If you are wanting to apply for a bad credit mortgage there are a number of things you can do to help ensure you secure your new mortgage or remortgage as quickly and efficiently as possible. Listed below is are 10 hints and tips to help you get a quick decision and fast completion for bad credit mortgage applications.

Adverse Mortgage - Top 10 Tips
By Carl Baker

If you are wanting to apply for a bad credit mortgage there are a number of things you can do to help ensure you secure your new mortgage or remortgage as quickly and efficiently as possible. Listed below is are 10 hints and tips to help you get a quick decision and fast completion for bad credit mortgage applications.

1. Have as much documentation ready as possible when applying for a bad credit mortgage When applying for any mortgage its important to have the correct documentation to hand to help speed the application through. This is even more so with adverse credit mortgage applications due to the additional requirements which must be met due to the bad credit listed on your credit file.

2. Have a list of your creditors and debt situation to hand when applying for a mortgage with bad credit Knowing how much you owe, who your creditors are and if the accounts have had defaults or CCJ's registered against them will help your broker speed things up. If you are on a debt a management plan then you should also have your debt management statement to hand.

3. Get your last 12 months mortgage or rent statement If you have missed payments or late payments on your existing mortgage or rental agreement than a 12 month statement will allow your broker to see exactly what's been missed and help them to arrange the best deal for you.

4. Speak to an adverse credit broker An adverse mortgage broker will typically get you a better deal than a normal broker who doesn't specialise in bad credit mortgage applications. They will be more familiar with the lenders and the products they offer as well as any special deals available at the time of your application.

5. Be honest with you mortgage broker You may be thinking this one is obvious but many people either don't want to disclose everything or feel embarrassed to explain their financial situation (or how the adverse credit came about). This is another reason to use a specialist broker as they will be more familiar with your situation and will be more able to put your case across to the lender in a professional way.

6. Be honest with yourself when applying for a mortgage with bad credit Be realistic in what you can afford and with your situation. A lender may deem a mortgage affordable but only you will know if you can truly afford the new repayments - its far better to be realistic and make sure your happy with any new payments, if you feel you can't afford the new repayments speak to your broker about it as they be able to help or answer any concerns you have or confirm what you are thinking.

7. Get information or documentation to the lender as soon as possible We have seen fairly straight forward mortgage applications take twice as long as they should due to the applicants not providing information or documentation when it was requested.

8. Choose the right solicitor Choosing the right solicitor to handle the conveyancing is important for any mortgage - with a bad credit mortgage application we would recommend using a solicitor that operates on a 'no completion no fee' basis. That way if the mortgage does not complete you will not have solicitor fees to pay.

9. Check settlement figures - don't guess at what you owe If you are applying for a is one of the best mortgage tips for a bad credit, you should request settlement figures from your existing mortgage lender as soon as possible - especially if you have mortgage arrears. You should also request a settlement figure for any secured loan's you have on the property as some secured loans can have high redemption penalties.

10. Don't get too stressed when applying for a bad credit mortgage Not getting stressed may not sound like brilliant advice but applying for a mortgage can be stressful at the best of times - include the terms bad credit or adverse credit and you could find your blood pressure going through the roof! Stay calm, keep everything in perspective and act rationally and professionally. If there are problems to overcome with your bad credit mortgage application they will be dealt with much quicker and easier if you keep a clear head.

Adverse Credit Mortgage
specialist and bad credit experts. Baker Financial are able to help with a multitude of credit impaired financial solutions whether it be a mortgage in debt management or debt consolidation.

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