Get A Mortgage With Bad Credit
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Buying a property is likely to be the biggest financial commitment of your life. 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 a mortgage is out of reach. We promise you that a mortgage is still very much possible—we have helped countless people buy their dream homes.
At Adverse Mortgage Advisors, we work with specialist lenders who offer mortgages for those with a challenging credit history, including lenders that don’t use automated credit scoring. We have even helped secure mortgages for borrowers with a credit score as low as zero. With years of experience focusing exclusively on this niche area of the mortgage industry, we are perfectly placed to match your circumstances with the right lender. Most importantly, we know exactly how to present your application to give you the highest chance of success.
If you are classed as having ‘bad credit’, your credit report may show negative markers from your past. This could be from falling behind on unsecured payments, having defaults or CCJs on your credit file, or entering into a Debt Management Plan (DMP) or IVA. Perhaps you previously filed for bankruptcy.
The good news is that every mortgage lender has different criteria. While some mainstream banks only accept applicants with a flawless credit history and high scores, specialist lenders have a different risk appetite. They will consider applications from borrowers with bad credit and low credit scores, making it 100% possible to find a lender willing to help.
Selecting the right lender is key. We specialise in matching your unique circumstances with the right provider, carefully considering their criteria and understanding exactly what supporting documents they need to see. Securing a bad credit mortgage also depends on why you have bad credit and how long ago it happened. Different lenders treat past financial issues in very different ways, making our expert knowledge essential to delivering a successful application.
The key to getting a mortgage with bad credit is finding a lender willing to not only consider your application but accept it on the most competitive terms possible. We understand that securing a lower interest rate leaves more money in your pocket at the end of each month—and paying more interest than necessary is simply a waste of your money.
We will carefully review your credit profile to fully understand your circumstances and match you with the specialist lender best suited to your needs. We also provide ongoing advice to ensure that when the time comes to remortgage in the future, you are hopefully in a strong position to apply with a high-street lender, saving you even more money each month. As bad credit mortgage specialists, we have plenty of experience finding the right lender for someone with a challenging credit history, giving you the best possible chance of securing the right deal.
Every credit reference agency uses its own scoring system. For example, with Experian, a credit score can range from 0 to 999, with anything below 560 considered ‘poor’. The higher your score, the less risky your application looks to an automated system.
However, requirements vary wildly from lender to lender, and many specialist lenders do not use credit scores at all. There is absolutely hope of getting a bad credit mortgage with a low credit score—we have even successfully secured mortgages for borrowers whose credit score was literally zero!
While each lender has their own criteria regarding what they will ‘ignore’, generally speaking, defaults against secured loans and missed mortgage payments are considered the most severe forms of adverse credit. These issues can cascade into CCJs, bankruptcy, or even the repossession of a home.
When applying for a mortgage, it can be harder to get approved if severe defaults or CCJs are currently on your credit file. However, a specialist lender will look at the exact context of your previous situation and how your finances have improved since. We can help by finding the right lender for your specific credit profile and financial position. We understand exactly what each lender is looking for and will only match you with a provider where we believe you have the strongest chance of approval.
This is a question we are asked often. In our opinion, if you can secure a mortgage that fits comfortably within your monthly budget right now, why wait?
However, if a new mortgage would stretch your finances too thin, this could lead to further financial distress. In that scenario, our advice would be to delay your application and spend time working on your credit profile to increase your score. Waiting a little bit longer allows older adverse credit markers to age, potentially enabling you to access more lenders and lower interest rates.
Ultimately, it depends on how long ago you experienced financial difficulties, what those difficulties were, and how well you can demonstrate that your circumstances have improved. We can provide tailored advice to help you understand how to improve your credit rating and whether it’s worth waiting to apply.
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.
