Getting a mortgage with poor credit

Getting a mortgage with poor credit

If you have a history of poor credit, you may find it difficult securing a mortgage as your credit rating will be negatively impacted.

Whatever your situation we can help

If you have a history of owing money, missing payments, CCJ’s, arrears or bankruptcy then sourcing a loan, credit card or mortgage might be tricky. This is where we can help. 

What is a ‘poor credit’ mortgage?

These are similar to standard mortgages, except you will likely have to pay a higher interest rate, you may need a larger deposit and there could be a limit on how much you can borrow.

How much can I borrow with a poor credit mortgage? 

The amount will depend on your individual circumstances and how much risk the lender associates with you and the deal. The key factor the lender wants to see is your ability to repay the loan plus the interest. 

Improve your chances of securing a mortgage

  • Stay on top of your payments and outgoings

  • Check your bank balance regularly

  • Know your current credit score

  • Improve your credit score

  • Save more for a larger deposit

  • Speak to a specialist mortgage broker

Think carefully before securing any other debts against your home / property.
Your home  / property may be repossessed if you do not keep up repayments on a 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.

A mortgage broker will

  • Understand your current situation

  • Consider your current and future affordability

  • Ask you about your goals

  • Search a wide range of products and specialist lenders

  • Do all the hard work, so you don’t have to

  • Be honest with you at all times

A simpler mortgage journey

Our experienced advisers will work with you to find a mortgage that meets your needs, ensuring the process is as fast, and stress-free as possible.

Your mortgage review 
An initial consultation to discuss your mortgage requirements and to gather necessary information.
Your mortgage options
We will present options from thousands of deals and advise you as to what may be the most suitable.
Your application
We offer a fully managed application process, you can relax knowing we will be there for you every step of the way.
Congratulations!
Your mortgage journey is complete.

FAQ’s

Yes, this will definitely help. Saving more deposit will also give you a better chance of securing a mortgage as well as improving your credit score and demonstrating that you can keep on top of your outgoings and payments.

This is where a credit reference agency provides a negative assessment of your financial situation thereby reducing your finance options and making it harder for you to secure a mortgage, a credit card or loan. 

You might want to check your credit score before you start your mortgage application process to understand how credit worthy you are. This will give you an early indication as to whether financial institutions will be willing to lend you money for a mortgage. Examples of free online credit checking services include Experian and Clearscore. 

Yes, it is possible. The same criteria will be used as if you are applying for a mortgage, namely, your financial situation and personal circumstances. Using a specialist mortgage broker, like Mallory Financial, will improve your chances of sourcing a remortgage as they have access to lenders that specialise in poor credit. 

Yes, if you are applying for a joint mortgage, it is possible to secure a mortgage if your partner has a history of bad credit. In this situation, it helps to find a broker who can act on your behalf. They have access to specialist lenders that are not found on the high street which will help to improve your chances.

We are here to help

Whether you’re looking for a mortgage, protection or a secured loan, we have specialist advisers to support you.
Contact us today to arrange your initial consultation.