Mortgage Broker Telford

Having a high credit rating has an impact on what mortgages will be available to you (you have less options) and can also delay the mortgage process, increase the eventual interest rate and mean increased product fees.

However, even with a bad credit rating it is still possible to get a mortgage. There are independent mortgage brokers who can help to find a mortgage that is suitable for your credit score. Brokers are able to find mortgages based on their knowledge of the current market and can also best advise you on which lenders are likely to lend to you.

If you are successful in your mortgage application, if you then make all your repayments on time then your credit score will improve, which will in turn allow you to arrange better borrowing terms in future.

Discount mortgages are another variant of variable mortgages but the discount is linked to the lender's standard variable rate (SVR) as opposed to the Bank of England's base rate. One of the risks involved is that the lender, if stated within its terms & conditions, can reserve the right to increase its rate independently of any movement – or non-movement – of the Bank of England base rate.

The discount normally applies during a fixed, agreed term and all mortgages that have a fixed term normally require a mortgagor to pay a large early repayment charge if they opt to leave early.