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Financial challenges can make securing a mortgage feel impossible. However, the advice and support of a mortgage broker in Colchester can make your goals of homeownership a reality. Lightbulb Lending is a mortgage broker in Colchester specialising in helping clients with impaired credit achieve a mortgage, no matter their financial history. Contact us for your FREE consultation.
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A debt management plan or DMP is an agreement with a body or charity whereby you will arrange payments to your creditors based on your affordability. DMPs do not have fixed end dates and can last for as long as is needed to repay the debt. Having a DMP on your credit file doesn’t mean that you can’t secure a mortgage, especially with the help of a mortgage broker in Colchester.
Need a mortgage broker in Colchester? Learn more about DMP Mortgages…
An Individual Voluntary Arrangement or IVA is an agreement to repay your debts at an affordable rate. If you cannot repay debts, you may wish to seek relief from these obligations in the form of bankruptcy. While securing a mortgage when you have an IVA or bankruptcy may be challenging, it is possible when you’re supported by a mortgage broker in Colchester.
Need a mortgage broker in Colchester? Learn more about IVA or Bankruptcy Mortgages…
If you have no credit history, you don’t have to let your homeownership dreams fall by the wayside. A mortgage broker in Colchester can make these dreams a reality. When you have no credit history, you become a high-risk applicant as there is no record of how you manage financial repayments. As your mortgage broker in Colchester, we’re here to help you achieve your dream home goals.
Need a mortgage broker in Colchester? Learn more about No Credit Mortgages…
Failing to meet the repayment terms of a credit agreement, will incur a default on your credit file. If you fail to repay a debt, you may be issued a County Court Judgement (CCJ). While these may impact your options with high-street lenders, it doesn’t mean that you can’t secure or apply for a mortgage. As your Colchester mortgage broker, we can help you secure a mortgage with a default or CCJ.
Need a mortgage broker in Colchester? Learn more about Default or CCJ Mortgages…
Yes, it is possible to get a mortgage with a DMP, especially if you have been making consistent payments for at least 12 months.
A mortgage broker in Colchester will recommend waiting at least 12 months after starting a DMP before applying for a mortgage.
Yes, it is possible to get a mortgage if you are in an IVA. A higher deposit will likely be required and only certain lenders will consider your application.
The longer the IVA has been settled, the better. Typically, after 12 months, the deposit requirement may decrease, and more lenders may be willing to consider your application.
Yes, you can apply for a mortgage after being discharged from bankruptcy for at least 9-12 months.
Yes, it is entirely possible to get a mortgage with no credit history. A mortgage broker in Colchester can provide guidance and advice.
Typically, a minimum deposit of 10% is required, but a larger deposit may improve your chances of approval.
Yes, it is possible to get a mortgage with a default. You can rely on Lightbulb Lending to identify the lenders most likely to approve your mortgage application, despite these challenges.
Defaults and CCJs remain on your credit file for six years, although a CCJ can be removed if paid within 30 days of the judgement.
Yes, there are several steps you can take, such as registering on the electoral roll and paying bills on time.
The process can take several weeks, depending on the complexity of your application and the lender’s requirements.
The most important thing is not to be discouraged. As your mortgage broker in Colchester, we will explore other lenders who may be more suited to your financial situation.
We have years of expertise in mortgage solutions for clients with impaired credit, including Debt Management Plans.
We never want to add to your money worries, so we offer FREE consultations and obligation-free quotes.
We work to understand your circumstances, ensuring we match you with the right lender.
We believe that everyone deserves a chance to own their dream home. So if you’re worried about securing a mortgage due to financial difficulties, please don’t hesitate to contact our mortgage broker in Colchester today.
Finding the right mortgage is key to managing your finances and achieving your homeownership goals, whether you’re a first-time buyer or remortgaging.
North Fambridge, Essex, CM3 6FS
Finding the right mortgage is key to managing your finances and achieving your homeownership goals, whether you’re a first-time buyer or remortgaging.
Lightbulb Lending is a trading style of Simply Lending Solutions Limited Registered in England & Wales. Company No 09676170.
Simply Lending Solutions Limited, registered address: Barn 12, Runwell Hall Farm Hoe Lane Rettendon Common Chelmsford Essex CM3 8DQ. Authorised and regulated by the Financial Conduct Authority. We are entered on the Financial Services Register No 745164 at https://register.fca.org.uk/. The information contained within the website is subject to the UK regulatory regime and is therefore primarily targeted at customers in the UK.
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