What is Bad Credit?
Bad credit is an umbrella term for having a low or no history of borrowing money which may include missed payments, defaults, CCJs (County Court Judgements), bankruptcy and other Debt Relief Orders - all resulting in poorer financial prospects going forward.
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Many people are not aware of the implications that poor credit can have on their lives and finances, however, there are options available should you find yourself with an adverse credit record.
What documents will I need for a mortgage with bad credit?
Gathering the necessary documents is essential to make sure that your mortgage application runs smoothly and in a timely manner.
What lenders may require of you includes recent payslips (different if self employed), bank statements showing transactions for the last three months, proof of bonuses or commission earned, P60 forms from past years which detail income received as well as tax paid on those earnings; valid identification such as passport details and other accepted ID documents plus confirmation of address like utility bills etc.
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Can I get a mortgage if I have Bad Credit?
Yes, you certainly could get a mortgage with bad credit, however, your options may be limited.
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Lenders conduct a credit check on every mortgage application to determine how 'risky' you appear, the greater the risk, the less likely they are to lend to you.
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Some credit issues carry more weight than others, meaning they will have a greater impact on how 'risky' you are. The type of credit issue, the amount involved and how much time has passed since will all determine your score.
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Typical high street banks are a lot stricter and anything other than perfect credit scores usually ends up with a computer says no.
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However, there is help! By working with a Wirral bad credit mortgage adviser (like us) you'll be able to find the right lender who can be more flexible when assessing your mortgage application, therefore boosting your chances of success.
How can I get a mortgage with Bad Credit?
It's absolutely still possible to get a mortgage with bad credit and there are steps you can take to help improve your chances.
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Save a bigger deposit - This can greatly improve your chances as this reduces how 'risky' you are.
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​Improve your finances - By repaying any outstanding arrears you will increase the options available to you.
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Give it time - Black marks on your credit file could be seen as less severe the more time that has passed.
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Consider your partner's credit history - Buying with a partner will mean their credit history will also be taken into account.
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Have an explanation - What led to the bad credit? Lenders will want to know why you've got bad credit and how you'll avoid this in the future.
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Get help with your mortgage - Get the right advice from a specialist bad credit mortgage adviser. With access to more lenders it could greatly improve your chances.
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"By far the best Mortgage advisor I have used in all nine years of property!
The wedding planner of Mortgages!!"
David Leek
We specialise in helping people with bad credit get a mortgage easy. Our team work with people with bad credit all across the UK from Liverpool and Wirral, to London and Cardiff; wherever you are, we'll help you find the right lender and boost your chances. ​
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Having bad credit can make getting a mortgage feel near impossible. You might have already been rejected. But your past shouldn't affect how you move forward in life.
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That's where we come in. We're whole of market mortgage advisers with access to over 80+ different mortgage lenders. With a proven track record of helping people with bad credit get a mortgage, people just like you.