Being in the red as a family can mean a lot of different things. You may be in a small state of debt to a short-term loan company, perhaps you are saving up and have a reduced amount of disposable income to spend or you might even be sitting in adverse credit. To face up to these matters as a home mover, however, can seem even scarier.
To move home in the current climate can seem like an impossibility, but even with adverse credit there is help out there for you. Schemes set up by the UK government and mortgage lenders aim to support home buyers and movers across the UK; increasing their chances of being able to move to a new house with an updated mortgage.
Stepping off the first step and taking a leap into adverse credit
Many families across the UK make it their express desire to get onto the property market. Buying the first house together and starting a family is a dream come true for many. The incentives are there with help-to-buy schemes and income support available to those who qualify. Once you have this blissful existence for a while, however, things can begin to turn for the worse.
The situation usually presents itself in the first five years of owning an initial property. You will work so hard and put so much money into reaching the goal of your own home that it can leave you with debt, late payment of bills and loans that need to be managed each month. This plunges many families into adverse or bad credit.
What does bad or adverse credit mean when moving homes?
Mortgage lenders, like every business in the world, are looking for the best way to entice customers to work with them. They will want to pick the best grapes from the vine with the largest property prices and the best credit scores. That’s the utopia that mortgage lenders seek, but it is by no means the reality.
The majority of families live in a reality where teetering towards adverse credit is completely natural. It’s imperative in the market, therefore, that there are mortgage lenders who can help those moving homes with bad credit. Depending on how bad your credit rating has become, you can receive the helpful advice that you need to secure a mortgage befitting of your family’s income. But, where can you seek this guidance?
How to find the right adverse credit mortgage lenders in the UK
Advice in the industry is not uniform and sometimes borderline uninformative. This is because some companies have their interests in taking your money, not offering a professional service. If you would like to speak with professionals who offer independent help and advice, MacFarlaine & Brooks are on the case.
We have expertise as independent financial advisors to help home movers find the best route towards the property of their dreams, even with bad or adverse credit. Our helpful team are just a message away, so get in contact with us.