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Home » Mortgages » Bad Credit Mortgages

Can I get a mortgage with bad credit?

It is possible to get a mortgage if you have a poor credit history. But, as you may expect, it’s more difficult than if you have a good or perfect history. Each mortgage lender will have different criteria for what they consider to be a ‘good’ and ‘bad’ credit score – some may be quite strict and consider a missed bill to be a red flag, whereas others may be more lenient.

Minor credit problems are unlikely to impact your ability to secure a mortgage, but there are more serious issues, such as CCJs and bankruptcies, that may make it difficult. That’s where Mortgage Experience can help.

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What can impact my credit?

When a potential lender looks into your credit history, there are certain financial behaviours that will be flagged and may count against you. These include, but are not limited to:

– Late or missed payments on credit agreements, such as credit cards

– Past repossessions

– Arrears on previous mortgages

– Bankruptcy filings

– If there is a CCJ (county court judgement) against your name in the last six years

– You have a debt management plan or IVA (individual voluntary arrangement)

How to apply for a mortgage with bad credit

The process for applying for a mortgage when you have bad credit is not dissimilar to the standard application process. For this, you will need to provide the following information:

– Details of your income, employed or self-employed

– Details of your partner’s income, if you are applying for a mortgage together

– Details of your monthly outgoings

– How much of a deposit you are able to contribute

However, you may be asked for more information or evidence, and access to your financial history.

How can I get a mortgage with bad credit?

Although the application process will be very similar to that of a standard application, you may want to take some action before starting the process. Looking at your credit score and undergoing steps to improve it could increase your chances of being accepted. Here’s some things you can do:

Check your credit score

There are free services available that allow you to look at your credit history, and see what factors could be impacting it. It’s important to remember that each lender will score you differently, but checking using one of these services will give you a good idea of your starting position.

Get your payments in order

It can be hard to stay on top of your outgoings, and it may be easier to bury your head in the sand and avoid looking at your bank statements every month. Get into the habit of checking your balance regularly, automating payments and bills where you can to ensure they don’t get missed. To build up your deposit pot, try setting aside a chunk of your salary to a savings account as soon as you get paid so it’s already taken care of.

Work on your credit score

Once you have checked your credit score and taken care of any possible future issues, it’s time to start rebuilding your credit score. Things like not missing payments and ensuring you’re on the electoral register can help to push your score in the right direction.

Work towards a bigger deposit

When you have a bad credit score, lenders will often have stricter criteria on who they will lend to. One of those requirements may be a larger deposit as a downpayment; they may request 20-30% instead of 5-10%. 

Speak to a specialist mortgage adviser

Traditional high street lenders are less likely to lend if you have a bad credit score. By working with a specialist mortgage adviser – such as Mortgage Experience – our experienced brokers can find the right lender and product to suit your individual needs.

Our expert brokers won’t put you in a box – but with our help, you can look forward to packing

With a Mortgage Experience bad credit broker on your team, you can sit back and relax, safe in the knowledge that we will be doing all the heavy lifting to find you a suitable mortgage.This gives you more time to pack, and well, do the actual physical heavy lifting (should you wish) as you move into and enjoy your new home.

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Bad Credit FAQs

How do bad credit mortgages work?

Bad credit mortgages work exactly the same as standard mortgages, although the application process itself will be slightly different. You may be asked to provide more information or evidence to prove you can afford the monthly repayments. You may also be required to give a larger deposit, and the lender’s interest rates may be higher than a standard rate. 

What specialist mortgage lenders will accept a bad credit history?

Low or bad credit scores may require a specialist mortgage lender, rather than someone off the high street. There are a number of providers out there who have more flexible requirements and criteria, specifically suited for those in different situations or those who are self-employed, for example. Speak to our team today for more information on the specialist lenders out there. 

Can I get a mortgage if my partner has bad credit?

Yes, it is still possible. Your best chance of securing a mortgage when either applicant has bad credit is to use a specialist broker, who will have access to deals that traditional lenders don’t. 

Can I get a remortgage with bad credit?

It is possible to remortgage even when you have bad credit. Just as when applying for a regular mortgage, it depends on your circumstances, credit history and who you are applying with. For the best chance of securing a remortgage, even with bad credit, use a specialist mortgage broker, such as Mortgage Experience.

How do I check my credit score?

Whether you’ve never checked your credit score before, or want to take steps to improve it before starting your mortgage application journey, you can check your score quickly and easily. There are a number of free online services – such as Experian and checkmyfile – where you will have to provide your banking and credit details. 

Talk to one of our Mortgage Experts on 0808 172 9354

Talk to our mortgage advisers today to discuss your options.

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