Oh, the wonderful world of mortgages! Doesn’t that sound exciting? Well, it should, especially if you’ve been browsing the property market with those big homeowner dreams but find yourself stumbling over a pesky little challenge called ‘bad credit’. Fear not, my friend, I’m here to sprinkle some cheerful mortgage wisdom your direction – think of it as ‘mortgage advice near me’ but in a blog format!

Now, I’m sure you’ve heard gibber-talk about residential mortgage-backed securities (RMBS) and how they’re faring. They’re like the backstage crew of the mortgage world. When they’re doing well, it’s good news for homeowners because it means the mortgage markets are healthy. Currently, homeowners are sitting pretty with heaps of equity and lovely low mortgage rates.

But, what if you, my dear reader, are not one of those lucky ducks yet? Maybe your credit history is a little bit more ‘rock-n-roll’ than ‘classical’. That’s where the value of mortgage advice becomes as clear as a sunny English summer’s day (which, I promise you, is a thing). Quality mortgage advice can be your knight in shining armour – or as we like to put it, your financial fairy godparent.

If you’re thinking, “Can I get an interest only mortgage with my credit score doing an impression of a rollercoaster?” then the answer may just surprise you. Interest-only mortgages can be a bit elusive, but they aren’t the stuff of legend. They’re real, and they could be obtainable, even with a credit score that’s seen better days.

In the realm of interest-only in retirement, this option can be a glittering jewel for those seeking a different approach to mortgage management in their golden years. It’s not for everyone, but with the right advice tailored to your situation, it could be a snug fit.

Now, shifting gears to a hot tip – if you’re looking to get a mortgage with bad credit, my first piece of advice would be to have an honest and open conversation with a mortgage advisor. This isn’t like confessing your undying love for 90’s pop bands; it’s practical, and it can set you on the path to turning your credit score around.

Here are some crispy little tips on how to prepare for that much-awaited mortgage application:

1. Get Cosy with Your Credit Report: Know it better than your favourite takeaway menu. Understanding where the bumps lie means you can start smoothing them out.

2. Build a Savings Buffet: Show lenders that you’re not just about spending on the here and now but that you’re also stocking up for the future.

3. Stay Steady with Income: Regular income is like comfort food for lenders – it makes them feel all warm and willing to lend.

4. Be a Debt Dinosaur: Make old debts extinct! Show you’re responsible by knocking off outstanding debts as best as you can.

5. Document Gathering Party: Get your financial documents in a row like you’re preparing to win a game of financial bingo.

Remember, mortgage lenders’ criteria can seem as mystifying as a magic trick, but really, it’s just checking whether you can comfortably juggle your finances without dropping the ball. And don’t just limit your options; with the help of a savvy advisor, explore different mortgage types and lenders who might be more forgiving of your credit history’s colourful past.

So, whether you’re eyeing up interest only mortgages or you dream of regular capital and interest payments, don’t let a rocky credit history hinder your home-owning dreams. With the right guidance and some good old perseverance, getting that ‘yes’ from a lender could be closer than you think.

I hope this beam of mortgage optimism has put some pep in your step. Keep your head up, your credit improving, and your advice-seeking hat on – your future home is out there, just waiting for you to nab it! Keep believing, keep planning, and let that happy homeownership dream become your reality.