Bad credit mortgage
How to get a mortgage with bad credit
Can I get a mortgage with bad credit?
A bad credit mortgage helps people with adverse credit or a low credit score to buy a property. You will generally need to use a specialist mortgage lender and pay a higher interest rate. But if you have a large deposit or a good income, you may be able to obtain a more competitive deal.
Specialist mortgage lenders are more flexible than High Street lenders and base their decisions on the age, gravity, and cause of your credit issues. By seeking advice from a bad credit mortgage broker like Fosters Financial, it is possible to obtain a mortgage, even if you have been declined in the past.
Our brokers know each lenders’ criteria and can help you to avoid having any declined applications on your file. We only apply for a mortgage on your behalf, if we think you have a good chance of being accepted. And, if we cannot help you, we will tell you how you can improve your chances of being accepted in the future.
Ready to move forward with your plans? Get in touch and speak to one of our experts or request a no-obligation quote here today!
Mortgages for bad credit UK
If you have had missed payments, defaults, CCJs, payday loans, IVAs, or been made bankrupt in the past six years, it is still possible to get a mortgage. You may need a larger deposit and have to pay a higher interest rate. But if you keep up your repayments, you should be able to remortgage to a better deal when your current product expires.
Remortgaging with bad credit
If you had any financial difficulties since obtaining your mortgage, your options will generally be more restricted. But remortgaging with bad credit is certainly possible with our help.
Similarly, if your current mortgage is with a specialist lender and your credit rating has improved, we can help you see if it is possible to remortgage with a High Street lender.
Bad credit first time buyer mortgage
If you are applying for your first mortgage, you will automatically be considered a risk to lenders. But if you also have bad credit and are struggling to save a deposit, your options will be restricted.
A bad credit mortgage broker like Fosters Financial, can however help you to secure a first time buyer mortgage with adverse credit. They work closely with several specialist mortgage lenders who will gladly review your application.
Shared ownership mortgage bad credit
The Shared Ownership scheme was introduced by the government to help people who cannot afford to buy a home to purchase a share in one.
Securing a shared ownership mortgage with poor credit can be difficult. But whole market mortgage brokers like Fosters Financial, have access to a range of adverse mortgage lenders, who would be willing to consider your application.
Right to buy mortgages with bad credit
Having CCJs, defaults or missed payments can make obtaining a Right to Buy mortgage difficult. But there are a growing number of specialist mortgage lenders who will take the time to look at your file, before making their assessment.
If you meet their criteria, they should be willing to lend to you which a right to buy mortgage broker like Fosters Financial can help you with.
Getting a mortgage with bad credit
If you are struggling to get your application approved, it is still possible to get a mortgage with our help. Watch our video to discover how we could assist you!