How to get a mortgage with bad credit

Latest Deal - NatWest 2 Year Fixed »NatWest Mortgages

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1.40%Reverts to 3.99% after 2 years


Overall Cost for Comparison 3.70% APRC. This is the cost of the mortgage over the full term. Early redemption charges may apply.

How to get a mortgage with bad credit


Our bad credit mortgage service helps you to move back in the right financial direction. If you've had a bad credit scenario over one year in the past then our service will assist you if the cause of getting in debt was a unique event e.g.divorce, serious health problem, redundancy. Please contact our mortgage team on 0117 332 6061 (8.30am to 6.30pm Mon to Friday) for additional info or use our short enquiry form »

Adverse Credit Mortgage Service
ProviderLTV**CCJsDefaultsBankruptcyIVAMissed Loan Payments* 
Up to 75%None in 12 Months - Maximum 5None in 12 MonthsDischarged 12 Months AgoSatisfactorily Conducted 12 Months AgoNone in 12 MonthsMore Info >

Call 0117 332 6063

Our View:

"Credit repair mortgage service to help you get back to a high street mortgage deal - If you have suffered a one off event such as divorce, redundancy, serious illness which has resulted in a "bad" credit entry on your credit file over 12 months ago this service will help you get back on track".

Representative Example:


A repayment mortgage of £120,000 payable over 28 years and 1 month initially on a fixed rate for 2 years at 1.99% and then on the lender current variable rate of 3.69% (variable) for the remaining 26 years and 1 month would require 24 monthly payments of £465.20 and 312 monthly payments of £565.39 and one final payment of £565.19.


The total amount payable would be £189,357.67 made up of the loan amount plus interest (£68,161.67), booking fee (£999), completion fee (£30) and valuation fee (£197).


In this example the overall cost for comparison is 3.7% APRC representative.


YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

Can I still get a mortgage if I have a bad credit rating?

There are several reasons why you may not be able to get a mortgage - you may have a considerable deposit and a method of repaying planned out, yet your application might still be refused if you've got a poor credit score. Bad credit mortgage deals often mean that borrowers who aren't able to get a mortgage from a standard high-street mortgage provider may still be able to get the mortgage they require to buy their house.

 

A bad credit score is among the foremost reasons why you may be turned down for a mortgage, and may lead you to approach specialist credit mortgage dealers as an alternate source of home buying funding. A number of the more common reasons for a bad credit rating include:

 

  • Missed or late bill payments
  • Unpaid or late rent or mortgage payments
  • An existing County Court Judgment (CCJ) against you
  • Having no credit history – if you've got no borrowing history, lenders might be extra cautious when it comes to providing you with a mortgage as they do not have any record of how well you’ve kept up with debt repayments in the past

 

Bad credit mortgages can provide a home purchase opportunity for those that may otherwise not be able to acquire a mortgage from a standard lender. Interest rates for bad credit mortgages tend to be higher than those offered by high street mortgage lenders.These higher interest rates mirror the enhanced risk perceived by the lender in loaning cash to somebody who has had previous monetary issues.

 

Bad credit mortgage brokers are those that concentrate on locating mortgage deals for those with an inconsistent credit history, like CCJs or similar misdemeanours. These mortgages may still provide a competitive package for those with a bad credit record who are trying to buy land or property. However, it's necessary to make sure any mortgage broker that specialises in bad credit mortgages is both legitimate and properly qualified.It is important to take care to scan any mortgage policy in fine detail, and avoid any terms or loopholes which may result in charges. To help you find the right bad credit mortgage deal for you, call our independent whole of market mortgage advice team on 0117 332 6061. 

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

The above mortgage products highlighted on this website are available directly through lenders who will be able to provide further information about the product you are interested in. If you are unsure about what mortgage product is suitable for you, we suggest you speak to an independent mortgage broker