Debt Fix's mortgage specialists will guide you through the loan application process to give you the best chance of securing a suitable poor credit home loan having regard for your circumstances. The process is as follows.
1. No obligation assessment
During your consultation with our financial advisors, we'll talk confidentially about your financial situation and find out what you want from a home loan. We'll give you information of how much you'll be able to borrow, what deposit you'll have to pay and what the monthly repayments, interest rate and charges are likely to be, so you can decide whether a non-bank home loan is right for you.
We'll discuss the different types of home loans which are suitable for people with poor credit and recommend the most suitable option for your situation. These can include:
- Default home loans
- Discharged bankruptcy loans
- Discharged part IX debt agreement loans
- Debt consolidation loans to combine multiple debts into a single monthly payment
- Tax debt loans to combine tax debt with your home loan
2. Bad Credit Home Loan application
We'll help you draft your loan application and provide the necessary supporting documentation. We’ll provide you with the options available to you outlining all the benefits and consequences to enable you to make an informed decision.
Following this we'll present your application to the most suitable non-conforming lender. We'll demonstrate to the lender why we believe your application is suitable and appropriate. The finance provider will assess your risk to decide if you're suitable.
Most loan applications are approved within 24-48 hours.
If you're approved for a bad credit mortgage on terms you're happy with, you'll need to start making regular payments to the lender. Falling behind on your repayments could lead to expensive fees or defaulting on your loan.
Non-conforming mortgages are intended to be a temporary measure while your circumstances improve. Keeping up with repayments on your loan will improve your credit score and you could eventually be in a position to refinance your loan for a lower interest rate. Contact Debt Fix to find out when it's the right time to refinance and whether you would benefit.