Can I get a mortgage with a low credit score

Our Mortgage Service if you have a low credit score

Special features of what we offer include:

• Whole of market service - we work with UK lenders who will consider you if you have a low credit score

• Access to leading market mortgage rates

• Access to exclusive loan deals not available on high street

• Fast turnaround - speak to us today if you need to move quickly

• Looking to raise additional finance on top of your existing mortgage or buy to let mortgage? - we have access to a range of finance solutions

To investigate your mortgage options if you had previous credit issues call our mortgage team on 0117 403 4474 or fill in our call back form.

"The essence of the Fair Mortgages service is professional independent mortgage and protection advice brought to you by a team of specialist advisers and experienced administration support. 

As your mortgage is such an important transaction, good advice is imperative.

Can I get a mortgage with a low credit score

There are multiple websites that allow you to check your ‘credit score’ with different credit reference agencies. The first thing you should understand is that each credit reference agency scores you differently.  

While looking at your specific score can help you understand what your borrowing potential might be, knowing only that your score is say ‘600’ is not necessarily helpful for instance Equifax is scored to a maximum of 600 making it the best score possible, whereas with Experian scores can go up to 999 making 600 a poor score.

While it is true the lowest mortgage rates are reserved for people with excellent credit histories, mortgage lenders do not all look for the same criteria when it comes to assessing who they will lend to.

Rather than the actual number of your credit reference most lenders will be more interested in viewing the actual history of your credit profile such as any missed payments, County Court Judgements (CCJs) or bankruptcies. Having several applications which have been rejected by other lenders will also look bad on your file, meaning making multiple applications to different lenders over a short time period is not advisable.

Therefore there is no set limit that someone must achieve on their credit score in order to be able to secure mortgage finance; As a general rule mortgages are available on a sliding scale, as people with excellent credit scores pose the lowest risk to the lender they are able to achieve cheaper rates or are able to down smaller deposits, having a; fair, poor or bad credit score however does not necessarily mean you cannot get a mortgage, but it may be more expensive than someone with a better score could achieve.

There are a selection of specialist mortgages offered by some lenders for people who have a relatively recent history of severe credit; this means that many borrowers, providing they can put down a large enough deposit and pass the affordability assessment of the lender, may be able to find finance.

When looking for a mortgage it can be a good idea therefore to speak to an independent mortgage adviser. A Financial Conduct Authority approved independent mortgage advisor can offer you impartial mortgage advice based on your specific circumstances,  but they can use their expert knowledge and experience to compare the market for you to try and find the best deal from a lender who is likely to accept your application, based on your credit score and other financial information.

Some specialist mortgages cannot be found on the high street, and are only available by smaller lenders who can only be accessed through the services of an independent mortgage broker.

If you think you might be able to benefit from the use of an independent mortgage adviser, you could fill in our online contact form to request a call back from a Fair Mortgages Adviser who can offer a free initial consultation about mortgages, or you can get in touch directly by calling 0117 403 4474