Second Mortgage & Poor Credit Mortgage in London
If you are in the market for a bad credit mortgage in London, you may not be able to procure financing through a traditional lender. Often, their decisions rest solely on your credit score, and they do not consider other factors at all. Fortunately, you can get a private home loan in London based on other important qualifiers, so even if lenders have turned you down in the past, you may still qualify.
Private Home Loans in London vs. Traditional Loans
When you ask a traditional lender for a loan, their first course of action involves checking your credit score. Ultimately, they rely upon this information to determine their risks in lending to you. They do not consider other factors at all, so even if you have been with your employer for 20 years and you make more than enough money to cover the loan payments, you will not get approval. Fortunately, you can still get poor credit mortgages in London by verifying this type of information. Just provide some information about your employer and your income, and find out what is available to you.
On the other hand, finding second mortgages in London is difficult for anyone, as lenders see the need for a second mortgage as a significant risk factor. What's more, you will need some equity in your home to get this loan. This is because the first lender has full stock in the property, so you cannot use your home as collateral for a second lender at the same time. No matter what your credit score, as long as you have home equity, it is possible to obtain private home loans and second mortgages.
When a traditional lender turns you down, you might feel discouraged. There are other ways to secure the funding you need, whether you want to buy your first home or take out a second mortgage in London to consolidate existing debts.