There are so many different types of loans to choose from and deciding which loan will best suit our needs can be a difficult decision to make. Some of us seek help and advice from our mortgage broker and some will approach a bank, building society or another financial institution.
Not all traditional finance companies will however give loans to people with a poor credit history, such as CCJ's, bankruptcy, arrears etc but as there are so many loans available including home loans it should not be too difficult for anyone to obtain a mortgage. There are in fact many lenders who focus on bad credit mortgages for example to borrowers with a credit score of only 500 and it is worth knowing that there is even a no credit score home loan available to those with a very low credit score.
There are also loans that don't require any deposit, in other words zero financing, and in some instances homebuyers are able to avail 103% and 107% finance depending on their financial needs and capabilities. Other home loans that are available include no doc home loans and state benefit loans however these loans are generally only offered to borrowers with a good credit rating.
With so much choice it is very advisable to speak to a mortgage broker to ascertain which types of loan can be availed and once the most suitable type of loan has been chosen then it is the mortgage brokers responsibility to research and find the best deal for the borrower.
Mortgage brokers can be found on-line and the process is very simple, convenient and quick. The borrower simply needs to complete an on-line form and the mortgage broker will select the most suitable lenders and provide at least three quotes. The quotes will give information about the terms and conditions of the loan, the interest rate, any early redemption costs, monthly payments etc.
Once the quotes have been received the borrower simply needs to do is compare them and select the offer most applicable to their needs and requirements.
