Mortgage Friendly Guide –
Getting a mortgage with
poor credit history
Your home may be repossessed if you do not keep up repayments on your mortgage.
We know that life isn’t perfect sometimes. If you have adverse credit or if you have been refused credit elsewhere then don’t be afraid to contact us – we have a wealth of experience in this area and will ensure that we give you honest advice around the best way to get the house of your dreams or take the weight off your mind by restructuring your outstanding finance into a manageable monthly payment. We have successfully helped customers find mortgages in the past despite them having or being:
- Late payments
- No credit history
- Low credit score
We recognise that everyone’s circumstances are individual and would urge you to contact us in confidence to see how we can help.
Ultimately it’s the lender’s decision on whether you’ll be eligible for a bad credit rating mortgage and it is all based around risk. The better you look as a borrower, the better your chances of acceptance.
If you have a bad credit score, it’s important to remember that although most lenders will give you a score, some don’t. The ones that do will limit your borrowing or decline you if you don’t have a high enough score. But the specialist bad credit mortgage lenders that don’t score will assess your credit file understanding that, at certain times in life, stuff happens. If they aren’t too severe or there is a good explanation, they may well approve your loan.
Mortgages for people with bad credit history are mostly impacted by the type, amount and date of the credit issues. The more recent the issue, the worse it looks, and the more serious the issue, the worse it looks (in terms of amount owed and the type of credit the issue was with i.e. a missed payment or a CCJ).
We can’t put all the information you need in a fact sheet because getting a mortgage if you have a poor credit score is complex, but not impossible. Sometimes, you just won’t be able to find a mortgage lender that will do what you need on your own. When you are looking to borrow more money, to consolidate debts or raise capital and this happens, don’t give up hope.