicants secure a mortgage with bad credit in Sheffield.

Whether you are looking to purchase your first home, move property, remortgage or release equity to raise funds for another purchase, we could have a solution for you that allows you to begin your mortgage journey.

We have over 20 years of experience helping bad credit mortgage applicants; there is rarely a situation that we have not come across before!

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Bad Credit Mortgage Advice in Sheffield

How to get a mortgage with bad credit in Sheffield?

Before getting the help that they need, we have seen that some customers are tempted to apply for a mortgage online or through a bank or building society. Unfortunately, there is a risk that the product you are applying for is not accessible to applicants with bad credit in Sheffield. If this is the case, your application may be declined.

It’s not just about finding and applying for the lowest interest rate. You may need to take out a specialist mortgage product if you have bad credit in Sheffield, and this may require using a mortgage broker in Sheffield.

An experienced mortgage broker in Sheffield understands the intricacies of lending criteria and works to find you a mortgage product that benefits your current financial situation.

If you have bad credit in Sheffield and want to assess your mortgage options, get in touch with our team of experts and we can try and find a solution for you.

Types of bad credit mortgages in Sheffield

There are a variety of reasons why you could have bad credit, such as CCJs (county court judgments), DMPs (debt management plans), defaults, late or missed payments, IVAs (individual voluntary agreements), or even bankruptcy. Despite these challenges, mortgage options are still available for individuals with a bad credit history.

If you are worried about how your credit score may impact your ability to secure a mortgage, our team of mortgage advisors in Sheffield are here to help. Contact us today and book your free mortgage appointment, where we can explore your mortgage options and find a tailored solution to your circumstances.

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Popular Mortgage FAQs in Sheffield

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

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When it comes to having bad credit in Sheffield, it is more than likely that you will have to put down a deposit of 10%-15%. This deposit could come from your savings or via a gifted deposit.

Putting down a deposit of 10% or 15% would give you a 90% or 85% loan to value mortgage.

Is it hard to get a mortgage with bad credit in Sheffield?

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In some cases, it can be hard to get a mortgage with bad credit in Sheffield. Ultimately, it is down to how severe your credit issues are and how long ago you were issued them.

If you are struggling with bad credit, it may be wise to speak with a mortgage advisor in Sheffield and get insights into how to improve your credit score.

What interest rates come with bad credit mortgages in Sheffield?

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If you have bad credit in Sheffield, you will likely face higher interest rates on the types of products that you can access. You will also have to provide a higher deposit, between 10%-15%.

An applicant with good credit may benefit from better interest rates and be able to put down a lower deposit, such as 5%.

What credit score do I need for a mortgage in Sheffield?

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There is no real credit score that you need for a mortgage, whether you can get a mortgage with bad credit in Sheffield depends on how severe the credit issues are.

For example, applicants with missed mobile phone payments will not be affected as much as applicants who missed mortgage payments.

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

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Even with bad credit, you may be able to get a mortgage with bad credit if you are over 50 in Sheffield.

In today’s market, there are a variety of mortgage options for individuals over 50. Whether you intend to acquire a new property, refinance your existing mortgage, release capital, or explore more intricate financial manoeuvres, our dedicated team would be more than happy to explore your options with you.

 

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Our Simple 4-Step Process

Book Online

Step 1

The first step is in your hands! Simply book your free mortgage appointment online or by giving our team a call.

We have slots available 7 days a week, so make sure to book a date and time that fits around your personal and working schedule

Free Mortgage Appointment

Step 2

During your free mortgage appointment, we will look at your current situation, including your credit and work out what sort of mortgage products you may be able to access.

We will also secure an agreement in principle for you within 24-hours of your free mortgage appointment. If this documents expires, get back in touch and we can swiftly renew it for you.

Finding a Suitable Product

Step 3

We will search through 1000s of specialist mortgage products to find one that fits your personal and financial situation.

Once we find a suitable mortgage product for you, we will present it in the form of a mortgage illustration. If you are happy with this product, we can move onto the next step of your journey - mortgage application.

Submit Your Application

Step 4

From this point, we will pass you onto your own dedicated case manager. They will help you prepare your mortgage application, making sure that you have all of the correct documents in place to support your affordability for this mortgage.

The last step is to send off your mortgage application, then await the response from the lender!

Reasons to Choose Us For Mortgage Advice in Sheffield

Free Appointment in Sheffield

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We give every customer the chance to book a free mortgage appointment online or by giving us a call over the phone.

You can select a date and time of your choice!

Search 1000s of products

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We will search through 1000s of specialist mortgage products to find the best solution to you and your circumstances.

We will factor in your credit, income, outgoings and overall affordability when determining a product for you.

Our Service

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Our team of experienced mortgage advisors in Sheffield harness over twenty years of expertise in the industry.

We apply this wealth of knowledge into each case we take on, trying to make sure that customers find a solution that matches their needs.

7 Days a Week

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We work 7 days a week so that you can get in touch at a time that best suits you.

Book an early morning, afternoon or evening appointment - whatever time works for you and your other commitments.

Malcolm and Amy Davidson - Mortgage Advice in Sheffield

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Common Mortgage Questions in Sheffield

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

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When applying for a mortgage for debt consolidation with bad credit, various factors such as your income, expenses, age, credit history, employment status, and personal circumstances will all be taken into consideration.

The more equity you have in your property, the higher the likelihood of being approved for a debt consolidation mortgage despite having bad credit in Sheffield. Additionally, the longer it has been since your credit issues the more your chances of being accepted will improve.

Before starting your debt consolidation mortgage process, it is advisable to obtain a recent copy of your credit report and have a mortgage broker in Sheffield review it. While it is possible to consolidate your debts into your mortgage with bad credit, seeking professional mortgage advice in Sheffield is crucial to avoid potentially worsening your financial situation.

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

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Securing a mortgage in Sheffield with missed or late payments can sometimes cause a problem when getting a mortgage, however, it is down to a number of things as to how much it affects you:

– What kind of payment was missed – whether it was a minor bill such as a mobile phone payment or a significant one like a mortgage instalment.
– The amount of the missed payment – whether it was a trivial sum like £10 or a significant figure like £1,000.
– The timing of the missed payment – whether it occurred recently, perhaps last month, or further back, say 5 years ago.
– The status of the missed payment – whether it has been rectified by payment or if it remains outstanding.
– The reason behind the missed payment – whether it was due to a simple oversight promptly corrected or if it stemmed from financial constraints making the payment unaffordable.

While acquiring a mortgage with bad credit and missed payments may pose challenges, having a mortgage broker in Sheffield by your side could be what you need to get you over that completion line.

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

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Securing a mortgage with a county court judgement (CCJ) in Sheffield of up to 95% loan to value is indeed possible, though it presents its challenges.

Whether your CCJ status is satisfied, part-satisfied, not satisfied, set aside, or even expired, there are options tailored for bad credit CCJ mortgages. While a substantial deposit will be required, this could be the chance for you to be accepted.

It’s worth noting that obtaining a mortgage with a CCJ in Sheffield is often a temporary path, as your credit score improves and the CCJ will have less of an impact on your credit profile, paving the way for standard interest rates in the future.

Can I get a mortgage with a default in Sheffield?

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Even with defaults on your credit report, in some cases, it can be achievable to get a mortgage in Sheffield. The main difference is that the approval process may be more challenging.

Defaults can stay on your credit file for up to six years, potentially hindering your chances of obtaining a mortgage. Defaults are categorised as either satisfied (repaid) or unsatisfied (outstanding).

The source of the default also plays a role in the assessment process. For instance, the lender may be more lenient to an applicant who has a default that was issued due to missing a mobile phone payment over a missed mortgage payment.

To increase your chances of getting accepted for a mortgage with a default in Sheffield, we recommend having a large deposit at the ready, reliable income and a satisfied default.

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Sheffieldmoneyman.com & Sheffieldmoneyman 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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