Mortgages for bad credit
If you have had arrears, defaults, County Court Judgements (CCJs), debt management plans or been made bankrupt in the past 6 years, there are still mortgage options available.
Bad credit mortgages help people with a history of poor credit get on the property ladder. You may have to pay a slightly higher interest rate, as mortgage lenders will deem you to be a higher risk. However, if you keep up repayments on a poor credit mortgage, your credit rating should improve and enable you to move to a standard mortgage at a lower rate after a few years.
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Frequently asked questions
If you have bad credit, the mortgage options available to you are similar to standard mortgages. However, you will have to pay a higher rate of interest, and will likely need a larger deposit of around 15% or more. The more you can save however, the better your chances are of getting your mortgage application approved.
Mortgage lenders see those with poor credit as a risk, and therefore charge a higher rate of interest and request a bigger deposit to mitigate this.
If you have a history of bad credit or are worried about your finances, get in touch. Our mortgage advisors are experts in adverse mortgages and can advise you on your available options to help you get on the property ladder.
Most people have a general idea about their credit rating. But, it’s important to check your credit rating before you apply for a mortgage. In doing so, you will know whether you will need to apply for a standard or poor credit mortgage, and avoid having a rejected mortgage application appear on your report, which could affect your future credit chances. To obtain a copy of your credit report, sign up to either Experian, Noddle or Equifax.
To improve your bad credit rating, there are a few things you can do to possibly increase your chances of being approved for a bad credit mortgage:
- Check that you are on the electoral roll
- Always pay your bills on time and in full
- Close any credit accounts you have for stores or catalogues and no longer use
- Consider applying for a credit builder credit card, to help show lenders that you can manage money responsibly
- Guarantor loans can also improve your credit score, if you keep on top of your repayments
- Regularly check your credit report to make sure that all the information is correct. If any of the details are incorrect, contact the relevant lender and ask for these to be amended.
Making these changes should help improve your credit score, but it will not happen overnight, especially if you have a history of bad credit or have missed multiple payments.