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Bad Credit New Build Mortgage

Exploring how to get a new build mortgage with bad credit with Gary Clarke.

Can I get a mortgage on a new build with bad credit? Do many lenders specialise in bad credit?

Yes, you can get a mortgage on a new build property with bad credit. In fact, there are an increasing number of specialists in this area. There’s also a large number of mainstream lenders that will accept low levels or small amounts of bad credit.

Can I be declined a mortgage for my new build property if I have bad credit?

The key thing with bad credit is for us to get a real clear picture of what’s been registered, when, how much it was for, and whether it’s been settled. All those things will have an impact on which lenders will say yes and which will say no.

The more we know about you, the better decisions we can make on which lenders go to. For any customer, regardless of their situation, we aim to get the best possible value for money deal. And the only way we can do that is with great quality information.

So the better the information, the better the decision will be. Ultimately, that will give you the best chance of getting a mortgage if you have had some of those little blips.

Can I remortgage my new build property with bad credit?

The process on a remortgage would be very similar to a purchase. If you’ve had any bad credit – or adverse credit as we call it – be clear with us about what it is. Give us as much information as possible.

With a remortgage, one thing we look at is whether it’s better to stick with your existing lender or go to another. We only want to go to a new lender if it’s going to save you money.

So again, it’s all about the information, finding out when something was registered, what it was, how much it was, and when it was cleared.

What if I’m a First Time Buyer looking to purchase a new build with bad credit?

The process is very much the same. You’re not treated any differently as a First Time Buyer to a second time buyer. Again, it all comes down to preparation, as we’ll cover in a moment

How do I improve my credit score or credit rating?

There are quite a few simple things you can do. It’s important not to overlook those simple things because they can be really effective.

The first is to make sure that you’re registered on the voters’ roll. More and more lenders now look to identify you electronically, and being on the voters roll makes it easy for them to do that.

The second thing is to get any credit blips up to date as soon as possible. Everybody worries about what the long-term impact is going to be, but I can say with absolute certainty that the sooner you fix them, the better.

It’s going to sound obvious, but once that’s done, keep it up to date. You’ve worked hard to get yourself into that position, so work just as hard to maintain it. Finally, make sure that those things that do fall behind are as few and far between as possible.

Quite often we see that one thing slips and then others can slip alongside, but my advice is to try and keep those to as few as possible. Sometimes people think, well, once one goes, it doesn’t matter. But actually the number of things that have gone wrong is important. It could mean that some lenders who might have been available to you, become unavailable.

How do I apply for a mortgage on a new build with bad credit?

Come and talk to us. Let’s have a chat about what’s going on. That initial conversation is a really crucial part of success. It’s all about the preparation and getting things done.

We make sure we’ve got all the right paperwork in place: identification, pay slips, bank statements, proof of deposit and anything else your advisor might request. All these things are really important to getting you through.

That’s the same as with any mortgage, it’s no different just because it’s a new build. But what you will find with new builds is that there can be a time constraint around exchanging contracts. Most specialist lenders are aware of that and are still capable of meeting those timescales, but in my experience, the better the preparation, the better the outcome.

What else do we need to know about getting a new build mortgage with bad credit?

The main thing is to come and talk to us and don’t hold anything back. We’ll find out at some point anyway, because these things have a habit of coming up. And if we know what we’re dealing with, we can give you really good, high quality advice in return.

Everybody deserves the opportunity to buy a house. And within that preparation, if we can’t help you today, there’s no reason why we can’t help you tomorrow. We’ll support you with a plan to get to where you want to be.

Home ownership is a privilege, but it’s also something that should be accessible to as many people as possible. A mortgage broker will look at the market and find solutions that perhaps you didn’t even know existed. And that’s where you’re going to really see good value for money in our service.