If you have bad credit, here are some tips to help you get a mortgage

When you are interested in buying property but your credit is not the best, getting a mortgage agreement can be very challenging.

Pay-day loans, credit cards and credit scores can be low or bad in difficult life situations. We’ve teamed up with The Mortgage Genie’s mortgage experts so you can come up with the best tips and a firm approach to improving your chances of buying a home, even if you may have had credit problems in the past.

1. Are there adverse credit mortgages available?

Short answer- Yes. You might think that the idea of ​​getting a mortgage is completely out of the picture because you don’t have a perfect credit score. But this is a common misconception.

Mortgage lenders differ from each other in that they each have different criteria by which they measure a client’s suitability. For example, one lender may reject you whereas the other may have more flexible values ​​that match your particular financial situation. It is a matter of finding the right lender for you.

Although unfavorable credit mortgages are available, they are somewhat different from regular mortgages. Adverse credit mortgages usually have high interest rates, fees, and require a large deposit, so it’s important to think realistically and practically about your price range when searching. The factors surrounding it, of course, will depend entirely on your personal circumstances and therefore vary from person to person.

2. Take some time to improve your credit

Different aspects are considered to define a ‘bad’ credit score that lenders consider someone to be ‘high-risk’. This includes such things Extra frequent application for credit, Missing credit card payment, Mortgage arrears, Occupy the past, BankruptcyAnd whether you had one County court ruling (CCJ).

There are varying degrees of severity associated with each of these factors and, importantly, how long ago they occurred is also tied to their level of impact. For example, there is a significant difference between going bankrupt one year ago and six years ago. This means that it is worthwhile to wait a while for any of these financial and / or legal wounds to heal. This means there is hope for the future for your credit quality.

During this time, there are some steps you can take to help improve your chances of securing a mortgage. It includes, Regular credit card payment meetings And Utility bill, Realistic budget, Justify past difficultiesAnd Carrying out any other credit commitment, such as a mobile phone contract, through car finance. Meeting these conditions will help you to present yourself more favorably to lenders.

3. Before you try, make sure you decide

It is important to follow the advice given in the previous points to be financially stable before applying for a mortgage. This is because if you take the time to rebuild your credit rating, you will have access to better mortgage options, for which your future self will thank you.

As the effects of your past financial accidents diminish over time, so will the interest rates you are expected to pay, thus giving you significant savings. Not only that, each Tough credit-check A lender carries the leaf a Footsteps In your credit profile, many of these will further damage your chances of success. So it is important to wait until the right time before applying.

4. Save for a large deposit

Continuing from the next point, time will allow you to save for a larger deposit. Your deposit is one of the primary factors that lenders consider when evaluating your case and the healthier the deposit, the better your results.

Having a larger deposit market will greatly expand your options because the opportunities for short-deposit mortgages are much narrower, and more difficult to enter. In addition, if your deposit is high, your interest rate will be lower, similar to the previous tips will improve your future financial security. And last but not least, the higher the deposit, the less likely it is that a lender will see you as a ‘high-risk’ client, further enhancing your eligibility.

5. Use a mortgage broker

For that extra edge it is a great idea to go to a mortgage broker. Mortgage brokers specialize in finding lenders and deals that are tailored specifically to your personal financial situation. This is especially helpful if you are looking for an unfavorable credit mortgage because your options will be tougher and therefore more difficult to navigate by yourself.

Be sure to find a mortgage broker with one Resources of experienceA Positive history, Reasonable feesAnd you will feel much more confident about your situation, as well as more optimistic about the future.


If you click on this page with a sense of uncertainty and doubt, we hope that the tips and suggestions in this post explain any misconceptions you may have about unfavorable credit. There are unfavorable credit mortgages, and if you follow our steps you will surely be on your way to a bright and optimistic housing future.

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