Specialist bad credit mortgage brokers, especially in London, play a crucial role in helping individuals with poor credit ratings secure remortgage or new mortgage deals.

As the cost-of-living crisis hit, along with inflation and interest rate rises, it placed significant financial pressures on many people and their household finances.

As a result, there have been some that have found their credit score has fallen, giving them a bad credit rating. This has been seen not only in London, but across the UK as a whole.

What is a bad credit rating score?

In the UK, "bad credit" refers to a situation where an individual has a poor credit history or a low credit score. This could be due to various factors such as:

• Late payments
• Defaults on loans or credit cards
• Bankruptcy
• County Court Judgments (CCJs)
• Individual Voluntary Arrangements (IVAs)
• High levels of debt

What does having a bad credit score mean to me?

Having bad credit score can make it more difficult for individuals to access financial products such as:

• Loans
• Credit Cards
• Mortgages
• Utility Contracts

Lenders often use credit scores to assess the risk of lending money to individuals, and those with bad credit rating are considered higher risk. As a result, you may face higher interest rates, stricter terms, or even rejection when applying for credit.

Our Expertise in the Bad Credit Score Mortgage Market

Our mortgage brokers in London specialise in working with clients who have less-than-perfect credit histories. Our bad credit score mortgage brokers have in-depth knowledge of the mortgage market and understand the specific challenges faced by individuals with a bad credit rating.

Can I get a mortgage with a bad credit score?

It is still possible for people with a poor credit rating to gain access to a remortgage or new mortgage. Thomas Oliver can help source mortgages for people with a bad credit score.

Our team have established strong working relationships with specialist lenders who are willing to offer mortgage products to individuals with bad credit. These lenders often have more flexible criteria for assessing borrowers, and can be more understanding of past financial difficulties.

Tailored Advice for Bad Credit Score Mortgages

Thomas Oliver’s Bad credit mortgage brokers provide personalised advice and solutions based your individual circumstances. The team assess your specific credit history, income, and other financial factors to recommend suitable mortgage options that align with your needs and financial capabilities.

Guidance Throughout the Process

We understand that remortgaging or gaining a new mortgage with a bad credit score can seem a daunting challenge. From initial consultation to potential mortgage approval and beyond, our mortgage brokers guide you through every step of the mortgage application process.

We will provide you with support, answer any questions you have, and ensure that you understand your options and obligations.

Where can you find us?

Thomas Oliver operates across many boroughs across London, including:

• Enfield
• Cricklewood
• Tottenham
• Walthamstow
• Edmonton
• East Ham
• Leytonstone

Errol Hall, Bad Credit Mortgage Broker in Cricklewood, North London said:

“We fully understand how important it is to gain professional mortgage advice for those with a poor credit rating. We know that mortgage brokers play a vital role in helping individuals with bad credit ratings navigate the complexities of the mortgage market. We aim to secure suitable mortgage deals that meet their needs and circumstances.”

Errol continued: “We strongly encourage anyone with bad credit concerns or an imminent remortgage requirement, to get in contact with us as soon as possible. We can then begin the process of providing advice with the aim of gaining access to a mortgage deal.”

If you find yourself with a bad credit score and are needing to review your mortgage deal options, then Thomas Oliver Advisers are available to help. Call 01707 872000 to speak with a professional mortgage broker to help you make the most informed decisions regarding your Bad Credit Score mortgage.

It is not always possible to access credit or a mortgage deal with an adverse credit rating. We will discuss your options if this is the case, talking to you about what to do next.

Read Errol Hall, Mortgage Broker in North London’s Bio.

Additional reading:

Why mortgage applications are declined and what to do next

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Your home may be repossessed if you do not keep up repayments on your mortgage.

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Approved by The Openwork Partnership on 22/02/2024.