Bad Credit Mortgages | Leicester
We are specialists in Bad Credit Mortgages. If you have bad or adverse credit, we could help. If you are waiting for your credit score to improve before applying for a mortgage, you may not need to.
Last Updated: 3rd July 2023
What is a bad credit mortgage?
A bad credit mortgage refers to a type of mortgage designed for individuals with a poor credit history or a low credit score. It is specifically tailored to cater to borrowers who may have been turned down by traditional lenders due to their creditworthiness.
Bad credit mortgages are typically offered by specialist lenders who are willing to consider applicants with less-than-perfect credit. These lenders take a more flexible approach by considering various factors, such as the borrower's current financial situation, income stability, and their efforts to improve their credit.
We have experience in arranging mortgages for individuals who are considered to have bad or adverse credit with no problems at all. In most cases, a missed payment or unpaid bill will leave a blemish on your credit file, however, this doesn’t mean you won’t be able to get a mortgage.
Yes, certain high street lenders may not accept your application, but others may do. High street lenders are known for having a narrow acceptance criteria, so if you’ve been to the bank and they’ve told you no for a mortgage, it doesn’t have to be the end of your search.
The introduction of 95% mortgages (5% deposit mortgages) has relaxed criteria of other loan-to-value products. Therefore, you can improve the chances of your acceptance by increasing your deposit amount. That said, you may not need to.
Each lender will have their own set of parameters for you to meet and each will view your credit score with a different credit reference agency. Therefore, it’s imperative for you to seek the advice of a mortgage broker if your credit score isn’t perfect.
Can you get a mortgage with bad credit?
This depends on how bad your credit may be. As mentioned above, lenders will have different criteria for you to meet and will use different credit reference agencies to obtain your credit report. If you have late or missed payments, credit defaults or a CCJ for example, there may be a lender out there for you. If it can be done, we will know exactly who to go to and how to present your application.
Check your full credit report
Using Check My File to access your credit report provides valuable insights into your credit history and helps you take steps to improve your credit score. Check My File is a powerful tool that brings together information from all your credit accounts in one easy-to-use platform. What sets it apart is that it combines data from Equifax, Experian, and TransUnion - the UK’s main credit reference agencies - giving you a more complete and accurate view of your credit profile.
With Check My File, you can monitor real-time updates to your credit history, view your current credit score, track your payment history, and see details of both closed and newly opened accounts. This comprehensive report makes it easier to spot any errors or discrepancies in your credit file and gives you the resources to address them promptly and effectively.
Without Check My File, checking your full credit information can be a much more time-consuming process. You would need to create separate accounts with each of the credit reference agencies - Equifax, Experian, and TransUnion - and request a copy of your credit report from each one individually. You’d then have to review and compare the reports yourself to identify any differences, discrepancies, or issues. Check My File simplifies this process by pulling all that information into one report, saving you time and effort.
If you’d like to access your report from a select credit reference agency, simply click one of the links below;
Try it FREE for 30 days, then £14.99 a month – cancel online anytime.
Ready to assess your adverse credit mortgage options?
We would encourage you to obtain a copy of your latest credit report and contact us to arrange an appointment. We will assess your options and let you know the best way to proceed with your application.
Let’s get started. Simply get in touch with Anna on 0116 3262610 or send an enquiry online.
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