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Applying for a Homeowner’s Loan with Bad Credit
People who have bad credit believe that it’s the end of the world in many cases, especially if they are trying to get a home owner loan. The truth is that these people can rest easy, because even people that have less than perfect credit can still qualify for a mortgage. In some cases even people who have gone bankrupt will qualify, so there is hope. Bad credit is merely an obstacle; it is not a deal breaker.
Will I be Treated Differently When Applying for a Loan?
Those who are attempting to apply for a homeowner loan will be treated pretty much the same regardless of what their credit history is. The company will begin by taking your application. They will then request all documentation that they need to process your application. In some cases they may want an appraiser to come out to your home to check the value of it as well. Other than that the process is relatively easy and quick. Many mortgages can be processed within just a couple of weeks.
The average home owner loans can be obtained for £5000 to £1,000,000. The amount you will be eligible for will be based on your personal income, regardless of whether your credit is good or bad. The mortgage specialist will work with you to see how much you can afford. If you get a mortgage that has good terms and low monthly payments, then you will be able to slowly build your credit back up. Those who have good credit obviously get prime interest rates, but even people with bad credit get a low APR in many cases. The company is required to disclose all loan information to you at the time of signing. It may be wise to purchase a good PPI cover as well from a reputable bank to ensure that your loan payments will be covered if you become ill.
- No credit checks
- Any fund £15,000 or above
- Up to 70% of the value as a loan
- 0% interest loan
- 30 day timeframe