Getting a mortgage with bad credit

Posted on April 25, 2023 by - Mortgage

Obtaining a mortgage becomes more challenging and costly

When individuals mention having bad credit, they often refer to possessing a low credit score or negative elements in their credit report. These factors can make obtaining a mortgage more challenging and costly. Reasons for a poor credit rating may include late or missed payments, county court judgments (CCJs), or numerous credit applications within a short period.

Additionally, if you’ve never borrowed money before, your lack of credit history could result in a low credit score. So when applying for a mortgage, your credit score is one of the key factors that lenders consider. A low credit score can make it difficult to secure a mortgage, and even if you are approved, it could mean higher interest rates and less favourable terms.

Fixed rate mortgages

Posted on April 24, 2023 by - finance, Mortgage

Is now the right time to fix and for how long?

In the realm of mortgages, a fixed rate mortgage refers to a financing option where the interest rate remains unchanged for a set initial period, which could span anywhere between two to five years, and occasionally longer.

Selling Property

Posted on March 29, 2023 by - Mortgage

Planning and preparation

Buying and selling property at the same time

Selling your home to move into a new home at the same time can be a challenge. The dreaded property chain can cause chaos, tripping you up at the last minute.

With both processes, there can be a lot of paperwork and agreements involved, and without the right advice there’s a lot of room for error.

Growing demand for mortgages for older borrowers

Posted on March 23, 2023 by - Mortgage

Age is an issue of mind over matter. If you don’t mind, it doesn’t matter

As the population in the UK continues to age, there will be an increasing demand for mortgages for the over-50s. People are continuing to work for longer in order to reach their desired retirement lifestyle but also in response to changes in wealth, State Pension provision and to reflect the fact that we are living longer as a society.

This creates a much more challenging hurdle for people to overcome in order to fully retire. Gone are the days of ‘carriage-clock retirement’.The demand for mortgages for the over-50s is due to a number of factors, including the ageing population and the increasing cost of living crisis.

Trusts

Posted on March 16, 2023 by - Trusts

‘Ring-fencing’ assets to protect family wealth for future generations

You may want to consider putting some of your assets into a trust for a loved one. Trusts are a way of managing wealth, money, investments, land or property, for you, your family or anyone else you’d like to benefit.