Bad Credit Mortgage Broker
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Bad Credit Mortgage
James explains how the mortgage process works if you have bad credit.
How does having bad credit affect my ability to get a mortgage? What are my options?
Lenders definitely check your credit history as part of any mortgage application. If you do have bad credit, it may limit your options. But as bad credit mortgage brokers, we help people in this situation every day. We are experts in recommending solutions for our clients.
Are there specific lenders who specialise in mortgages with bad credit?
There are a few specialist lenders for clients with bad credit. As mortgage brokers, we deal with lenders across the whole of the market. We’ll be able to recommend the right lender for our clients’ personal circumstances.
What is considered bad credit in the UK?
There are many forms, and they vary quite widely in severity and how much it affects a mortgage. Examples include County Court Judgements (CCJs), Individual Voluntary Arrangements (IVAs), defaults, debt management plans and bankruptcy.
There are also things like late payments, either on a mortgage itself or on an unsecured debt like a personal loan or a credit card. All of those would affect your chances of getting a mortgage.
Can I still get a mortgage if I have had previous bankruptcy or repossession?
You could, for both. With bankruptcy, you need to have been discharged for a certain period, and that length of time varies between lenders.
The same goes for repossessions. A certain period of time will need to have elapsed before you could get a mortgage, which again varies.
Obviously, as part of our initial fact-find we will explore your circumstances to recommend the right lender.
What if I’ve been declined for a mortgage with bad credit previously?
Get in touch with us, anyway. Even in the worst-case scenario, where you can’t get a mortgage straight away, we could recommend certain things you could do before coming back to us – we’ll have some lenders for you at that point.
We always leave our clients with a plan, so they could come back and get a mortgage in future, if not immediately.
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Everyone’s different. You might be self-employed. You might have some credit history issues – whatever your situation, we will find the most suitable product available to you from across the whole market.
What if I’m a First Time Buyer and have bad credit? Will this affect me getting a mortgage?
It’s very similar whether you’re a First Time Buyer or not. If you are a First Time Buyer and you have bad credit, get in touch with us and we could review your circumstances. We’ll tell you what options are available.
Do I need a larger deposit for a mortgage with bad credit?
We do have lenders with 5% options for bad credit, which is the same as any other mortgage. Ultimately, it depends on the specifics of the issues on your credit report. In certain situations, a higher deposit may be required.
What is the minimum credit score required for a mortgage with bad credit?
We do have some lenders that don’t credit score, so there isn’t a minimum number involved. The main thing is the specific items on your credit report that are causing the low score, as opposed to the score itself.
Can you remortgage with bad credit?
It’s the same process with purchases, remortgages and for First Time Buyers. We’ll just take a client’s details and recommend the right options.
Can I get a Buy to Let mortgage with bad credit?
There’s residential and Buy to Let, and there are options available for both if you have bad credit. Depending on your circumstances, there are definitely lenders we could approach.
Can I use a guarantor for a mortgage with bad credit?
Potentially, yes. Again, it just depends on the circumstances, but it’s definitely a possibility.
How long do I have to wait after improving my credit score before applying for a mortgage?
We do have lenders that don’t actually credit score, so there’s no major issue about waiting or improving your credit score. The main factor is what is specifically causing the low credit score on your credit report. As part of our normal process as a broker, we look at clients’ credit reports in detail and will advise you on what actions, if any, you need to take.
What else do we need to know about bad credit mortgages?
As bad credit mortgage brokers, we deal with people with bad credit every day. We are experts in this field and get mortgages for people with all kinds of issues. So just get in touch and we’ll see how we could help.
Any information discussed here should not be considered advice and for information purposes only
MOST BUY TO LET MORTGAGES ARE NOT REGULATED BY THE FINANCIAL CONDUCT AUTHORITY.
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
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