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Bad Credit Mortgages

A less-than perfect credit rating shouldn’t be a barrier to a mortgage. We specialise in helping you overcome financial hurdles and get a home of your own.

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Don’t Feel Held Back by Adverse Credit

Your credit rating may have been affected by missed payments, County Court Judgements or bankruptcy. However, we know that circumstances change, and what might have been an issue for you a few years ago is now in the past. At The Mortgage Centres, we can make getting an adverse credit mortgage a straightforward process.

A poor credit rating can be one of the biggest barriers not just to an affordable mortgage, but to a whole range of financial products. Lenders view those who have not always been able to make repayments in the past as a greater risk, so the mainstream lenders will either decline the application or possibly ask for a bigger deposit as additional security. However, there are specialist bad credit mortgage providers out there that can help you secure a competitively priced mortgage.

Who Will Give Me a Mortgage with Bad Credit?

A lot depends on your actual circumstances. A few high street lenders may be fine with smaller, historical issues, but if your issue is more severe, then we would look into the options available with adverse lending specialists. The good news is: if we’re on your side then you stand a greater chance of a positive result.

Bad credit mortgages, also known as sub-prime and adverse credit mortgages, operate in the same way as conventional homeowner mortgages. The difference is that they are typically more readily available to people who fail the credit checks carried out by mainstream lenders.

Initially, interest rates and charges will tend to be higher on bad credit mortgages due to the additional risk the lender takes on. However, over time the mortgage itself, if regular payments are maintained, will help to effectively ‘repair’ an individual’s credit rating so they can then be considered for a standard mortgage at a lower rate.

We’ve Got You Covered

Whatever the state of your credit history, or whether you are first time buyers or looking to move or remortgage, we will search the whole of the market to ensure you get the very best mortgage for your circumstances. Our team of friendly, professional advisers will always be on hand with impartial, expert advice to guide you through the whole process.

Avoid the Usual Mortgage Routes

If you have a poor credit history, it’s a good tip to research your credit files on the three main sites – Experian, Equifax and Callcredit – to see what is actually stored, so you know where you stand. Next, if you know you are going to have trouble with normal lenders who do not cater for people with bad credit scores, then do not apply for a mortgage with them. They are likely to decline you without discussion, which may end up impeding your credit score further.

Opening the Right Doors

Going to a professional broker for help is the surest way of overcoming a bad credit score problem when trying to get a mortgage. Our team has a long history of helping people, whatever their problems, and the mortgage you need may only a few steps away.

Bad credit mortgages are typically offered by specialist lenders that only operate in this market. The mortgage products they offer work in the same way as a conventional mortgage, with repayments made every month, but you should expect to pay higher interest rates and in most cases you will need a larger deposit.

Let’s Get Started

Get in touch with your local branch and speak to one of our experienced advisers. They will be more than happy to go over all of the above and more. Getting a mortgage with a bad credit history doesn’t have to be complicated. Let us do the hard work for you.

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Helpful Quick Guides

How much does a bad credit mortgage cost?

As with conventional mortgages, there are a number of different deals available, like fixed, variable and discounted rates. The best way to approach a bad credit mortgage is to save as much of a deposit as you can, as this will help to reduce the rate, while increasing the likelihood of being approved. Typically, you’ll need a deposit of at least 15 percent to find a bad credit mortgage, although a deposit closer to the 30 percent mark will give you much more choice.

What type of events can cause ‘bad credit’?

Your credit rating can be detrimentally affected by something as small as a late payment on a mobile phone bill. These are some of the events that could make it difficult to access a mortgage:

  • Late payments
  • Missed mortgage payments
  • Defaults
  • County Court Judgements (CCJs)
  • Individual Voluntary Arrangements (IVAs)
  • Repossessions
  • Bankruptcy
  • Having no credit history
  • and more…

How can I improve my credit rating?

The best way to improve your credit rating is to be an active and responsible borrower. Some applicants can be refused for a mortgage simply because there is no credit information available on which to base a decision.

To improve your credit rating, you should:

  • Make sure you’re on the electoral roll.
  • Close down credit card accounts you no longer need.
  • Pay your bills on time and in full.
  • Apply for a credit card so you can create a track record of responsible borrowing.
  • Check your credit report and ask for any errors to be corrected.

The process of improving a credit score, particularly if it has been severely damaged, can take time, and there is no guarantee it will improve enough for you to be accepted for a conventional mortgage.

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