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Bad Credit Mortgage

If you have a bad credit history it will make it hard for you to get a mortgage unless you apply for a special bad credit mortgage.

Bad credit scores can be earned in many ways from straight forward non-payment of previous loans through to CCJs (County Court Judgements) against you. Read more...>

About you

Title *
First Name *
Last Name *
Employment status *
Have you ever had any CCJs, IVAs, defaults or been declared bankrupt?
1. Yes
2. No

Contact Details

Email address *
Telephone number *
Mobile number *

About your mortgage

How much would you like to borrow? (£s) *
What is the estimated value of the property you want to buy? (£s) *
What would you like to do with the money? *

* Indicates required fields.

Mortgage lenders can see your credit history and if they judge you to be a bad risk for a mortgage then you’ll need a bad credit mortgage.

Bad credit mortgages are harder to find although, as they are getting more accessible, they are also more expensive. The interest rate payable on bad credit mortgages is higher than a standard mortgage rate to cover the increased risk that the lender is taking. The mortgage lenders balance the higher amount they can charge against the risk of the borrower defaulting on the mortgage but at the same time the home will form security for the mortgage.

For buyers who have a bad credit history but who can now afford to make regular mortgage payments the bad credit mortgage does offer the opportunity for them to purchase a property and leave behind the rented sector. The mortgage lender will assess carefully the mortgage that they offer to a bad credit customer and it’s equally important for the borrower to study the detail of their mortgage before committing to it. The increased interest rate will have a substantial impact over a long mortgage term and borrowers should be certain that it is the option that is best suited to them.

Top Tips

Don’t try to obtain a standard mortgage if you know that you have a bad credit score. You will be refused and that in itself will be detrimental to your future credit score
It may possible to get a fully approved bad credit mortgage once your circumstances have been assessed even if you have a CCJ against you
Interest rates on these mortgages will be higher than standard high street ones, making them more common because mortgage lenders can make more money from them
Be sure that you can afford any mortgage that you take out, your home is always on the line if you can’t make them