Bad Credit Mortgages London

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Bad Credit Mortgage in London

In early 2021, both Zoopla and Rightmove listed the average price for property in London as higher than £660,000. Zoopla stated it was £660,754, while Rightmove classed it as £666,682.

Therefore, most prospective buyers in London need assistance in buying a property in the capital, but what about people with bad credit?

Thankfully, help is at hand, and if you are looking for bad credit mortgage solutions in London, support is available, and we are here to assist you.

Is there mortgage help available for buyers with bad credit in London?

Yes, buying a home in the capital is more expensive than in most other parts of the country. Yes, prospective buyers with a bad credit rating need additional assistance when arranging a mortgage as traditional high street lenders are generally not able to help.

However, it is possible to find a solution which meets your needs, with a low credit score or if you have a bad credit rating.

If you have the following types of bad credit, help is available:

  • Missed Payments.
  • Defaults.
  • County Court Judgements (CCJ).
  • Low Credit Score.
  • Satisfied IVA / Bankruptcy.

There is a significant demand for property in London, but you should feel optimistic about your chances of arranging a mortgage.

With a panel of lenders offering specialist mortgage packages to people who hold bad credit, specific solutions are available for people in your circumstances.

Additionally for schemes designed to help first time buyers buy a property such as Help to Buy or Shared Ownership – there are bad credit mortgage lenders offering assistance.

Is there a difference between old or new bad credit?

Generally speaking, the older your bad credit, the more likely you will find a suitable mortgage product.

With older bad credit, you should find mortgages with a lower deposit, and the rate of the mortgage should also be lower.

Of course, if your bad credit is relatively new, this will be reflected in the mortgages available to you.

If you have bad credit, you should be proactive. It makes sense to obtain a copy of your credit report, from reputable agencies like Experian or Equifax. Make sure you review this thoroughly to ensure all the information held is correct. When you have your credit report, you should speak with an expert, and we are here to help.

What sort of deposit will I need?

There are many factors considered by lenders when it comes to offering you a mortgage. If you have missed payments, whether the account went into default or even if there was a CCJ registered against your record influences the sort of mortgage you will be offered.

If the bad credit is relatively recent, you will need a larger deposit. Property buyers in London often need to find a larger deposit anyway, so ensure you are budgeting effectively with your property search.

It is not unreasonable for a lender to request a deposit of around 15%-25%. The factors which impact on the deposit will be – when was the bad credit registered, what type of debt did you default on and have you managed to resolve this.

Each mortgage application is analysed on its merits, and many factors influence the final decision. We are specialists in the bad credit mortgage market in London, and we will gladly advise you on your application.

If you are already a homeowner, the equity within the property can be used as your deposit. We can help arrange bad credit remortgages for clients.

How to explore your mortgage options with The Money Hub

Call The Money Hub Limited on 0203 725 5830 and speak to one of our highly specialised and dedicated Mortgage Advisors or you can complete an enquiry form which will allow you to schedule a call time. We also are able to help clients arrange:

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Bad Credit Mortgage FAQ’s

Typical documents that will be required include:

  • Proof of identity (Passport & Driving License).
  • Proof of Income (Payslips, P60, Tax Calculations, Tax Overviews, Accounts).
  • Bank Statements.
  • Completion of lender documentation.

To qualify for high street lenders you typically need to have a good credit score, however there are many specialist lenders who don’t use a credit score to judge the clients credit worthiness instead they will manually review the credit file to make a decision.

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