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Question:: Hello Mr Moneypenny. I've been saving hard with the local building society to buy a new house with my fiancée when we get married later in the year (we have a baby on the way). When I spoke to them recently for some mortgage advice they indicated that because I had recently started my new business and couldn't prove my income over three years, they would be reluctant to grant us a mortgage.  Is there another way?

Answer: Buying a house is a dream for many individuals. This is particularly true of someone starting a family who wants to invest in a home as opposed to paying month to month rent. If you have less than perfect credit it can be an uphill struggle trying to secure financing. With an adverse credit mortgage, even people with bad credit can buy a home of their own.

This is the mortgage advice I would give. There are many different situations which can contribute to a low credit score. The first is if someone has neglected to pay their debts on time. Another is if they don’t have income which can be easily verified. This is often the case with an individual who is just starting out in their own business just like you. Regardless of how they did end up with a low credit score, an adverse credit mortgage will almost always be within their financial reach.

Although the majority of people buying a house head directly to their bank or building society, this isn’t always the best choice. Most major banks don’t even consider an adverse credit mortgage. They are only willing to lend money to those who have a proven track record in handling their credit wisely. Therefore for someone who does need an adverse credit mortgage, they need to look towards alternative lenders.

A mortgage broker can be an incredibly worthwhile asset when it comes to securing a loan for a home. The reason is that a mortgage broker understands that different people have unique lending needs. They also have extensive knowledge regarding which lending companies give out what types of loans. In the case of someone seeking an adverse credit mortgage, a broker can get them the best deal possible.

Interest rates fluctuate on a regular basis and for someone taking out a traditional mortgage they can expect to pay prime or slightly over prime. For the person who needs an adverse credit mortgage they are going to be looking at more in interest costs. When someone has a low credit score, they are viewed as a risk. Many companies that offer an adverse credit mortgage loan do so at an increased rate of interest. It’s simply the price a person has to pay if they don’t have the credit they want but they do want a home of their own.

Even if you apply and receive one of these types of loans remember that it doesn’t have to be forever. You can negotiate so your adverse credit mortgage loan is up for renewal in three or five years. During this time you can work hard at fixing your credit problems, so that you’ll qualify for a more traditional loan at a better rate down the road.
 

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