How to obtain your credit report free! 

Get Your Credit Report

Whether your credit or perfect or needs improving it is vital you monitor your credit report regularly. Not only to ensure it is accurate but also to help prevent fraud and identity theft.

Before applying for any form of credit we recommend you check your credit report, especially if you have any credit issues.

In addition, when applying for a mortgage with bad/poor credit any decent mortgage broker is going to need to assess your full credit report before they can place you with the best lender. The reason for this is simply that the exact dates of any credit issues and missed payment can drastically change the options and rates available. This is why it is so important to check the full report before finding the most suitable lender.

Luckily,  it is now easier than ever to obtain your credit report for free. Noodle current offers your full report completely free and both Equifax and Experian offer a 1 month free trails to access the full report. There are also numerous other options offering both paid and free reports.

At Plus Financial Solutions we recommend you obtain your report from Noodle.co.uk they offer an easy to view report that you can also save or download. To access the report simply visit their website, answer a few security details and register. Once registered you will have full access to your credit report.

Below are links to some of the most popular options currently available:

Noddle.co.uk

experian.co.uk

Equifax.co.uk

Checkmyscore.co.uk

Callcredit.co.uk

If you need any help obtaining your report or help to find the perfect mortgage contact us free today 01604 328 091!

How much can i borrow on a bad credit mortgage?

Mortgage Calculator

At Plus Financial  Solutions we hear this question every day. The maximum you can borrow is generally between 4.5 to 5 times your income depending which lender you are looking at. Most lenders will deduct your monthly credit commitment before looking at income multiples and then check against their own affordability calculations.

Each lender will have different maximum borrowing figure if you stick to around 4 times your income (minus monthly commitments) you shouldn’t be too far off. The affordability checks are normally very similar with adverse (poor credit) lenders to the high street lender. You can try using one of the online calculators with Nationwide or Natwest to give you a more accurate figure or speak to a qualified mortgage broker who will be able to guide you.

In addition to the above, some lenders may be willing to lend slightly more if you choose to go onto a 5 year fixed rate.

 

If you would like to find out how much you can borrow contact us today for a fee mortgage quotation. 01604 328 091!!

 

 

How do you know if your broker is a bad credit specialist?

Bad Credit Mortgage Brokers

At Plus Financial our clients consistently tell us of bad experiences with other mortgage brokers who have been unable to help them secure a mortgage. The reason for this is normally the same, the broker they have tried using is not a bad credit specialist and has wasted their time applying to the wrong lenders with no success. Below are a couple of basic things you can do to ensure you are dealing with the right poor credit mortgage specialist:

  1. Check their website to see if they advertise for adverse/bad credit mortgages – a quick search on Google will quickly show whether they have expertise in the bad credit mortgage market.
  2. Ask which lenders are on their panel – any broker specialising in the poor credit market should have access to the top adverse lender, ask to see which lenders are on their panel and check they have access to the likes of Precise Mortgage, Kensington, Aldermore, Bluestone, Magellan, The Mortgage Lender, Pepper Home Loans, Etc..
  3. Get a second opinion – Like any major purchase is it vital you shop around and ensure you are getting the best deal, getting it wrong can cost thousands over a couple of years.

By following these simple tips you should have no problem finding good advice from a suitable broker.

For fast, honest advice contact Plus Financial Solutions today! 01604 328 091.

Top 5 mortgage lenders for people with bad credit!

Top Bad Credit Mortgage Lenders

As a bad credit specialist with over 10 years experience helping our clients find the best bad credit mortgages we have compiled a short list of our top 5 lenders for a poor credit mortgage:

1)Precise Mortgage – One of the largest lenders specialising in helping clients with poor/bad credit. They operate a tier system offering lower rates to those with minor adverse and higher rates to those with poorer credit. They can potentially accept defaults and CCJ’s after 3 months, will consider debt management plans and lend up to 85% on purchases and remortgages. They also do 100% on right to buy and offer mortgages on the help to buy schemes.  Payday loans can be considered.

2) Pepper Home Loans – Offer competitive rates for slight/medium poor credit. Typically will accept defaults and CCJ’s over 12 months old. They credit search rather than credit score. No payday loans within the last 12 months. Maximum lend up to 85% on both a purchase or remortgage.

3) Kensington – Offer low rates for those with historic adverse/bad credit over 2 years old. Normally would expect no missed payments within the last 24 months up to 85% maximum of the property value. Currently, they will lend up to 90% if no bad credit within the past 36 months for purchases and remortgages.

4) The Mortgage Lender – lending up to 85%, also operate a tier system with lower rates for slight bad credit issues. Can accept recent defaults and CCJ’sover 3 months old up to £1500 within 12 months. Debt management plans considered if well maintained.

5) Magellan Home Loans – Will consider various levels of adverse credit. Potentially ignoring CCJ and Defaults over 12 months old on some products. No credit scoring. Mortgage arrears over 12 months old can be considered. Ex-bankrupt considered 24 months after discharge. IVA’s considered after 24months since started and now satisfied.

 

As you can see from the details above, these specialist lenders all have their own niches. If you have poor credit and are looking for a mortgage we believe the best option is to speak to a mortgage broker who is an expert in the adverse market to ensure you receive only the best advice for your circumstances.

If you need any help finding your next mortgage contact us today for friendly, free, expert advice. 01604 328 091!

 

***Please note the information provided is only accurate on the date it was published. Lenders criteria changes daily and this information does not constitute advice.******

10 top tips to avoid being rejected for a mortgage! 

Below are 10 simple ways to help you avoid being refused a mortgage:

1) Check your credit report,  probably the most obvious reasons for being declined credit. Before applying by for a mortgage you should check your file. Most high Street lenders will only deal with you if you have a perfect credit report. If your report isn’t great the best bet would be to speak to a mortgage broker. You can check your report free with noodle.co.uk or clearscore.com

2) Check affordability. Most lenders will not lend more than 4 and a half times your income and will want to do a full affordability assessment. Before applying to a lender make sure you use their online affordability calculator to see if they will offer the amount you need, the maximum a lender will offer differs greatly from one lender to another. If you are struggling to get the amount you need a mortgage broker may be able to help find a more suitable lender.

3) Check employment criteria, a lender will typically want a minimum of 1-year employment history or at least 2 years self-employed income. If you have recently become self-employed or returned to employment if may be difficult to find a lender to accept your income.

4) Debt consolidation can also be a factor, many lenders have restrictions on both the amount you can consolidate and the maximum loan available. Existing debt can also have a big impact on mortgage affordability. It maybe worthwhile discussing options with a mortgage broker before proceeding.

5) Check you fit the loan to value. Lenders restrict the maximum loan to property value for different products before applying make sure you fall into the right bracket. Some lenders will only lend up to 85%, while some still go as high at 95%.

6) Be realistic about your property value. It is important you are accurate with your property value, getting this wrong can cause big problems in the later stages of your application causing declines or higher interest rates. Do some property research online before you apply, look at rightmove.co.uk for local sold prices.

7) Age restrictions, lenders will generally want you to be over 21 and expect the term to finish before you retire.

8) Source of deposit. For a purchase the lender will want to see where the deposit is coming from, they will expect to see funds available on bank statements. If being gifted they will need proof.

9) Ensure good bank account conduct, particularly in the most recent 3 months prior to your application. Most lenders will want to see bank statement to see your income and check affordability, having returned Direct debits, exceeding overdrafts and bank charges will raise alarm bells with any potential lender.

10) Avoid lots of credit searches. Multiple mortgage/loan applications will lower your credit rating. Make sure you only apply to the best lender for your needs and circumstances and avoid the risks of a declined application.

At Plus Financial Solutions we recommend you always speak to a qualified whole of market mortgage adviser to assess your options to help you make the best choice.

For friendly, honest mortgage advice contact us today on 01604 328 091!

​How to a get Right to Buy Mortgage with a poor credit history!

The right to buy scheme is a great way for council tenants to get onto the property ladder.
The right to buy discounts can represent a huge saving on the purchase price and many lenders will even lend up to 100% of the discount price meaning no deposit required.

Even if you have a poor credit history there may still be lenders willing to help fund your purchase. While the high street lenders are unlikely to help we have access to a number of lenders who offer mortgages for those with bad credit.

Examples of bad credit they often accept include CCJ’s, defaults and debt management plans.

If you have the option to purchase via the right to buy scheme contact Plus Financial Solutions today and explore the best options on the market.

Call us today on 01604 328 091!