Poor Credit Score Mortgages Slough
Whether its missed payments, defaults or CCJ these are all challenges that we have had customers to us with and we have been successful in helping them get the mortgage that they require.
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The Story
Bad or Poor credit scenarios are not anything new for us at Cubic Financial Services. We are often presented with situations where customers have experienced some of the following:
- Missed Payments
- Credit Accounts in Default
- CCJ
Due to the large number of lenders that we have on our mortgage lending panel, some of whom are not available to apply to directly, we are usually able to either recommend a suitable mortgage at the point of enquiry or in some extreme cases we can provide some general guidance around how long to wait or what measures to take before you will be ready for a mortgage.
The key thing is to discuss your situation as every situation is different and through experience, we can certainly tell you that credit issues such as the above do not always mean that you cannot get a mortgage.
One such situation was where a customer had an active default on their credit card account. Due to the size of the default it was something that the customer did not have the saving to repay immediately. He was able to however demonstrate that in the recent months he was up to date with his commitments.
It was natural for him to assume that due to the default still being active, getting a mortgage would be difficult.
What Did Cubic Financial Services Do
After conducting a detailed analysis of the applicant’s credit record, we reached out to the lenders that we thought could help.
In the process we reached out to:
- Lenders who credit score mortgage applications
- Lenders who do not credit score mortgage applications but review applications based the customers changing circumstances.
The latter of these two not only review what has happened historically but more importantly what steps have been taken by the customer since the credit issues occurred and how those steps would put the customer in a better place when maintaining credit commitments going forward.
It was important for us to take a discussion based approach with lenders on this occasion rather submit multiple decisions in principle that might get declined. After conversation with lenders, it was clear to us that we would be able to help the customer since the lender that we eventually selected understood the reasons and was comfortable with the steps that had been taken.
The Results
After conducting a detailed analysis of the applicant’s credit record, we reached out to the lenders that we thought could help. Through discussions with the lenders, we were able to successfully find the customer a mortgage lender who could lend them the amount required and did not need the customer to repay the amount that they were in default for. This really helped the customer who was otherwise on the verge of giving up looking for a mortgage.
