Can You Get a Mortgage with Bad Credit?

Can You Get a Mortgage with Bad Credit?

It’s a common misconception that you’re not eligible to apply for a mortgage if you have a history of bad credit. And although most lenders will look for buyers with a clear credit history, there are specialist lenders out there who are willing to provide mortgages to those in this situation. We have access to thousands of them.

At Adverse Mortgage Advisors, we believe that past debt shouldn’t have a negative effect on your future. We do our very best to find a lender who can find a deal suitable.

There are even online mortgage advisors that can help find you a great deal from the comfort of your own home.

Follow our guide on bad credit mortgages and get in touch to speak with one of our specialist mortgage advisors.

What Does Bad Credit Mean?

A credit score is a report of a person’s financial history used by lenders to work out their creditworthiness. This is checked when you apply for loans, like a mortgage or credit card and can make or break an application.

When your credit score is classed as ‘bad’ that means you are seen to have adverse credit or a low credit score. This can make it more difficult to find a mortgage lender willing to offer you a mortgage as you’re seen as more of a risk.

In this scenario, it’s important to speak to a specialist bad credit mortgage advisor for advice. They will also have lenders on their books who have previously dealt with a similar situation before, saving you time and mortgage rejections.

Mortgage rejections can, in turn, lower your credit score further. This is why it’s important get help from a bad credit mortgage advisor if you already have adverse credit.

Bad credit mortgages can also be referred to as adverse credit mortgages and sub-prime mortgages.

Can You Get a Mortgage with Bad Credit?

If you have previously fallen behind on payments, been in debt in the past or have no credit history at all, you might wonder how likely it is you’ll be accepted for a mortgage.

It is still possible to get a mortgage with bad credit and there are bad credit mortgages available for people in this situation. They usually require higher interest rates, large deposits and a good income. All of this can help increase your chances of getting accepted for a mortgage with bad credit.

No matter your financial circumstances, it’s likely that we’ll be able to find a lender suited to you. To find out what mortgage deals we can find for you, book an appointment with us. We’ll be able to look through your finances and discuss the options available for you.

Speak to an Online Mortgage Advisor or Specialist Mortgage Advisor

Unable to find a local mortgage broker able to help with bad credit mortgages? Speaking to an online mortgage advisor is the way to go. There are specialist bad credit mortgage advisors out there, like us, who can help you virtually.

Getting help and advice from a specialist gives you the best chance possible in finding a lender who can offer a suitable mortgage deal.

We offer an online service for those unable to travel to us, so feel free to get in touch today to speak to an advisor.

What Can Impact Your Credit?

If you’re unsure what can cause bad credit, it’s important to find out what you should avoid. The following can lower your credit score, making it trickier to find a lender:

  • Making late payments
  • Not paying bills at all
  • Having no credit history
  • Bankruptcy
  • Applying for several credit cards
  • Applying for several loans

Financial blips will stay on your credit record for six years, so one small late payment will still show up to lenders for years to come.

However, the most severe type of adverse credit are repossessions and bankruptcies so things like paying your phone bill late is likely to be overlooked by most mortgage providers.

If you already have bad credit, it’s important to do your best to improve your score and avoid making it worse.

Tips To Increase Your Chances

There are things you can do to increase your chances of getting your application accepted. So, if you know your credit is low but you want to start looking for a mortgage, try these out to help build your score and increase your success:

  • Speak to a specialist bad credit mortgage advisor.
  • Look into your credit reports so you know what you need to improve.
  • Save for as big a deposit as possible.
  • Make all payments on time.

Low credit score? These tips can help build your credit:

  • Apply for a credit builder credit card
  • Pay bills in full on time.
  • Close inactive credit accounts.
  • Look into sustainable borrowing, such as a guarantor loan. This demonstrates to lenders that you can be trusted with repayments.

We Can Help

Speaking with an online mortgage advisor and bad credit mortgage advisor is the most important thing when it comes to finding a mortgage with adverse credit.

At Adverse Mortgage Advisors, we honestly believe historical financial hiccups shouldn’t put your future on hold. We do everything possible to find a solution.

To start that next chapter, even if it may seem impossible, we can help. Get in touch by calling 01268 294777 or email info@adversemortgageadvisors.co.uk.

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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.

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