Bad credit mortgages
If you’ve had poor or bad credit in the past, we don’t want to let it get in the way of your future. Just because you may have had issues with credit before, this doesn’t mean you’re not entitled to re-assessing your financial matters.
We have numerous lenders available that specialise in catering for people that may have had a hiccup or two on their credit file. Everyone is unique, and just because your circumstances may be different to others, doesn’t mean you should be hindered when obtaining a mortgage.
We have dealt with plenty of customers in the past where they thought their ability to purchase, refinance or raise additional funds against a property was a thing of the past. The fact of the matter is that there are no ‘lost causes’.
Frequently Asked Questions
- Low Credit Score
- Missed payments on unsecured credit such as loans or mobile phone contracts
- Defaults and County Court Judgements (CCJs)
- Debt Management Plans (DMP)
- Secured Loan Arrears (missed mortgage payments)
- Individual Voluntary Arrangement (IVA) and Bankruptcy
Getting a mortgage with less than perfect credit is possible and quite common today, although you may end up paying higher interest rates and need to provide a slightly larger deposit. There are mortgages designed specifically for people with poor credit, and some lenders specialise in offering these. These are known by various names including bad credit, adverse or sub-prime mortgages. To find the best deal you are best to use a broker who can explore a wide-range of options for you.
More and more lenders are considering approving mortgages for people with CCJ’s. Each lender has a varied approach to treating CCJ applications and what they decide as acceptable. As with an ordinary mortgage application, other criteria come into play such as credit history, property type, affordability etc. All of these variables can make for a tricky process in choosing an appropriate lender and progressing an application. Remove the hassle and contact us today to see how we can help.
If you have a history of one or more late payments it is still possible to apply for a mortgage. Lenders look at lots of things including how long ago the missed payment was, what product the missed payment was in connection with, and also if the debt is still outstanding. Fortunately, there are lenders out there who still give competitive mortgages to people with late payment histories, some even at competitive rates with minimal deposits.
Get in touch! Write us an email, give us a call, or fill in one of our forms and we will get back in contact at a time convenient for you.
Rates from 2.65% per year correct as of today’s date based on a 30% deposit (70% LTV), and are subject to change based on personal circumstances (e.g. credit score, length of product term, deposit amount). Product and broker fees may apply