Bad Credit Mortgages
Have you been declined a mortgage? It can be challenging to find a lender who will offer you a mortgage when you have a poor credit score, but we can still support you to achieve your goals of getting a mortgage.
Your home may be repossessed if you do not keep up repayments on your Mortgage
Have you had a mortgage application declined due to poor credit history, mortgage arrears, bankruptcy? Do you feel like you’ll never get on the property ladder and can’t see how to fix it?
Sometimes having a bad credit rating isn’t as bad as you might think. There are some lenders that are sympathetic to those with bad credit history.
What can you do if you've been declined?
Don’t worry; all hope isn’t lost! It may be possible to get a mortgage if you have had a mortgage application declined elsewhere. However, it does depend on your circumstances, sometimes when the high street banks can’t find that box to put you in, we may be able to look outside of those boxes to find another route.
By speaking to us, we will look at all your options before you apply for another mortgage. This decreases your chances of being declined again.
We’d also recommend downloading a copy of your credit report from Experian, Equifax, Noddle or other credit reference agency to explore what your current situation is and how that might affect future credit applications. This is something we can discuss with you so you understand it fully.
Even if ultimately you aren’t in a position to get a mortgage today, we can advise you on how best to put plans in place to achieve your dream of being a home owner.
How it works...
1. You'll tell us your goals & aspirations
2. You'll gather your documents and let us know your requirements
3. You'll receive our recommendations
4. You'll let us know you'd like to go ahead and we'll submit your application
Common FAQS
It is still possible to get a mortgage with bad credit, however it depends on your individual circumstances. We'd recommend speaking to a us and we can assess your situation and give you advice tailored to you.
If your refused credit it won't affect your credit score. However, each time you apply for credit a hard search is performed on your credit report and hard searches can lower your score and impact your chances of being accepted for credit in the future.
It's difficult to tell the exact reasons why you've been declined without understanding all aspects. Some reasons include a poor credit history, too many credit applications, too much debt, low income and a small deposit. However, if you’ve been declined before, it doesn’t mean you won’t be accepted in the future. We'd recommend speaking to us to put a plan in place to help you move forward.
To accurately work out your outgoings for a mortgage, you’ll need to consider several key components that make up your monthly expenses. Here’s a structured approach to help you assess your outgoings:
Mortgage Payments: This is typically the largest monthly expense and depends on the loan amount, interest rate, and term of the mortgage.
Property Taxes: Known as Council Tax , these vary by local council and the valuation band of your property.
Home Insurance: Essential to protect your property against risks like fire, theft, and other damages. Buildings insurance is usually mandatory, and you might also consider contents insurance.
Utilities: Include costs for electricity, gas, water, and sewer services. These vary based on consumption and provider rates.
Maintenance and Repairs: Set aside money for routine maintenance and potential repairs. The older the property, the higher these costs can be.
Ground Rent and Service Charges: Applicable if you’re buying a leasehold property. These fees can vary significantly.
Transportation Costs: If your new home affects your commuting costs, include changes in expenses for car maintenance, fuel, or public transport.
Other Debt Payments: Include payments for credit cards, personal loans, student loans, and any other debt commitments.
Lifestyle Costs: Consider regular expenses on groceries, childcare, entertainment, dining out, and hobbies.
Savings and Emergency Fund: It’s wise to continue saving a portion of your income for unexpected expenses or financial emergencies.
Are you looking for a different question? Check out our FAQ page here.