Can I Get A Mortgage With Adverse Credit?

Specialist Mortgage Advisors

   Nationwide Coverage   

Free Mortgage Advice

 

 

0800 368-8879

 

Arrange Callback

Can I get a mortgage with adverse credit?

Getting a mortgage with adverse credit is possible, depending on when and how many adverse credit events you have had will dictate what lenders would be willing to consider your application. Adverse credit is used to describe a borrower who has a history of unsatisfactory credit events. Adverse credit events occur if you miss a payment or a payment is late. These may be for mortgages, bank loans, credit card, store cards, basically any kind of credit that you are meant to pay back on a specific date each month. Once you miss a payment or pay a lender late, they will notify the credit referencing agencies, this is then stored on your credit file as an adverse credit event. The fewer of these adverse credit events you have on your credit file the better when it comes to getting a mortgage.

High Street Lenders & Adverse Credit

 A lot of our clients come to us after they have already been declined by one of the main high street lenders. High street lenders tend to only want the lowest risk customers. Since the credit crunch and change in legislation banks have a responsibility to ensure they are only lending to customers that can afford mortgages. This has caused them to really tighten up their lending criteria. This combined with the fact there are more and more mortgage applications being made each year has meant that high street lenders are becoming more picky with who they lend to. Some lenders may approve applications that have had one adverse credit event in the last 6 years other may reject any application that has any adverse credit events on their credit file.

Each high street lenders will have different policies when it comes to lending to customers with adverse credit, this is why it is important to speak to an expert that knows the adverse credit market and will be able to put your application to lenders that are more likely to approve it.

Adverse Credit Mortgage Lenders

Some high street lenders will lend to customers that have adverse credit in the last 6 years. If it was a late payment or missed payment then this may not be much of an issue with many lenders. If the late/missed payment was in the last 2 years, this will narrow the amount of lenders that will consider your application.

The more adverse credit you have the more risky it is for a lender, this is why most lenders will require a larger deposit and charge higher interest rates.

There are specialist lenders that have specialist products for customers with adverse credit. These lenders are more than willing to consider applications from customers with adverse credit. The growing number of specialist lenders is also helping for the rates they offer to be more competitive which is great news for our clients as they are getting better rates and paying less interest.

Poor credit mortgage

Having adverse credit will mean that your credit score will fall into the fair or poor range. Getting a poor credit mortgage is trickier but certainly not impossible. It will just need expert advice and in depths look at your circumstances before any applications are made.

To get an idea of your circumstances it is advisable to access your credit report, this will allow you to see the whole picture and be better informed when speaking to lenders. Since there are different credit referencing agencies then the information that they hold on you will be different. You may have a poor credit score with one and a good credit score with another. This is due to the fact banks and lenders are only required to inform two credit referencing agencies. This means that an adverse credit event on your Experian credit report many not show on your Equifax credit report. This can be why some applications get declined due to the customer or their broker not looking at all 3 of the main credit reports. Looking at all 3 will give you and your broker the full picture and will allow them to find lenders who are more likely to accept your application.

Adverse credit mortgage brokers

If you are looking to get a mortgage and have had adverse credit then it can be a good idea to use a specialist adverse credit mortgage broker. Depending on when you’re adverse credit was will dictate the amount of lenders that are willing to consider your applications. You can apply direct but using a specialist broker with the knowledge of all the lenders policies will massively improve your chances. If you apply and get rejected then this will show negatively on your credit report and other lenders will see that you have already been turned down by another lender.

The main benefit of using a broker is their extensive knowledge and relationships with specialist banks. Your broker will be able to go through your circumstances and credit reports and let you know your options without you just trying and seeing with a high street bank.

We can help

At Get Me My Mortgage we have an extensive network of bad credit mortgage brokers who have the expertise and knowledge to help you get the mortgage that you need. They will ensure that everything is explained and will work hard to place your application with the best lenders. They will not only strive to get you a mortgage but also the best rate possible for your circumstances. Call us today on 0800 368 8879 or fill in one of our enquiry forms.

  • Helped to reduce my monthly mortgage payments with a great remortgage deal

    Aiden Tylor Avatar
    Aiden Tylor
    7/14/2019

    Friendly, helpful staff. I would recommend get me my mortgage.

    Susan Manning Avatar
    Susan Manning
    5/21/2019

    Kept me up to date throughout the whole process would recommend

    Jack Robin Avatar
    Jack Robin
    7/15/2019
  • Kept me up to date throughout the whole process would recommend

    Jack Robin Avatar
    Jack Robin
    7/14/2019

    Helped to reduce my monthly mortgage payments with a great remortgage deal

    Warner William Avatar
    Warner William
    7/15/2019

    Helped me find a broker to secure my new business premises. Quick & Friendly staff

    Adam Connelly Avatar
    Adam Connelly
    6/18/2019

Bad Credit Mortgage Information

Looking for specialist advice? Read through our articles about different bad credit situations, and get the best advice to get the mortgage that you need.

Terms & Conditions

Getmemymortgage.co.uk is an information-only website we strive to give information and tips that are relevant to our users; we don't guarantee to be right all of the time so take professional advice before acting on any information on this site. We can't accept liability should anything go wrong.

We are UK based, and the information we provide is relevant only to the UK. The information isn't tailored to your circumstances; we strive to put you in touch with an appropriate broker for your particular needs. All of our experts are appropriately qualifies and regulated by the FCA as appropriate.

Legal Information

Your initial mortgage consultation is always free of charge. Depending on the complexity of your mortgage, there may be a fee for your broker's mortgage advice and arrangement service. Any fees will be discussed and agreed with you before you make a mortgage application.

GetMeMyMortgage.co.uk is an independent marketing website registered in the UK. The purpose of the site is to put you in touch with a suitable expert.

 

Your home is at risk if you do not keep up repayments on a mortgage or other loan secured on it.

Site designed and maintained by GetMeMyMortgage © GetMeMyMortgage 2019