I don't have the best credit rating, can I still get a mortgage?

A common question I get asked is, “if I have poor credit will I still be eligible for a mortgage?” The answer isn’t that clear, we need to delve further into the situation. If your debts have come around from over-spending and not paying your bills, or disrespect for a lender, or making late payments on hire purchase, then it’s unlikely that the banks are going to be excited about receiving your application.

However if you have gone through some form of hardship, for example; a relationship split up, a business partnership breakdown, or a death in the family, or there is a small debt (for example, a $200 phone bill or an invoice that hasn’t been paid), then this is something we can negotiate around with the bank. They understand, that from time to time, things don’t always go so smoothly.

If you do have adverse credit in the past, then there is no reason why we can’t put your application through to one of the specialist non-bank lenders that look into this area of adverse credit. However, you can expect to pay higher interest rates with these non-bank lenders. Realistically, they are the ones taking a risk with someone who has had adverse credit history.

There are a few different tiers of non-bank lenders, and each one of those tiers will look at a different level of adverse credit, so there is generally somewhere we can find you a mortgage. However, it is a situation where you need to pick up the phone and give me a call to discuss the situation and from there we will make a plan and I will talk that through with the bank of choice.

Call me today on 021 662 205 or email ryan.amoore@loanmarket.co.nz