Get A Mortgage With Bad Credit
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Buying a property will likely be the biggest financial commitments in your life. But if you have a history of bad credit, have recently fallen behind on payments, or have a low credit score due to having no credit history at all, you might think that a bad credit mortgage is out of reach. We promise you that a mortgage is still very much possible, we have helped so many people buy their dream homes. At Adverse Mortgage Advisors we work with all the specialist lenders who offer mortgages for those with a challenging history of bad credit, or with lenders that do not credit score. We have helped secure mortgages where a borrower has had a score as low as zero. With many years of experience focusing within this niche area of the mortgage industry we are well-placed to match your circumstances with the right lender. And on top of that we understand the lenders and more importantly the correct way to present your application to the lender to deliver you a successful application.
If you’re classed as having ‘bad credit’ your credit report may show negative credit on your history. This could be from previously falling behind on payments, having defaults & CCJs on your credit file or even a debt management plans or IVA. Perhaps you filed for bankruptcy. The good news is all mortgage lenders have different criteria. Some lenders may only accept applicants with a good credit history and high credit scores, whereas others will have a different risk appetite and will consider applications from borrowers with bad credit and low credit scores. This makes finding a lender willing to offer a mortgage, even if you have bad credit history 100% possible. Selecting the right lender is key. At Adverse Mortgage Advisors we are specialists in matching your circumstances with the right lender, considering their criteria and understanding what supporting documents the lender will want to see for your application to be successful. Securing a bad credit mortgage also depends on why you have bad credit and how long ago it happened, as some circumstances won’t be treated in the same way as others. And it varies from lender to lender, so this knowledge is essential to deliver you a successful application.
The key to getting a mortgage with bad credit is finding you the right a lender willing to first consider and finally accept your application on the cheapest terms, we understand that the lower the interest rate we are able to secure for you means more money is left in your pocket at the end of each month. I am sure we can both agree that paying more on interest than is necessary is just a massive waste of your money. We will look at your profile to fully understand your circumstances and match you with a specialist lender best suited to you, as well as providing you with bad credit mortgage advice to ensure that when the time comes to remortgage in the future you are hopefully in a position to apply with a high street lender which will save you more money each month. As bad credit mortgage advisors, we have plenty of experience finding the right lender for someone with a bad credit history. We’ll help you get the best chance possible of finding you the right mortgage with bad credit mortgage.
Every credit agency uses its own system of scoring. For example, with Experian a credit score can range from 0 to 999, with anything below 560 being considered as ‘poor’. The higher your score the less risky your application looks to a lender. Requirements vary from lender to lender, so there’s still hope of getting a bad credit mortgage with a low credit score, we have even been successful securing a mortgage when a borrower’s credit score was 0.
While each lender will have their own criteria as to what they will ‘ignore’, but generally defaults against mortgage payments and secured loans are considered the more severe forms of default. Combined, these can lead CCJs, bankruptcy, or even repossession of a home. When applying for a mortgage it can be harder to get a mortgage where defaults and CCJs, for example, are on your credit file, however a lender will look at the exact circumstances of your previous situation and how things may have improved. We can help by finding you the right lender for your credit profile and financial position. This is key. We understand what each lender is looking for so will only match you with a lender where we believe you have the best chance of your mortgage application being approved.
This is a question we are often asked and, in our opinion, if you can secure a mortgage that’s fits comfortably within your monthly budget then why wait? However, if the new mortgage will be stretching your finances, then this could lead to more financial distress, our advice would then be to delay and spend time working on your credit profile which will also increase your credit score. Waiting that little bit longer before applying for a mortgage may enable you to access more lenders with lower interest rates as the adverse showing on your credit score has become older. It is a case which depends on how long ago you had problems and what they were for and how you can demonstrate that your circumstances have improved. We can provide advice to help you understand how to improve your credit rating and whether it’s worth waiting to apply for a mortgage.
If you have questions about getting a mortgage with an adverse credit score, read our FAQs. Our wealth of knowledge within this market means that we’re confident in our ability to offer specialist mortgage advice and secure the mortgage you want regardless of your credit history.
