Bad Credit Mortgages

The deposit required for a bad credit mortgage depends on the severity of your credit issues, how recent they are, and the lender’s criteria.

Some lenders may offer mortgages with a lower deposit, but if you have multiple credit issues, a larger deposit may be required to reduce the lender’s risk.

Lenders assess each case individually, looking at factors such as whether the bad credit is recent or has been settled. If your credit issues happened several years ago and have since been resolved, you may find that some lenders are more flexible with their deposit requirements.

On the other hand, if you have more serious issues like recent defaults or a CCJ, you may need a larger deposit to access a suitable mortgage deal.

One of the benefits of working with a mortgage broker is that we can compare thousands of mortgage products and match you with a lender that best suits your circumstances.

Our mortgage advisors will assess your financial situation, explore the deposit requirements across different lenders, and help you find the best available mortgage option for your needs.

Yes, a debt consolidation remortgage can be an option for homeowners who want to reduce their monthly outgoings by rolling multiple debts into a single mortgage payment.

Since mortgage interest rates are usually lower than those on credit cards or personal loans, consolidating debts through a remortgage can potentially lower your overall monthly payments and make managing your finances easier.

However, lenders will consider several factors before approving a debt consolidation mortgage. They will assess how much equity you have in your home, as well as your income and affordability.

Your credit history will also play a role, as lenders will want to see whether your debts have been managed responsibly or if there have been recent missed payments. Some lenders are more flexible with bad credit, while others may have stricter requirements.

It’s also important to consider that converting unsecured debts into secured borrowing means they will be tied to your home. While your monthly repayments may be lower, the overall cost of borrowing could be higher if the repayment term is extended.

This is why working with an experienced mortgage broker is essential, as we can help you weigh up the benefits and risks.

Our mortgage advisors will assess whether a debt consolidation remortgage is the right choice for you. We’ll compare options from both high street and specialist lenders, ensuring you get a deal that improves your financial situation without unnecessary risks.

We work with many lenders, some more specialist in debt consolidation with bad credit than others.

Yes, it is possible to get a mortgage with bad credit, but your options will depend on the type of credit issues on your file, how recent they are, and the lender’s criteria.

While high street banks often have strict lending rules, specialist lenders offer mortgage products designed for applicants with bad credit, including those with missed payments, defaults, CCJs, and debt management plans.

Lenders will look at a variety of factors when considering your application. They will assess your credit history to determine whether your bad credit is recent or historic, whether any outstanding debts have been repaid, and how much deposit you have.

If your bad credit was caused by a one-off event, such as redundancy or illness, some lenders may be more understanding. The stronger your overall financial position, the more options you will have.

The key to securing a mortgage with bad credit is applying to the right lender.

Applying for multiple mortgages and being declined can make your credit situation worse, as repeated credit checks can lower your score. This is why working with a mortgage broker is so important.

We specialise in bad credit mortgages and have access to both high street and specialist lenders.

Our mortgage advisors will assess your situation, find a lender that matches your needs, and ensure your application is placed with the most suitable provider the first time, increasing your chances of approval.

Yes, some lenders will approve a mortgage with a CCJ, but whether you’re accepted will depend on when the CCJ was registered, whether it has been settled, and how much it was for.

Some lenders will approve applications even if the CCJ is recent, while others may only consider cases where it is over a year old or has been fully repaid. The more time that has passed since the CCJ was registered, the better your chances of securing a mortgage.

If the CCJ was for a small amount and has been paid off, lenders are more likely to take a flexible approach. However, if it was for a large sum or remains unpaid, mortgage options may be more limited.

The size of your deposit also plays a role. Having a larger deposit can improve your chances of being accepted, as it lowers the lender’s risk. Each lender has different rules regarding CCJs, which is why it’s important to apply with the right one.

High street lenders often have strict criteria, whereas specialist lenders are more open to considering applicants with previous credit issues. Applying to the wrong lender could result in a declined application, which could further impact your credit score.

Our mortgage advisors work with lenders who offer mortgage options to those with CCJs. We’ll assess your situation, check which lenders are most likely to approve your application, and guide you through the process to secure the best possible mortgage for your circumstances.

Yes, it is possible to get a mortgage with missed payments, but the impact will depend on how recent they were, how many payments were missed, and what type of credit they were on.

Some lenders are more flexible than others, especially if the missed payments were a one-off or caused by exceptional circumstances such as redundancy or illness.

If the missed payments were on an unsecured debt, such as a phone bill or credit card, lenders may be more lenient than if the missed payments were on a previous mortgage or loan.

The more time that has passed since the missed payments, the better your chances of being approved. Some lenders may require a clean credit history for a certain period before offering a mortgage, while others will consider applications even with recent missed payments.

Your deposit amount will also play a role in whether you can secure a mortgage. A larger deposit reduces the lender’s risk and can improve your chances of getting approved. If you have a strong income and can demonstrate financial stability since the missed payments, this will also work in your favour.

We work with lenders who understand that financial difficulties happen and offer mortgage options for those with a history of missed payments. Our mortgage advisors will assess your situation, find a lender that fits your circumstances, and help you secure a mortgage that works for you.

Yes, some lenders will consider applicants with defaults on their credit file. Whether you can get a mortgage will depend on how recent the default is, whether it has been repaid, and the amount it was for. The older and smaller the default, the more lenders will be willing to consider your application.

High street lenders tend to have stricter criteria when it comes to defaults, but specialist lenders are more flexible.

Some may accept applications even if the default was recent, while others will require it to be over a year old. If the default has been satisfied, meaning it has been fully paid off, this can improve your chances of getting approved.

Having a larger deposit can also work in your favour. If you have at least 10% to 15% deposit, lenders may be more willing to consider your application, as this reduces their risk. The more equity you have in the property, the better the mortgage deals you may be able to access.

Our mortgage advisors work with lenders who specialise in bad credit mortgages, including those for applicants with defaults. We’ll assess your situation, check which lenders are most likely to approve your application, and help secure the best possible mortgage deal for your circumstances.

Yes, there are mortgages for over 50s available, even if you have bad credit. Many lenders offer mortgage products designed for older borrowers, whether you’re looking to buy a new home, remortgage, or release equity from your property.

Lenders will assess your income and affordability, considering pension income, employment earnings, or other financial assets. Some lenders have upper age limits for mortgage terms, while others offer more flexible options, including retirement interest-only mortgages.

If you have bad credit, your options may be more limited, but there are lenders who specialise in helping older borrowers with past financial difficulties.

Having a strong deposit or a good level of equity in your home can improve your chances of being approved. The more equity you have, the lower the risk for the lender, which can lead to better mortgage rates.

If you’re looking to remortgage to release equity, there are lenders who can provide options tailored to your situation.

We help homeowners over 50 find mortgage solutions that fit their needs, even if they have bad credit. Our mortgage advisors will review your financial situation, explain the best options available, and find a lender suited to your circumstances.

Lenders assess mortgage applications based on several factors, including the type of credit issue, how recent it is, and whether the financial difficulty has been resolved. Some credit issues are more widely accepted than others, depending on the lender’s criteria and how much deposit or equity you have.

Many lenders will consider applications from those with missed payments, defaults, CCJs, or debt management plans. Some are more flexible when the issue is historic, rather than recent.

If there is a strong deposit or a steady financial position, lenders may take a more positive view. Credit issues that were one-off events, such as a temporary financial setback, may be looked at differently than ongoing financial difficulties.

Each lender has different criteria, and some are more specialised in dealing with bad credit mortgages than others. Applying to the wrong lender could result in a declined application, which can make securing a mortgage more difficult.

Our mortgage advisors have access to lenders who offer mortgages for those with a history of credit issues. We’ll assess your circumstances, find a lender that matches your situation, and ensure that your application is placed with a provider that is more likely to approve it.

Bad credit can affect mortgage eligibility by reducing the number of lenders willing to approve an application.

High street lenders often have strict criteria, meaning that those with missed payments, defaults, or CCJs may be declined. However, specialist lenders offer bad credit mortgages and take a more flexible approach, assessing applications on a case-by-case basis.

Interest rates for those with bad credit are usually higher than standard mortgage rates. Lenders charge higher rates to balance the risk of lending to someone with a history of financial difficulties.

The exact rate offered will depend on the severity and recency of the credit issues, the size of the deposit or equity in the property, and overall financial stability. If credit problems are historic and there is a strong financial position now, some lenders may offer more competitive rates.

A larger deposit can help reduce the interest rate, as it lowers the risk for the lender. Over time, as mortgage payments are maintained and credit improves, there may be an opportunity to remortgage to a better rate in the future.

Our mortgage advisors work with lenders who specialise in helping those with bad credit secure mortgages. We’ll explore the most competitive rates available, guide you through the mortgage process, and find a deal that works for your circumstances.

When applying for a mortgage with bad credit, lenders will require documents to assess your financial situation. These documents allow them to review your income, spending habits, and any outstanding debts before making a decision.

Lenders will ask for proof of income, which could be payslips for employed applicants or tax returns and accounts for those who are self-employed. Bank statements are usually required, covering the last three to six months, to show financial activity and whether there is stability in income and outgoings.

A full credit report will also be needed, as lenders will assess any missed payments, defaults, or CCJs that appear on your file.

A deposit will need to be evidenced, with bank statements or documentation showing where the funds are coming from. ID and address verification, such as a passport, driving licence, and recent utility bills, will also be required.

If the application is more complex, additional financial documents may be requested, such as proof of other assets or an explanation for any credit issues. Preparing all necessary documents in advance can speed up the application process and improve the chances of securing a mortgage.

Our mortgage advisors will review your documents before you apply, ensuring everything is in order and matching you with a lender that is most likely to approve your mortgage. If you need help obtaining a credit report or organising financial documents, we can guide you through the process.

Yes, there are specialist bad credit mortgage lenders who provide mortgage options for those with a history of missed payments, defaults, CCJs, or other financial difficulties.

High street banks tend to have stricter lending criteria, meaning they may decline applications from those with credit issues. However, specialist lenders assess applications differently, taking a more flexible approach based on an applicant’s overall financial situation rather than just their credit score.

These lenders understand that financial difficulties can happen for many reasons, such as redundancy, illness, or unexpected expenses.

Instead of automatically declining applications, they consider factors such as how recent the credit issues are, whether they have been resolved, and how stable the applicant’s finances are now. Having a larger deposit or more equity in a property can also increase the likelihood of securing a mortgage with a specialist lender.

As a mortgage broker, we have access to a range of lenders who offer mortgages to those with bad credit. Our mortgage advisors will assess your situation, match you with a lender that suits your circumstances, and help you secure the most suitable deal.

Yes, some lenders offer buy to let mortgages for applicants with bad credit, although options may be more limited compared to standard buy to let mortgages.

Lenders will assess your credit history, income, and rental income potential before making a decision. While high street lenders may have stricter criteria, specialist lenders provide mortgage solutions for landlords with credit issues.

The amount of deposit or equity in the property will play a key role in determining eligibility. A larger deposit can reduce the lender’s risk, which may improve the chances of securing a buy to let mortgage.

Lenders will also assess the rental income of the property, ensuring that it meets their affordability requirements. In most cases, the rental income needs to cover the mortgage payments by a certain percentage, which varies depending on the lender.

We work with lenders who offer buy to let mortgages to those with bad credit. Our mortgage advisors will review your situation, explore the available options, and help you find a lender that fits your circumstances.

The maximum loan-to-value (LTV) ratio for a bad credit mortgage depends on the lender, the severity of the credit issues, and the applicant’s overall financial position.

Some lenders may offer mortgages with a high LTV, meaning a smaller deposit is needed, while others may require a larger deposit to reduce the risk.

For those with minor or historic credit issues, some lenders may be more flexible with LTV limits. However, if the credit problems are more recent or severe, lenders may require a lower LTV, meaning a larger deposit is needed to secure a mortgage.

Each lender has different criteria, so understanding what options are available is key. Our mortgage advisors have access to lenders with a range of LTV options for those with bad credit.

We’ll assess your circumstances and find a lender that offers the most suitable mortgage based on your deposit and financial situation.

The length of time you need to wait before applying for a mortgage after a credit issue depends on the type of issue, how recent it was, and whether it has been resolved.

Some lenders are willing to consider applications even if the credit issue was recent, while others may require a certain amount of time to have passed before approving a mortgage.

If the credit issue happened several years ago and has since been settled, more mortgage options may be available. However, if the issue is more recent, some lenders may require a period of financial stability before considering an application.

The key is finding the right lender that matches your circumstances, as different lenders have different rules regarding waiting times.

We work with lenders who consider applicants with a range of credit histories. Our mortgage advisors will assess your situation, explain the options available, and help you determine the best time to apply for a mortgage.

Yes, it is possible to get a mortgage with bad credit if you are self-employed, but the process can be more complex.

Lenders will assess both your credit history and your income to determine whether you meet their affordability requirements. Since self-employed income can be less predictable than salaried income, lenders may require additional documentation to prove financial stability.

Most lenders will ask for at least one to two years of trading history, along with tax returns and business accounts, to verify income.

Some lenders may require more financial evidence, depending on the nature of your self-employment and the severity of your credit issues. Ifc there is a strong deposit and a steady income, this can help improve the chances of securing a mortgage.

As a mortgage broker, we have access to lenders who offer mortgages for self-employed applicants with bad credit.

Our mortgage advisors will assess your financial situation, find a lender that understands self-employed income, and guide you through the mortgage process.

Yes, having a guarantor or joint applicant can sometimes improve the chances of securing a bad credit mortgage, depending on the lender’s criteria.

A guarantor is usually a family member who agrees to take responsibility for the mortgage if the applicant is unable to make repayments.

Some lenders may accept a guarantor to strengthen an application, particularly if the applicant’s credit history is poor or their income is lower than required.

A joint mortgage with a second applicant, such as a partner or family member, can also help improve eligibility.

If the second applicant has a stronger credit history or higher income, this can increase the chances of being approved. Lenders will assess both applicants’ financial situations to determine affordability.

Not all lenders accept guarantors, and joint applications must meet specific criteria. Our mortgage advisors can explore whether a guarantor or joint applicant could improve your mortgage options and match you with a lender that suits your circumstances.

The costs associated with bad credit mortgages can vary depending on the lender, the severity of the credit issues, and the overall financial profile of the applicant.

Some lenders may charge higher interest rates to offset the risk of lending to someone with a history of credit problems. Additionally, some mortgage products may come with arrangement fees or higher deposit requirements.

The other costs associated with bad credit mortgages are:

• Mortgage application fees.
• Property valuation.
• Survey, various types are available.
• Conveyancing fees.
• Mortgage broker fee depending on the work involved.
• Stamp duty.

Since each lender has different fee structures, it’s important to compare options carefully.

Our mortgage advisors will explain any costs associated with your mortgage, ensuring there are no surprises and that you understand what to expect before proceeding with an application.