Where Can You Find Good Adverse Credit Mortgage Advice?
If you have a history of bad credit, you will find it more
difficult to find a lender who is willing to approve a mortgage
for you. Although the increase in the number of people with debt
problems has led to a similar increase in the number of adverse
credit mortgages available, there are only a few ways of
ensuring that you are getting the best adverse credit mortgage
advice. One of these ways is to talk to a qualified, regulated
mortgage broker.
How do I know which broker will give good adverse credit
mortgage advice?
In order to give adverse credit mortgage advice, brokers must be
qualified and regulated by the Financial Services Authority
(FSA). Those brokers who are regulated must have a declaration
to that effect on the communications they send to you - whether
it be letters or marketing material. In addition, they must
follow specific procedures, designed to make sure that the
customer is always aware of the options and advice being
offered. If you approach a mortgage broker for adverse credit
mortgage advice, you should ask if they are regulated. You can
use the FSA's own website - www.fsa.gov.uk - to double-check
which brokers in your area are regulated.
In addition to this, it can also be worthwhile to talk to your
broker over the phone or, if they are local to you, to arrange
to meet. Bad credit history can be complicated and it will help
you to know that the broker is interested in taking your full
history so that he or she can give you the best adverse credit
mortgage advice. Taking on an adverse credit mortgage is a big
commitment and you need to have confidence that your broker has
access to a wide range of products and will be able to sort out
any difficulties you may have.
If I seek out adverse credit mortgage advice, what do I need to
know?
Before speaking with a mortgage broker, you should know exactly
what your current credit status is. Although the broker or the
lenders can look at your credit history, it is best if you can
give them this information when you first ask for adverse credit
mortgage advice. To get your latest credit history details,
simply write to the three main credit reference agencies,
requesting that they send you the appropriate information.
Details for these agencies are available from the government
website www.informationcommissioner.gov.uk.
When you first talk to a broker about adverse credit mortgage
advice, you will also need to know how much money you want to
borrow. This is important because it may help to define which
types of products are best for you. Depending on your credit
history, there may be a maximum amount of money that you will be
able to borrow, so you will need to be prepared to adjust your
property expectations.
Do I have to follow adverse credit mortgage advice?
No. The mortgage broker's job is to look at your circumstances
and give you professional advice on the options that are best
for you. This does not mean that you have to follow their
recommendations, but it does mean that if you choose to apply
for a product that you have not received advice about, you will
be unable to take any action against the broker should the
product prove to be wrong for you. Adverse credit mortgage
advice is a specialist area and it is possibly the most useful
information you will get when you are looking for a mortgage.
The broker will also be able to submit all the required
paperwork, thereby making the whole process less stressful for
you.