Mortgage & Loan Specialists

The main difference with this type of mortgage is that interest rates are higher in comparison to standard mortgages. If you have a few missed payments, or had a (CCJ) County Court Judgement or a payment default or you might also be in, or have been in, a Debt Management Plan (DMP). These can result in a bad credit score, limiting your options.

You will probably have to put down a bigger deposit (typically between 15% and 30% of total property value). The reason for these cost differences is customers being considered higher risk by lenders because of their bad credit.

We have access to bad credit mortgage lenders that will consider clients who have had bad credit (see below). Our advisers have worked in the financial services industry for many years and our goal is to build long term relationships with our clients. If you are looking for a transparent broker that would give you good advice, we are the broker for you.

• Missed Payments - On loans, Credit Cards and Mortgages.
• Defaults - Which are registered when you have missed multiple payments.
• CCJ (County Court Judgements) - Where the lender has taken you to court to retrieve their money back.
• IVA (Individual Voluntary Arrangement) and Debt Management Plans.

If you have some form of bad credit it is best to get a copy of your credit report from Experian, Equifax or Check My File this document would show you your credit score which is also an important factor that the lender would take into account. There are many factors that can affect your credit score and by checking your credit score it is one of the best ways in finding out what your financial situation would look like to potential lenders and whether you have bad credit or not.

When applying for a mortgage one thing you should avoid doing is make lots of applications with different brokers or lenders. Every time you make an application you could be leaving a mark on your credit file that other lenders would see and could potentially reduce your chances of getting approval

There are ways to improve your credit score (below some examples)

1. Make sure you pay your bills on time as agreed. (lenders are interested in past payment performance)
2. Pay off debt and keep balances low on credit cards.
3. Don't Apply for Too Much New Credit, Making Multiple Inquiries.
4. Check your credit report for any inaccuracies if you have incorrect information on your credit report this could lower your credit score.