Know Your Credit Rating
Your credit report/history is one of the biggest factors in determining the interest rate you will pay for your loan and the features (or lack thereof) of the loan that will be available to you. Lenders will require a deposit of generally between 10-20% if their are impairments on your credit file. The more severe the impairments – the greater the deposit. It is always a good idea to obtain a copy of your credit file prior to applying for finance. This is a good time to make sure all the information is correct. Any discrepancies should be checked out and corrected before applying for a loan.
Know The Fees
It is reasonable to expect to pay up to 2-4% above normal variable interest rates for credit impaired mortgage, but any higher and you should be wary. There are always exceptions to this, so use your best judgment and compare.
Read The Fine Print
To discuss your mortgage options please feel free to contact us and we can review your options and provide you with a free comprehensive loan assessment.