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Can I get a mortgage with previous credit problems?

It can still be possible to get a mortgage, even with bad credit problems in the past. Even though it may be a little harder, it isn’t impossible!

You may have to put down a higher deposit if you have bad credit, this could be 10%-15%.

How does the mortgage process work?

Your first job is to carry out our mortgage Fact Find so that we can get an idea of your mortgage needs and what sort of deals you want to be looking for.

Afterwards, we will book you in with a Mortgage Advisor in Cardiff who will get a couple more pieces of information from you.

Then we can arrrange an Agreement in Principle for you within 24-hours to increase the chances of the seller accepting your offer.

If you’ve found yoru dream home, and are happy with our mortgage recommendation, we can start the mortgage application process! A formal mortgage offer can take longer than 3 weeks, during which, we will keep you informed with the progress of your application.

What documents will I need to send?

During your mortgage application, you’ll be asked to provide evidencing documents:

– Latest 3 Payslips (Employed), Last 2 years’ Accounts (Self-Employed)
– Latest 3 Months’ Bank Statements
– Latest P60
– Photographic ID

Will I be able to get a second mortgage in Cardiff?

Depending on why you want to get a second mortgage, it may be easier to get one than not.

There are various reasons why someone may want a second mortgage, for example:

– Buy to Let
– Debt Consolidation
– Home Improvements
– Second Home
– Marital / Relationship Breakdown

Are there fees involved in Remortgaging?

The same fees that were involved with your first mortgage purchase will be similar to those when you Remortgage. Your Remortgage Advisor in Cardiff will run through all of the costs and fees so that you know exactly what you are paying for.

How does the free remortgage consultation work?

Your free Remortgage consultation will last around 30-60 minutes. During your consultation, your dedicated Remortgage Advisor in Cardiff will learn a little more about your Remortgage needs and situation. With this information, they can then go and search for the perfect deal for you.

We will always be open and honest with you; if we can’t find you a better product, we will be transparent with you and tell you so.

Can I consolidate my debts into my mortgage?

Yes, you can consolidate your debts into your mortgage, but you should only do so if it’s absolutely necessary.

If you have built up any unsecured debts, you can remortgage and increase the size of your mortgage to incorporate the debt. There are downsides to debt consolidation though, so sometimes it may be beneficial to speak to a professional Mortgage Advisor in Cardiff.

Why should I bother to remortgage?

You should always keep on top of when it’s time for you to Remortgage. When you come to the end of your mortgage term, you will slip onto your lender’s standard variable rate of interest (SVR). A lenders SVR is not going to be their best rate, so before you end up on their SVR, you should search for Remortgage / product transfer deals.

More often than not, assuming that mortgage payments have been kept up-to-date, people are able to access a better mortgage rate and don’t even know it. All you need to do is shop around or appraoch a Mortgage Broker in Cardiff like us.

Cardiffmoneyman.com & Cardiffmoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited registered in England, registered number 6789312 and registered office 10 Consort Court, Hull, HU9 1PU.

© 2021 Cardiffmoneyman

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