Recent industry figures have shown that 1.09 million people with adverse credit scores might be looking to buy a new property in the next 12 months. This is a decrease of around 250,000 compared to the 1.34m people with bad credit scores who said they were looking to move in February, prior to the UK’s first lockdown*.
Of those looking to move, seven out of ten of them are worried that their credit score might hold them back because it’ll cause their mortgage application to be declined – is this something you’re concerned about too?
If it is, then don’t worry – even with a bad credit score there are a wide range of competitive options available, meaning you can still realise your dream move or remortgage your current property at a rate that’s fair and affordable. What’s more, now is a great time to move!
Kevin Blount, Director at Clever Mortgages, said: “There are a few reasons as to why the current period is a good time to move home.
“The property market is really buoyant at the moment, and many people are taking advantage of the fact that there’s no Stamp Duty to pay if you move home before 31 March 2021, representing a fantastic saving to the consumer.
“This means that now could actually be an opportune moment to move home, even if you have got an adverse credit score.”
As a specialist mortgage broker, Clever Mortgages is an expert in helping people with bad or adverse credit get access to competitive rates on mortgage deals. By going through a broker, you actually get access to better, more competitive rates that potential buyers miss out on when choosing to go direct to their mortgage provider.
When you combine these competitive rates with the current Stamp Duty holiday and burgeoning housing market, the result is a fantastic environment in which to apply for a mortgage.
Kevin said: “Whatever the reason for your adverse credit score, whether it be due to things like arrears, CCJs or missed payments in the past, there will always be options available to you at Clever Mortgages.
“You don’t need to worry about your application being declined at the first instance either – we’re happy to discuss your personal circumstances first before you make an application.
“This helps us to understand your situation, and lets us know what options are available to you before you apply for anything.
“I’d urge anyone considering getting a new mortgage or remortgaging to get in touch – now is a great time to move, so don’t let your credit score hold you back!”
Clever Mortgages has access to over 100 different lenders who specialise in lending to people with adverse credit scores, and 1000s of different mortgage products. This means that regardless of your credit score, you’ll still be able to find a competitive mortgage that suits your situation, so why give Clever a call to see what your choices are?
To find out more about what mortgage options might be available to you, simply call the Clever Mortgages team on 0800 197 0504 or arrange a call back at a time that suits you.
*According to research from Pepper Money Adverse Credit Study Autumn 2020
