I have bad credit, can I get a mortgage in Blackpool?

Securing a mortgage in Blackpool may still be possible even if you have bad credit. Some mortgage lenders cater to buyers with poor credit and offer specialised products. However, it’s important to note that a larger deposit, typically around 10%-15%, may be required.

If you’re seeking mortgage advice in Blackpool and want to improve your credit score, our mortgage advisors are here to assist you. We can provide guidance on the steps you can take to enhance your creditworthiness and increase your chances of getting approved for a mortgage.

How much deposit do I need for a mortgage in Blackpool?

To purchase a property in Blackpool with a mortgage, most lenders require a minimum deposit of 5% based on the property’s value. However, in some cases, you may be asked to provide a larger deposit, usually between 10%-15%, depending on your credit score.

Bad credit history such as missed payments or outstanding unsecured debt may affect your eligibility for a mortgage. Lenders want to ensure that applicants can repay the loan, and asking for a higher deposit may be a way for them to assess your reliability as a borrower.

How does the free mortgage appointment in Blackpool work?

When you book a free mortgage appointment with us, you can expect it to last approximately 30-60 minutes. During this time, you will have the opportunity to discuss your mortgage requirements with one of our experienced mortgage advisors in Blackpool.

Your mortgage advisor in Blackpool will ask you some questions to gain a better understanding of your mortgage situation and objectives. They will also inquire about your personal and financial circumstances to determine which mortgage products may be suitable for you.

After your free mortgage appointment, your advisor will use their expertise to identify the ideal mortgage product for your individual needs. Providing you with a customised deal that meets your unique requirements is our specialty.

When should I get an agreement in principle in Blackpool?

An agreement in principle, or AIP, is a document issued by a lender indicating their willingness to lend to you based on the evidence of your income and affordability for a mortgage in Blackpool.

An AIP plays a vital role in the mortgage process. It enables you to make an offer on a property and can assist you in negotiating prices with the seller. For instance, if two potential buyers approach a seller, one with an AIP and the other without, the seller is likely to prefer the buyer with the AIP. This is because they have already been approved in principle and can move more quickly through the mortgage process.

AIPs have a validity period of 30-90 days and can be renewed once they expire. To obtain an agreement in principle, you may seek the guidance of a mortgage advisor in Blackpool. Our team of mortgage advisors are readily available to assist you.

Why use a mortgage broker in Blackpool like us?

At our mortgage brokerage in Blackpool, we’re dedicated to assisting you throughout the entire mortgage process. Our goal is to find the most suitable mortgage product that aligns with your unique financial and personal circumstances, assist with preparing your mortgage application, alleviate any stress associated with the process, and ultimately help you acquire the keys to your dream home.

We have extensive expertise in the mortgage industry, and we have assisted buyers with varying requirements. Our specialisations range from buy to let and self employed mortgages to equity release and mortgage insurance and protection.

Obtaining mortgage advice in Blackpool has never been more accessible. You can book a free mortgage appointment or schedule a callback with one of our mortgage advisors in Blackpool online.

Can I get a second mortgage in Blackpool?

As a mortgage broker in Blackpool, we have assisted numerous applicants in obtaining a second mortgage, and in some cases, even more than two mortgages. There are several reasons why someone may require multiple mortgages, such as purchasing a property to let, letting a property to buy, holiday letting, and accommodating family members, among other reasons.

However, it’s important to note that most lenders usually require a significant deposit and a good credit score to be eligible for another mortgage. Additionally, it’s crucial to ensure that you can afford the monthly mortgage payments. If you’re considering obtaining a let to buy or buy to let mortgage in Blackpool, your tenant should cover the mortgage costs.

We strongly advise seeking assistance from an expert to determine your eligibility for a second mortgage in Blackpool. Our team has over 20 years of experience in the mortgage industry and would be delighted to provide guidance and support.