Looking for a mortgage but have a poor credit rating?

If you are dreaming about owning your own home and have a less than ideal credit history, you could be finding it difficult to secure a mortgage, or a lender might have refused you a mortgage altogether. 

We are here for you, taking the time to understand your circumstances so that we can provide advice on the right mortgage for you. 

What are the causes of a bad credit rating?

You might have missed a payment, have a County Court Judgement (CCJ) against you, defaulted on a loan or credit card, have an IVA in place or experienced bankruptcy. You may also be the victim of identity theft, having someone compromise your credit cards and running up huge bills in the process. Whatever your situation, we are here to help. 

How your credit rating can affect you

When it comes to borrowing money, lenders will review your credit score to check if you’re a safe bet or not.

A healthy credit rating is useful for all sorts of reasons. It could help secure a more competitive mortgage deal, qualify you for cheaper rates on loans and credit cards and give you access to more offers. 

With a poor credit score, you might find it’s more difficult to secure a mortgage, personal loan, car finance, or credit card, for example, or you could end up paying higher rates or have lower credit limits. 

Having no credit history could also make it harder to borrow money as lenders have no data to base their decision on, making it difficult to ascertain your creditworthiness.  

How do I check my credit rating?

It’s useful knowing what your credit rating is. There are three agencies that hold your credit report (Experian, Equifax and TransUnion) and you can access your score on any of these sites for free.

Can I fix my credit score?

Yes, the good news is you can. It may take a little time to get there but here are some actions you can take to get back on track.  

  • Reach out to us for support and advice HERE

  • Pay your credit card bills on time and as much over the minimum payment as you can afford

  • Pay other bills and loans on time and in full

  • Register to vote

  • Space out your credit card applications

  • Stay as much as you can below your credit limit

  • Address any inaccuracies on your credit report

  • Ask for financial help from friends and family

  • Report anything that might look like fraud, such a credit card you haven’t applied for or if you think you might be the victim of identity theft

The impact of having a good credit score on your mortgage

It’s certainly worthwhile adopting behaviours that will positively impact your credit rating as you are more likely to be accepted for mortgage deals that have lower rates and lower deposit amounts, all of which will save you a substantial amount of money over the lifetime of your mortgage.

We specialise in poor credit mortgages

We can give you expert advice about poor credit mortgages and will tailor a mortgage solution to match your individual needs and homeownership goals. 

We have access to an extensive network of lenders that specialise in a variety of financial situations, offering a wider choice and an improved prospect of finding the right mortgage for you. 

Your dream home made possible

Poor credit need not be a barrier to owning your own dream home. Having Mallory Financial on your side providing advice and support along the way will give you reassurance, knowing that we will strive to find the most appropriate mortgage deal for your unique circumstances.

Take that first step on your financial journey by calling us today.

Your home/property may be repossessed if you do not keep up repayments on your mortgage. There may be a fee for mortgage advice.
The precise amount will depend upon your circumstances but will be agreed with you before proceeding. Think carefully about securing debts against your home. 

Please be aware that by clicking on to the above links you are leaving Mallory Financial Limited’s website. Please note that Mallory Financial Limited nor HL Partnership Limited are responsible for the accuracy of the information contained within the linked site(s) accessible from this page.

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