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Poor Credit Mortgages

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Mortgages with Poor Credit

A ‘poor credit mortgage’ is a term that describes products specifically designed to help people with one or more adverse credit events on their financial records to own a home of their own. Also referred to as ‘adverse credit’ or ‘bad credit’, if your credit history includes events like missed payments, CCJs, IVAs, default notices or repossessions, then you will have a ‘poor credit rating’ and this negatively impact your chances of getting a mortgage through mainstream lenders.

Poor credit mortgages are usually offered by specialist lenders catering to the needs of people with a poor credit rating, and you won’t find them or these products listed on the high street or on any ‘best buy’ tables online. To get the best deal on the most appropriate mortgage for your specific circumstances, you’ll need to get help from a specialist mortgage broker who is familiar with all the poor credit mortgages available on the UK market, and will know exactly which one will work best in your current situation.

Can I get a Mortgage with Poor Credit?

You might have picked up one or more bad credit notices on your financial history – perhaps through no fault of your own – and this poor credit rating could mean that many mortgage providers will not be willing to offer you a home loan when you need it most. However, just because you’ve been declined by high street lenders, it does not mean that you cannot get a mortgage with a poor credit history.

There are now several specialist poor credit mortgage lenders in the industry who, in response to the tighter criteria used by mainstream lenders (and the subsequent squeezing of those with poor credit out of the market) have set up to specifically help people in your situation. As more of these specialist lenders have entered the market in recent years, rates and conditions for this type of lending have become more competitive, so while a so-called ‘poor credit mortgage’ will still be more expensive than a standard product, is not quite as bad as it once was.

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We can never guarantee individual outcomes when it comes to a mortgage application, but, in the current climate, a potential borrower with a poor credit record has a very good chance of getting the mortgage they need. And their chances are much improved when using a specialist broker with a deep understanding of the market to help them with their application and guide them towards the best deal available, often with exclusive rates.

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Mortgage Rates with Poor Credit

Mortgage rates will vary from lender to lender, and between differing products, especially when it comes to a mortgage with poor credit. Having a poor credit history, or perhaps very little or no borrowing history at all, can have a big negative impact on your ability to secure a mortgage from a high street provider, and if you do succeed then the interest rates will not be competitive.

Fortunately, with the growing number of specialist lenders in the market catering for people with a poor credit record, we should be able to match you with the right lender and product to meet your needs. It’s worth remembering that interest rates on specialist mortgages like this will always be slightly higher than those available to borrowers with a healthy credit history, but as time passes, and your adverse credit events become more historic and therefore carry less weight – especially if you have been maintaining a clean record since – we should be able to renegotiate your mortgage deal with better terms.

Poor Credit Mortgage Lenders

In our role as advisers and brokers to individuals with a poor credit history, we have significant experience in working with people on both sides of the equation when it comes to mortgages with poor credit.

Potential borrowers often come to us with adverse credit events on their records, where only a specialist mortgage lender will have the solution to their needs. In the course of business, we have built up an in-depth knowledge of and excellent relationships with the network of specialist lenders around the UK, meaning we are able to approach them somewhat informally in the first instance to canvas opinions and reactions to all kinds of potential situations customers may be in.

These specialist lenders have a greater understanding of what an adverse credit event can mean, and a more pragmatic, flexible approach to the application, often paying personal attention to an individual applicant’s circumstances. They know exactly what a County Court Judgement (CCJ), Individual Voluntary Arrangement (IVA), bankruptcy, default, repossession or missed payment of any sort can entail, and the degrees of severity that can exist within each case. They’ll set their criteria to take specific events into account.

The interest rates offered and deposit required will depend on their final assessment of the overall risk, and will usually be slightly higher than standard mortgages. However, with time, and the rebuilding of a healthy credit history, we would work towards improving the terms in the long run. After all, nothing stays the same for long.

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