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Mortgages with Low Credit Score

Our Mortgage Service - helping you make the right decision

"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.

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"We know that the internet is the first port of call for many people when looking for mortgage solutions; our view is, yes use the internet to do your own research , but then bring it to us and we’ll let you know how your findings compare and then give you the information and advice you need - so that you can make the right decision for your future.” Adam Arnott, Head of Mortgages & Protection

Find the best mortgage deals for a low credit score

If you have a low credit score, the good news is that you should still be able to get a mortgage deal – it’s just a question of approaching the right mortgage lenders. Some mortgage lenders specialise in mortgages with low credit scores – call our dedicated mortgage team on 0117 332 3389 to discuss your mortgage requirements.

What are some of the difficulties of getting a mortgage with a low credit score?

Understandably, mortgage lenders want to minimise the risk that they take on when they lend a large amount of money for a mortgage. This means that when you apply for a mortgage, your previous credit history will be looked at in order to try and determine what kind of borrower you have been in the past and if you have a good history of making repayments on time. Obstacles to getting a mortgage with low credit score could include:

  • Having a history of missing mortgage repayments
  • Having a history of missing rental payments
  • Having a history of missing credit card repayments
  • Having an outstanding or expired County Court Judgment (CCJ) against you
  • Having been bankrupt in the past at any point
  • Having no borrowing history at all

If you are looking for mortgages with low credit score you need to be realistic in your expectations of the rates and terms you might be offers. Some of the most common features of mortgages with low credit score include:

  • Interest rates on bad credit mortgages tend to be higher than standard mortgages
  • Higher deposit requirements - You will usually require a minimum deposit of at least 25% or 30% of the property’s value,  compared to a minimum deposit requirement of around 5% to 10% if you were applying for a standard mortgage deal

How to improve your credit rating before you apply

It is a good idea to make sure your credit rating is as good as possible when applying for a mortgage. Even if you have a low credit score, there may still be things that you can try to improve your chances of getting a mortgage. These could include the following:

  • Ensure that you are on the electoral roll and that your address and details are completely up to date
  • Check your credit record to ensure that there are no errors that are making your credit history look poorer than it really is
  • Try to pay off as much outstanding credit card debt as you can. If you have unused credit cards, cancel them.

How can a mortgage with low credit score improve your credit score?

Once you have found the mortgage for low credit score that you wants, and have been accepted, this could help you to repair your credit rating over the long term. If you make timely mortgage repayments in full over the next few years, and have no further defaults on any other debts such as credit cards, this will go a long way to improving your credit rating. This could mean that when you remortgage or apply for a new mortgage deal, you may be eligible for much better interest rates and terms.

If you want to get mortgages with poor credit scores, you may find that the process is easier if you obtain specialist, independent advice before making a decision. Our dedicated whole of market mortgage team can help you to locate the right poor credit score mortgage deal for you – call us today on 0117 332 3389 or to speak to one of our mortgage advisers click here »

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