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First-Time Buyer Mortgage with Bad Credit

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First-Time Buyers with Bad Credit

It’s an incredible feeling to finally get the keys to the front door of your own first home. Your future homelife will lie ahead of you, but in order to get there you need to jump through a few hoops and overcome some obstacles – not least getting a mortgage for the first time.

What will you need to do to get a mortgage approved by a lender? And if you have a bad credit history – or little or no credit history at all – what other steps do you need to take to get a lender to give that vital thumbs-up?

Can First-Time Buyers get a Mortgage with Bad Credit?

Lenders make their decision on whether to offer a mortgage based mainly on the severity of the adverse credit event, the amounts involved in the debt, and the level of equity or deposit that the applicant has available.

There are indeed bad credit mortgages available to First-Time Buyers, and specialist lenders will take a lot more into account than the figures on a credit report when assessing your application. An experienced Bad Credit Mortgage adviser will be able to guide you impartially through the whole process, let you know what your options are and match you with a lender who can meet the needs of your exact circumstances.

Information for First-Time Buyers with Bad Credit

Bad Credit Mortgages for First-Time Buyers

Being a First-Time Buyer can be exciting and stressful in equal parts, even with a healthy credit record. A history of bad credit, or having very little or no credit history at all, can make life more difficult when you approach mortgage providers, especially those on the high street. Your chances of being approved will be reduced if your credit profile doesn’t fit with what a mainstream lender wants to see.

However, First-Time Buyers don’t have to feel disheartened. Specialist ‘Bad Credit Mortgage’ lenders routinely offer mortgages to people with a less-than-perfect financial past, and are being a first-time buyer does not disqualify you in any way. These specialist lenders will make their decision over whether to offer a mortgage based on an overall view of your situation – your financial history, your current situation in terms of income and outgoings, how you approach borrowing, and what you have done to take care of your credit score recently.

With extensive experience in the area of Bad Credit Mortgages, our advisers are able to give you the best possible advice and can recommend exactly which lender will be able to meet your needs.

Can a First-Time Buyer get a Mortgage with a Low Credit Score?

The short answer is yes, but let’s take a look into how it comes about. A Low Credit Score can be a result of many things, either some bad credit events that happened in the past, or you had some unexpected financial stress due to things outside of your control, or you may simply not have used any facilities at all.

Whatever the reasons for a low credit score, lenders will not see your First-Time Buyer status as being negative in itself. They will be concerned with all the other circumstances behind the score, and will use their own methods to assess an applicant’s suitability – some will have a specific process to determine your credit score, while others will take a more human approach, making manual credit checks and understanding circumstances.

First-Time Mortgages with Bad Credit

Our ‘unlimited’ status means our advisers and brokers are able to give you the best, impartial advice about the most competitive bad credit mortgages. You’ll get your own personal adviser throughout the process of finding and applying for your first mortgage, whatever the state of your credit history. Many First-Time Buyers have told us how useful they have found this.

We can also share top tips on how First-Time Buyers can repair and improve their credit scores, using tried and tested methods to build a healthy credit history, and increasing their chances of being accepted for a mortgage, whether through a mainstream or specialist lender.

Get in touch today to arrange a free initial conversation, where an adviser will go over your circumstances and let you know which mortgages could meet your particular needs, and obtain a no-obligation quote.

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