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What are secured loans for bad credit?
The loans offered to the bad credit people to buy a home are called the secured loans for bad credit. Shine Mortgages specialises in providing broking services in such conditions and turns negative into positive. We can bring the most relatable loan options for your home buying needs. There is NO BROKER FEE for our services, and we do not hide our mode of payment. We take our compensation from the lenders directly leaving no reason for you to worry about anything. Our support exists 24x7 and even on bank holidays.
How do the loans work and how we help you?
Certain features belong to only the secured bad credit home loans. To take the right decision while buying your home, you need to know how they work. Here is a glance as its main features -
- We scrutinize your current and past financial circumstances and pick the suitable lending options from our panel. Our experts explain the features of every option to you and do comparison to help you understand which one is more affordable.
- You select a lender/deal. A formal conversation over the total cost of the deal takes place with the lender. We bargain on the rate of interest to make it compatible with your financial conditions. Our concern is to get smaller instalments and desirable tenure for our borrowers.
- With poor credit score you can borrow up to £1,00,000 but for that one needs an extreme repayment capacity. Usually, people borrow up to £75,000. However, you can always go for more with an excellent current income status.
- Shine Mortgages facilitate secured loans for bad credit on instant decision. All our lenders follow new aged lending approach that primarily works on FinTech rules.
- On the demand of the borrower, the soft credit check is also available to prevent search footprint on credit records. Every next-generation mortgage service provider should own practical and customer-centric methods.
Loan options for the rejected applicants
If you were rejected for a home loan previously and did not have any hope left behind, then Shine Mortgages can help you. Our team of experts works to end the vicious circle of strain and supports your home buying efforts.
- Get suggestion on personal financial conditions, such as how to gain a boost in your credit score to get improved chances of approval. From your daily spending habits to saving goals and working on the budget through budget planner, we can talk about everything.
- We give smart tips on debt management that improve your debt-to-income ratio that is necessary to prove a strong repaying capacity. To adjust the home loan instalments in your budget, it is vital to work on this front.
- While you work on your finances, our team keeps working on searching for suitable lenders. The moment it gets anything suitable, it brings to you and explains all the aspects of the deal.
- Once you choose a lender, we contact the concerned mortgage provider to talk on all the possibilities to make it borrower-friendly. Our prime aim is to bring you an affordable deal that is no hefty in instalments as by paying on time you can improve credit rating.
- To make the loan predictable, we use secured loans bad credit calculator and obtain rational results that are ‘near to perfect’ and reciprocate the accurate figures on every factor. From APR, the interest rate to the monthly instalment and stamp duty, everything is understandable.
Buyer guide for secured loans for bad credit
To stay more influential on the property ladder, you need to know some tips to prevent the maze of confusion and avoid rejection on the loan application. Here is a small yet functional guide to act smartly as an applicant.
- Gather knowledge about the loan product – With incomplete or half-knowledge, you will only make mistakes. Search the online world and read as much information as possible. Knowledge working as the back-up always brings smart decisions.
- Gather a big deposit amount – To compensate for the weak point of poor credit score, you need to have a significant deposit. You cannot expect a secured loans bad credit direct lender offers you funds with bad credit and a small deposit. 5% amount of the total property value will not work in your case, make it bigger up to 15% to 20%.
- Do not max out your credit card – It is never wise to let any high-interest debt go out of control. It precisely shows in your credit records, and that leaves a real bad impression about your financial behaviour. Use the credit card only for big purchase, as that helps tailor your spending habits towards discipline.
- Pay the bills and debts on time – Of course, it is the most important thing that a loan applicant should work on. With timely payments, you can improve the rating and can stand as a strong applicant who is suitable to qualify for the products.
- Do not make ‘buy now pay later’ purchase – Such types of purchases are considered as the weak point of a person, and also it shows a considerable due amount in the account of the applicant. Every financial activity you do get you into the notice of the lender. It is better to stay careful.
Shine Mortgages aims to put together all the relatable deals that can help you buy your home. We never make you feel isolated just because you have a poor credit score. It is a situation that can be tackled through wise ways. We know how to do that safely, and that gives us the confidence to commit you a best borrowing experience with us.