Mortgage Broker covering West Wales

How Company Directors Can Get a Mortgage with Bad Credit in 2024

Three company directors in a discussion analysing company data on multiple computer monitors.
How Company Directors can get mortgages with bad credit 

Are you a company director grappling with bad credit, convinced that obtaining a mortgage is an insurmountable challenge? 😢 Fear not, for this blog unveils the strategies to secure a mortgage, even if you’re self-employed or navigating a complex income structure. Let’s delve into the understanding of getting loans for bad credit, explore tips for obtaining a mortgage, discover why engaging a mortgage broker is beneficial, and highlight the advantages of partnering with West Wales Money. 🚀

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What is bad credit and how do you get it? 

Bad credit is a term that describes a low or poor credit score. Your credit score is a number that reflects your financial history and behaviour, such as how you pay your bills, how much debt you have, and how long you have been using credit. 💳 

Many factors can affect your credit score, but some of the most common ones that can lower it are: 

  • Missing or late payments on your credit cards, loan defaulting on your debts or going into arrears
  • Having a County Court Judgment (CCJ), Individual Voluntary Arrangement (IVA), or bankruptcy against your name
  • Applying for too many credit products in a short period of time
  • Having a low or no credit history 

Having bad credit can make it harder for you to get approved for credit products, such as mortgages, loans, or credit cards. It can also mean that you have to pay higher interest rates and fees, or accept lower loan amounts and shorter repayment terms. 😕 

 

A person is holding a smartphone displaying a low credit score on the screen The text reads Blueprint to Rebuild Your Credit How to get a mortgage with bad credit 💳 

Getting a mortgage with bad credit is not impossible, but it can be challenging. You might have to face some hurdles and limitations, such as: 

Fewer options and choices. You might not be able to access the same range of lenders and products as someone with good credit.

Higher costs and fees. You might have to pay a higher interest rate, deposit, or fee than someone with good credit.

Stricter criteria and checks. You might have to meet higher standards and requirements than someone with good credit. 

However, some tips can help you get a mortgage with bad credit, such as: 

Save a larger deposit. This will reduce the loan-to-value (LTV) ratio, which is the percentage of the property value that you borrow. 

Improve your affordability. This will show that you can afford the mortgage repayments and other costs, such as insurance, taxes, and maintenance. 

Use a guarantor. This is someone who agrees to pay the mortgage if you fail to do so. This can be a family member, friend, or colleague who has good credit and a stable income.

Compare different lenders and products. This will help you find loans for bad credit and get the best deals for your situation. 

 

Logo, West Wales MoneyBenefits of working with West Wales Money  🌐🕵️‍♂️

 If you have bad credit and you are looking for a mortgage, you might be tempted to go directly to a high street lender or a comparison website. However, this might not be the best option for you. 

Here are some reasons why using a mortgage broker can help you: 

  • They have access to specialist lenders who provide mortgages for people with bad credit who are more flexible and understanding of your situation. 🙏
  • They can save you time and hassle by doing the research, comparison, and application for you. They can also handle the paperwork and communication with the lender and the solicitor. 📝
  • Advise you on the best type of mortgage for your needs, whether it is a fixed-rate, variable-rate, or interest-only mortgage. They can also help you with the affordability and suitability checks and explain the terms and conditions of the contract. 🧐
  • Improve your chances of getting approved by checking your credit report, finding the most suitable lender and product, and preparing a strong application. They can also help you avoid common pitfalls and mistakes that can damage your credit score further. 🚫
  • Get you a decision in principle the same day fast-tracking the mortgage process so you get the keys to your new home quickly.
  • West Wales Money can access over 170 lenders, including high street banks, building societies, and specialist lenders. This means that they can find you the best deal for your situation, no matter how bad your credit is. 🏦 
  • Free consultation. West Wales Money offers a free, no-obligation consultation to discuss your needs and options. They will also provide you with a personalised quote and a decision in principle. You have nothing to lose and everything to gain by contacting them.  

 

 

A person in a suit is holding a transparent digital display showing various graphs, data, and the word CONCLUSIONConclusion

Getting a mortgage or remortgage with bad credit can be hard, but not impossible. There are ways to improve your credit score, find a suitable lender and product, and increase your chances of approval.

Consider working with a specialist mortgage broker if you are open to exploring remortgages or seeking a quick decision in principle, reach out to West Wales Money today!

They can also save you time and money by finding you the best deal for your situation. West Wales Money can access over 170 lenders, including some who specialise in bad credit mortgages. You have nothing to lose and everything to gain by contacting them today.

If you enjoyed this blog, please share and let your friends and family know who might appreciate it.

Connect with us on social media to keep up with mortgage broker insights, news and views. Stay savvy! 🙏

 

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🏠 Smart decisions lead to successful mortgages! 🏠

 

For further information:

☎️ Call 01239 727990 or

📩 Email info@westwalesmoney.co.uk

 

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