Do you have bad credit or have you been refused a mortgage elsewhere?
In recent times more people than ever have found themselves in a situation that results in an impaired credit rating. This is completely understandable, and by no means makes homeownership impossible. However, there are fewer options available for “sub-prime”, “non-conforming”, or “bad credit” mortgages in today’s marketplace. It’s now even more difficult for consumers to find the right advice about bad credit mortgages.
At Expert Financial we keep ourselves up to date with all the latest mortgage lenders’ criteria so we can advise all our clients on their mortgage requirements whatever the circumstances.
Bad credit does not have to mean no Mortgage
There are plenty of cases where people with poor credit rankings have obtained mortgages. You would not give up on getting a mortgage just because of a poor credit ranking.
At Expert Financial, we work with all types of credit ratings to help find a mortgage that works for our clients.
We can also help advise you on how to build your credit rating in order to get a better mortgage deal. Building credit is just one way that you can afford a mortgage.
If you have a bad credit rating and want to speak to a mortgage broker who will understand your dilemma, call Expert Financial to help you best analyse your current financial situation. We can help find possible mortgage solutions specific to your needs.
Frequently asked questions
Can I get a mortgage with bad credit?
Bad credit doesn’t automatically mean you can’t get a mortgage, but it can reduce the number of lenders and products available to you. The type, age and severity of the credit issue can all matter. We’ll look at your individual circumstances before considering which lenders may be suitable.
Can I get a mortgage after being refused by a bank?
A previous mortgage refusal doesn’t necessarily mean you won’t be able to get a mortgage elsewhere. Different lenders have different affordability calculations and lending criteria. Before making another application, it’s useful to understand why the first application was declined and whether another lender may view your circumstances differently.
Can I get a mortgage with a CCJ?
It may be possible, depending on the circumstances of the CCJ. Lenders may consider factors such as when the CCJ occurred, whether it has been satisfied, the amount involved and your wider financial circumstances. Specialist advice can help you understand which options may be available.
Can I get a mortgage with a default?
Potentially. The age, amount and status of the default can all affect how lenders view your application. Some lenders take a more flexible approach to historic credit issues than others. We’ll look at the details of your credit history rather than simply treating a previous default as an automatic rejection.
Can I get a mortgage after missed payments?
It may be possible. Lenders will consider the number and timing of missed payments, what type of account they related to and your current financial position. If the missed payments are historic, you may have more options than you expect, but every application needs to be assessed individually.
Can I get a mortgage with a low credit score?
A low credit score doesn’t automatically prevent you from getting a mortgage. Lenders don’t all use credit scores in the same way, and their own lending criteria are also important. Rather than focusing solely on a score, we’ll look at the wider circumstances behind your credit history.
Will applying for a mortgage affect my credit score?
A full mortgage application will normally involve a credit check, and multiple applications can have an impact on your credit file. That’s one reason it’s sensible to understand your circumstances and lender options before making several applications. We can help you approach the application process carefully.
Can a mortgage broker help with bad credit?
Yes. One of the benefits of using a broker is understanding lender criteria before an application is submitted. At Expert Financial, we regularly work with clients who have historic or current credit issues and can help identify lenders that may take a more flexible approach.
