Having an imperfect credit-score can make home ownership seem like dream. But that’s not necessarily the case. Your credit score and your financial history has a huge impact on your lending ability. Anything unpaid can result in a mark on your credit score – unpaid credit cards, invoices, personal loans, household bills…
Sometimes these get forgotten about, and you may not even know the mark is there until you apply for more credit. Once you have a mark on your credit score, this stays on there for 5 years AFTER the debt has been repaid. But sometimes these things happen, you could have been going through a hard time, or maybe you weren’t good with money in the past but you are now, and you still deserve a shot at home ownership.
Although you won’t be eligible for a home loan with a main bank, you could be eligible with a specialist lender. Specialist lenders aren’t bound by the same rules as banks, which is why they are an option for you. Specialist lenders can look past your defaults and help you move forward.
When you work with a specialist lender, you are going to have to pay a higher interest rate, and you’ll have to pay other fee’s upfront BUT this isn’t forever. Once your credit score clears up and you have clean account conduct we can help you refinance to a main bank.
Does this sound like you or someone you know? Talk to one of our brokers today and you can kick start the buying process.