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Getting a mortgage with a low credit score

We specialise in getting mortgages for people with a low credit score. We are experts in finding the very best deals for impaired or adverse credit mortgages regardless of your credit history.

Having a low credit score can leave you feeling stressed and uncertain about the future, however there are still options open to you and we know how and where to find them.

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More on Mortgages with Low Credit Scores

We specialise in getting mortgages for people with a low credit score. We are experts in finding the very best deals for impaired or adverse credit mortgages regardless of your credit history.

Having a low credit score can leave you feeling stressed and uncertain about the future, however there are still options open to you and we know how and where to find them.

You may have a bad credit score because you have missed payments or made late payments on any form of credit agreement, have been involved in any type of debt management plan, have been discharged from bankruptcy, have defaults or an individual voluntary arrangement.

If any of these instances have happened to you in the past 6 years then the chances are that you do have an adverse credit rating. The first thing to do is check with any of the three main credit agencies www.experian.co.uk, www.equifax.co.uk and www.noddle.co.uk. This will allow you to see how you may be viewed by the lenders underwriters and to make sure that your file is correct and gives a true reflection of your current credibility.

We can find you a mortgage, even if you have a low credit score. Interest rates and initial charges may be marginally higher, as you are seen as being of a higher risk than someone with a strong credit history. However, you will find that after having had a mortgage for 12 months, and paying your mortgage on time, together with any other credit arrangements that you have, your credit score will start to repair itself.

Many mortgage products for adverse credit are written over a two year period, which means that you could be in a position to qualify for a far more competitive product at the end of that term.

We deal with Specialist lenders whose decision making is not solely based on a credit score. Rather, they take a subjective approach, looking at the applicant’s individual situation and creditworthiness, as well as applying sensible underwriting rules.

There are different levels of mortgages available to people with low credit scores. If you have missed a couple of credit payments of any sort in the past, then you will be perceived as being ‘near prime’ or ‘light adverse’ and will tend to pay just slightly higher than the standard rates. If, however, you have been recently discharged from bankruptcy or have acquired county court judgements, then you will be seen as a much higher risk and will subsequently encounter much higher rates of interest.

Lenders who will consider adverse credit mortgages will take into account when the adverse credit occurred, is it satisfied, and the amount of deposit you have. The more historical the adverse credit is, and the larger deposit you have, the more attractive the terms of the mortgage will be.

Our first piece of advice to you would be to fix your credit score as much as you possibly can. For instance by making sure that you are on the electoral role and by closing any credit accounts that you no longer use. Show lenders that you are a responsible borrower by making payments on time and where possible, pay off your credit cards each month. Make sure that you do not exceed more than 50% of any credit agreement. Finally, go through your credit score results and make sure that all the information is correct and resolve any errors.

Once satisfied, let us find a mortgage for you. Whether you are a first time buyer, looking to move house or to re-mortgage, we will be delighted to assist you. Give one of our friendly team a call today on 03452 605506 to discuss your options.