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Can I get a mortgage with Bad Credit?

The simple answer? Yes, it is possible to get a mortgage with poor credit rating – so don’t lose hope just yet! There are many factors of your credit history that could affect your application such as CCJ’s (County Court Judgement), Payday Loans, Defaults or missed payments, IVA’s (individual voluntary arrangements), your employment status, bankruptcy and many more.

Advice for Poor Credit

Well, yes. Even if we are unable to fully secure your mortgage application at this moment in time due to bad credit rating etc., we can put you on the right path in order to successfully complete one. Whatever your credit history, it’s important to have a clear understanding on what your options are and how you can improve your chances.

Mortgage applications can be declined by lenders for numerous reasons; poor credit history, debt balances, low income salary, not being registered to vote and many more. Interestingly, you can also be declined because you have already made too many applications, so it’s important to keep your loans at a minimum to avoid this. What matters most is that if you have been rejected for any type of mortgage – from buy-to-let mortgages to Right to Buy schemes, that you focus on the different ways you can improve your credit score and persuade lenders that you are responsible enough to pay back the money you are looking to borrow.

Don’t fret. That’s where we come in. Even if you have been declined a mortgage due to your bad credit rating as a first time buyer or any other mortgage type, you still have a chance of securing your mortgage via a broker like us with “whole of market” access. In order to give yourself more of a chance to be accepted, you should make sure that your bills are paid on time every month, keeping your balances as low as possible (excluding your mortgage), showing the lenders that you are trustworthy and responsible with your monthly payments. You should also register on the electoral roll, as many lenders use this as a way of confirming your current address. Lastly, you should avoid making any more financial applications (this can be a mortgage, a loan, credit cards etc) as each time you apply this is saved to your credit history and could impact your chances.

Although some lenders favour certain demographics over others, there are no real lenders that encourage poor credit borrowers. However, once we get to know your situation, your personal, expert mortgage adviser will have a pretty good idea as to what lender you are going to be eligible for, and what the best deals available to you are before you submit your credit application.

If you’re applying for a joint mortgage, you and your partner will be classed as “Financial Associations”, meaning that their bad credit history could impact your chances of getting a mortgage. If you have no financial links however (even if you are living at the same address or share the same surname), then your credit rating will be solely your own and your partner’s will not impact your mortgage application.

This is a challenging situation to tackle, but the good news is that it’s definitely possible! If you faced repossession over 4 years ago, it is possible that if you meet the correct criteria for the lender then you will be able to secure a mortgage. There are many factors that a lender will look at in regards to your previous repossession, so give us a call today if you’re unsure as to whether you will qualify under your circumstances.

We have helped:

No credit history

Low credit score

Late payments

Defaults

CCJ’s

IVA’s

Repossessions

Bankruptcy

Secure your Mortgage With Bad Credit

If you have an adverse credit history, whether you have been denied a mortgage application previously or not, it’s important to keep faith and know that there are still possibilities of securing your mortgage. With government schemes like the Help to Buy scheme and Shared Ownership allowing borrowers to have as little as 5% deposit, now is a great time to start thinking about taking your next step onto the ladder if you’re planning to move home and complete your second mortgage. With our expert, specialist mortgage advice, it’s possible even to remortgage your property with bad credit history so, what are you waiting for?

Hear it from others just like you…

Looking to improve your Credit?

If you think you may have too many “footprints” on your file (ie. history of credit applications), use one of these online credit agencies to get a free credit report, and understand more about what’s on your file and how you can start improving it today!

Southern Mortgages
Southern Mortgages
Southern Mortgages
Southern Mortgages

Check if you qualify

Speak to one of our advisers today and see how we can help you with a stress-free mortgage.

Call us now on

01702 746811