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Bad Credit Mortgages

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Good people, bad credit

What is a bad credit mortgage?

There’s no such thing as a ‘bad credit mortgage’. Lenders will review your credit score when you apply for one of their mortgage deals. You could still be able to get a mortgage if you have bad credit, also known as ‘adverse credit’. 

There are specialist lenders that offer mortgages to those with bad credit. These often have higher interest rates as lenders often view these as a bigger risk. There are also fees and incentives to consider.

How can I get a mortgage with bad credit?

Getting a mortgage with bad credit can be hard. It could help to check your credit report so you can fix any issues before you apply.

If you build a strong credit history, you improve your chance of getting a more competitive deal. You can check your credit report for free using a credit agency, such as Experian and Equifax.

A credit agency may ask you to sign up for a free 30 day trial to access your report. Remember to cancel it within the time period if you do not want to subscribe to their monthly paid plan.

How do I check my credit rating?

The main credit reference agencies let you check your score for free online. It does not take long to find out what your score is. They’ll also give you a report that shows any issues such as records of missed payments.

If you think any details are wrong or are the result of fraud, you can tell the credit agency. You’ll need to give them extra information so they can look into it for you. If confirmed, they could remove the detail from your record.

This process can take from days to months, so it’s best to check your report as soon as possible.


How to improve your credit score

There are things you can do to improve your rating if you’re finding it hard to get a mortgage due to a poor credit score.

The lender will usually check your credit score when you apply for a loan. Lots of credit checks over a short period can have a negative impact on your credit score. Make sure you wait before you apply for credit again, and start to improve your credit score first.

Check your credit score with major credit reference agencies EquifaxExperian, or Callcredit.

Asking for your own credit report does not impact your rating. You can get a hard copy of your credit report for a small fee, often under £2. You may be able to get one online for free. As well as your credit score, your credit report should show you what is having an impact on your score. They may offer some tips for improving it.

It can be hard to pay off debts, but try to pay down your debt as much as possible. It’s always a good idea to have some savings in case an unexpected cost comes up. Using your savings to pay off debt may be a good move. You can avoid missing future payments by setting up direct debits.

Being registered to vote at your current address can help your credit score. It’s also used by lenders to confirm your name and address.

You can register to vote online. If you’re not eligible to vote you can send proof of address documents to the credit rating agencies.

Try to use the same phone numbers and job titles on credit applications. Using different information could cause you to fail fraud checks. Moving house often or changing banks a lot can also impact your credit score.

Serious financial issues like county court judgment (CJJs) and loan defaults will stay on your report for six years. If you’re near the end of that period, it might be best to wait before you apply for a mortgage.

If you had a good reason for defaulting on a loan you can ask the credit agency to add a note to your file. For example, if you were seriously ill or lost your job.

Committed on delivering export mortgage advice

We have access to over 90 lenders, from the major High Street banks, to smaller, specialised lenders, meaning we have scope to help more people than ever. Across these lenders, there are over 12,000 different deals, so why not allow us to manage the process of finding the most appropriate deal for you and your circumstances. It’s what we do!

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