Buy Now Pay Later & Bad Credit

We were recently asked whether Buy Now, Pay Later schemes had an impact on mortgage applications. 

Purchasing a property can be both exciting and stressful and Lender affordability checks are always daunting, particularly for first-time buyers.

Lenders will review how much you earn and how much you spend on bills, loans, and other expenses. Short-term loans offered by companies like Klarna and Clearpay can impact your credit score and this in return is likely to impact your borrowing ability. 

If you do utilise these services it is important to re-pay on time, we’d also recommend, If possible, to pay off your debts ahead of your mortgage application and avoid taking out any further loans throughout the mortgage application process. 

There is no doubt that a clean credit score will enable you to choose from a wider range of mortgage products, however, you’ll be pleasantly surprised to learn that we have access to specialist lenders who can help even in the most challenging scenarios.  

If you would like to discuss options available to you, speak to a member of the team or our senior broker, Danny O’Keeffe on 0208 364 3444 alternatively schedule a call back by clicking on the button below. 

Tenant demand reaches highest level since 2011
The strong tenant demand seen during last year has continued into 2022 after growing to the highest level recorded since 2011, according to Paragon Bank. 

On a regional basis, increasing tenant demand was reported by 84% of landlords operating in Central London, a substantial increase compared to the 12% seen in Q1 2021.

UK housing boom shows no sign of waning
Demand for property has been strong ever since the UK first came out of lockdown in the summer of 2020. Mortgage approvals are up on pre-pandemic levels and prices have climbed ever higher. But estate agent Knight Frank said the UK would see an unwinding of the rampant growth seen over the past two years as the cost of living bites, mortgage rates rise, and a greater supply of homes hits the market.