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Bad Credit
Mortgages in York

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Bad Credit
Mortgages in York

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

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Getting a Mortgage with Bad Credit in York

Having bad credit in York does not mean you cannot get a mortgage. We’ve been able to help many customers onto the property ladder, even with bad credit. We aim to offer solutions for:

  • Bad credit purchases.
  • Bad credit remortgage options.
  • Something more complicated?
  • Age 60+ mortgage options.
  • Self employed bad credit mortgages.

By working with both high street and specialist lenders, our mortgage advisors in York have access to 1000s of bad credit mortgage deals. Each lender has detailed criteria designed to help those with bad credit obtain a mortgage.

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Bad Credit<br>Mortgages in York

How to get a mortgage with bad credit in York?

We do tend to get enquiries regarding those who have exhausted their options with banks, estate agents and online comparison sites. What some of these people don’t realise is that each credit search they undergo could further harm their chances of securing a mortgage with bad credit even further.

As an expert mortgage broker in York, we will use their in-depth knowledge of lending criteria and aim to get your mortgage placed with the right lender the first time, avoiding any harm on your score. You can enquire online or telephone us today.

If you haven’t got an up-to-date copy of your credit file, click here as this is a great one to use as it searches 3 of the main credit reference agencies and it’s a free trial.

Types of Bad Credit Mortgages in York

As providers of expert mortgage advice in York, we understands the importance of customers goals to home ownership. We’ll take the time to delve into the specifics of your bad credit history – when it occurred, its nature, whether it’s been resolved, and the financial details surrounding it. This thorough understanding allows us to offer tailored recommendations for your unique situation.

Bad credit comes in various forms, from CCJs (county court judgments) and DMPs (debt management plans) to defaults, missed or late payments, IVAs (individual voluntary agreements), and even bankruptcy.

If you are considering getting a new mortgage and are concerned about your credit score, you can speak with one of our mortgage brokers in York today to find out what your mortgage with bad credit options are.

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Bad Credit Mortgages FAQs

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

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The deposit required for a mortgage with bad credit in York can vary depending on several factors, including the severity of your credit issues and the specific lender’s requirements.

We tend to find a much larger deposit will be required compared to someone with a good credit history. It’s best to consult with a mortgage broker in York like ourselves who have delt with bad credit mortgages in the past, to get a clearer understanding of your deposit requirements based on your individual circumstances.

Can I get a mortgage with bad credit in York if I’m over 50?

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Yes, it can be possible to get a mortgage with bad credit in York even if you’re over 50. Many lenders consider various factors beyond age when assessing mortgage applications, such as income, employment status, and the overall financial situation.

While being older may present some unique challenges, it doesn’t necessarily disqualify you from obtaining a mortgage. Working with a knowledgeable mortgage advisor in York can help you explore your options and find lenders who are willing to work with older applicants with bad credit.

How does bad credit affect mortgage eligibility and interest rates?

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Bad credit can significantly impact mortgage eligibility and interest rates. Lenders use your credit history to assess the level of risk you pose as a borrower. With bad credit, you may find it more challenging to qualify for a mortgage, and if you do, you may face higher interest rates compared to someone with good credit.

Additionally, some lenders may require a larger deposit or impose stricter lending criteria for applicants with bad credit. However, with the help of a skilled mortgage broker in York, we can can navigate these challenges and find lenders who specialise in bad credit mortgages, potentially improving your chances of approval and securing more favourable terms.

What documents do I need to provide for a mortgage if I have bad credit in York?

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When applying for a mortgage with bad credit in York, you’ll typically need to provide the same basic documents as any other mortgage applicant, such as proof of identity, proof of income, and details of your financial assets and liabilities.

In addition to these standard documents, you may also need to provide documentation related to your bad credit history, such as explanations for any missed payments, defaults, or other adverse credit events. Your mortgage broker in York can advise you on the specific documents required by different lenders and help you prepare a comprehensive application package.

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Our Simple Mortgage Process

Free 30-Minute Mortgage Appointment

Step 1

During your free mortgage appointment with a mortgage advisor in York, you'll have the opportunity to discuss your financial situation.

They will conduct a comprehensive evaluation of your income and expenses to provide tailored guidance.

We Can Search 1000s of Mortgage Deals

Step 2

Our team of specialist mortgage advisors in York can explore 1000's of deals specifically designed for bad credit mortgages.

Following your mortgage appointment, we'll arrange an agreement in principle (AIP) for you, typically within 24 hours. This serves as a valuable tool when making offers on a property.

Submit Your Mortgage Application

Step 3

Once you have received an accepted offer on a property, our case managers will work with you to begin preparing your mortgage application.

Once we are ready to do so, we can send your application off to the mortgage lender.

Protecting You and Your Mortgage

Step 4

Now that you have submitted your mortgage application, all that is left to do is to wait for the mortgage lender's response!

Alongside the mortgage, we will recommend insurance products to protect you and your family in the future.

Why choose us for mortgage advice in York?

Open & Honest

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Part of our job as a mortgage broker in York is to be completely transparent with you.

If we cannot find you a better rate than what you’re currently on/have been offered, we will make sure that you’re aware of this.

7 Days a Week

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You can book your own mortgage appointment online through our ‘Get Started’ process. We have availability 7 days a week and are open until late!

Book a free mortgage appointment and start your mortgage process today.

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Over our 20 years of working in the mortgage industry, we’ve collected many customer reviews. Every review shows how invaluable our service is and how much our customers have valued it.

Take a look at our outstanding reviews and see them for yourself.

We Search 1000s of Deals

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Yorkmoneyman can access a wide range of competitive mortgage products. We have both specialist and high street products to hand.

We will search the market and try and find you a deal that matches your personal and financial situation perfectly.

Malcolm and Amy Davidson - Mortgage Advice in York

We Search 1000s of Mortgages in York

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Key Considerations for Bad Credit Mortgages in York

Seeking Help From a Mortgage Broker in York

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With bad credit mortgages in York, seeking help early in the process ahead of viewing any properties is recommended.

It’s a quick and easy process to speak to an expert, our team are available 7 days a week to answer your questions.

Being a responsive mortgage broker in York, we will walk you through how bad credit mortgages work and whether you qualify for a deal with a high street or whether you’ll have to go to a more specialist lender for help.

Credit Score Understanding

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A good place to start with bad credit mortgages is by getting an up-to-date copy of your credit file. With bad credit mortgages in York, a new lender will be interested in the following information:

  • When your bad credit happened.
  • Why had it happened?
  • How much it was for.
  • What type of company registered it, i.e. phone, utilities, credit card etc.
    Is it now paid?
  • How have you conducted your finances since.

As part of the application process, our mortgage advisors in York will run through these facts with you to give your application the best possible chance of being accepted the first time.

How Much You Can Borrow With Bad Credit in York

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Your mortgage broker in York will assess all the above to let you know how much you can realistically borrow on a mortgage and how much the monthly payments will be.

Generally, with getting a mortgage with bad credit in York, the more stable income you have and the bigger the deposit, the more money you will be able to borrow due to the reduced risk for the lender.

Types of Mortgages Accessible With Bad Credit in York

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There are lots of types and options with bad credit mortgages including:

  • Fixed rates, usually 2, 3, or 5 years.
  • Variable rates.
  • First time buyers and home movers.
  • Remortgages with bad credit.
  • Interest-only, repayment, or part-repayment.
  • Right to buy.
  • Shared ownership.
  • Buy to let.
  • Retirement mortgage options including equity release mortgages.

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Yorkmoneyman.com & Yorkmoneyman 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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