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
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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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