Finding you a Mortgage With Bad Credit

Here at Just Mortgage Brokers we take pride in helping our clients to find the very best deals when they require bad credit mortgages. Our aim is to make it much easier for you to find an impaired or adverse credit mortgage regardless of your credit score.

We understand that it can be difficult to find a lender willing to provide a mortgage with a history of bad credit, but with help from our specialist advisers, you can get access to a potential mortgage with minimum fuss.

Read More

Commonly Asked Questions
  • How do I get a mortgage with bad credit?
  • Can I mortgage with a poor credit score?
  • Difference between 'Adverse' & 'Bad' credit?
  • What does a bad credit rating look like?
  • How do I find the best mortgage deals?
  • Will it cost me more?
  • Are you tied to high street lenders?
  • What do I need to get Started?
  • Can bad credit affect a job offer?
  • Can my spouse’s credit affect mine?
  • Do high street banks give bad credit mortgages?
  • How bad is my credit score?
  • Do overdrafts make bad credit worse?

Getting a mortgage with bad credit

Whether you are a first time buyer, or a homeowner who is looking to move or remortgage, we will search the whole of the market to ensure you get the very best mortgage for your circumstances. We can also assist those looking for a bad credit secured loan or investors requiring a buy to let mortgage. Our team of dedicated professionals will always be on hand with their impartial, expert advice to help you find the right mortgage and guide you through the whole process.

What is an Adverse Credit Mortgage?

An “adverse” credit mortgage is much the same as those with “bad credit”, it is when you have a low credit score or previous issues which may make it harder for you to get a mortgage (or other types of credit).

What causes a bad credit history?

There is not really such a thing as a “bad credit” score specifically, this is because how credit scores are calculated are varied. Your score is not what will impact your final decision, it is the different information which makes up your credit file.

Here are some key contributors to a ‘bad’ score:

  • Electoral roll information – If you are not registered to vote
  • Any previous court records – Such as CCJs, IVAs, bankruptcies
  • Previous history of missed payments/defaults
  • Wrong previous addresses on credit report
  • Frequent credit applications, especially declined ones
  • How much you owe and what you are currently repaying
  • Any payday loan information

You can take steps to repair your own credit rating, which will make getting a mortgage easier, but not all lenders will use this data in the same way. Your circumstances will be viewed and dealt with differently by each lender but one of our experts can help you find the best potential mortgage for you credit history and help walk you through the steps to look to get this arranged.

Black marks on your credit history:

But it is often not as bad as you think, those people who have had credit issues in the past could still get a mortgage – here at Just Mortgage Brokers we specialise in helping our clients who have almost given up hope.

We have a wealth of experience in dealing with mortgage lenders who are more sympathetic towards our clients, who may have experienced credit issues in the past. We maintain excellent relationships with these lenders, to give you the best possible chance of obtaining a mortgage with bad credit.

Find out if you can get a mortgage

How do you know if you have bad credit?

If you are being chased by debt collectors, or receiving letters from credit card companies, it will be clear that you credit history is not as strong as it could be. However, for some the first real sign they have a bad credit rating is when they are declined by a high street lender after they try and get a mortgage.

This may be a surprise if you have not had a long period of a credit history (or no credit history at all), but for others it may be less of a shock, simply because they may be aware of missed payments or any court actions in the past. The best way to identify what might cause a bad credit history is to obtain a copy of your credit report.

Poor Credit Mortgages

If you are looking for a mortgage with poor credit and have a poor credit rating or some elements in your credit history which may make getting a mortgage difficult, it can feel like you’re fighting an uphill battle. High street lenders are typically reluctant to provide mortgages to those who they consider have “poor credit”, which is due mainly to their own process and not fully understanding each applicant.

The expert team here at Just Mortgage Brokers take time to understand each applicant, their credit history and which lenders they’re most likely to find success with. We aim to place every mortgage we can as well as help each applicant improve their own “financial health” to increase the chances of lending in the future.

How do you get your credit report?

Being able to obtain your own credit report has never been easier, and we would always strongly advise people to take a pro-active approach to this, especially when they are looking to get a mortgage and are concerned they may struggle to gain credit.

If you have not already, take a look at one of our preferred choices here. If you want more information on the content of your credit report, we have a definitive guide which will give you what you need.

What is my credit rating?

What Loan to Value can I get for a Bad Credit Mortgage?

Many lenders now approach the question of how much someone can borrow based on affordability.  This will take into consideration your income(s) and in turn any outgoings such as ongoing credit commitments and your day to day living expenditure working on the number of applicants and the number of any dependants.

Although your ability to afford the loan is what the lender needs to establish they may also work on a maximum income multiple.  This can vary from lender to lender with these typically ranging from 4x to potentially 5x your income(s).  Working on a combined income of £40000 this could equate to between £160000 to £200000.

With such a varying array of methods used by lenders to assess this critical aspect of your plans, the best first course of action is to speak to one of our advisers. They are experienced with working with bad credit lenders, and will know the best way in how to look to get you the mortgage you need and will be able to help you understand the steps you need to take to get there.

What Loan to Value can I get for a Bad Credit Mortgage?

The loan to value (LTV) is a common way for lenders to show how much of a mortgage you can obtain against the value of the property. This is best thought of as how much deposit do you need to have in order to get the mortgage. With bad or adverse mortgages the LTV is very important as the less you need to borrow, the more likely it will be that you get the mortgage.

As with all mortgages, the lower the LTV, the lower your monthly payments are likely to be, but this does mean you will have to pay more up front. With any kind of mortgage, whatever your credit history, putting down a larger deposit can be worthwhile, but it is not always essential.

Mortgage up to 95% LTV

For many with a history of bad or adverse credit a larger deposit will typically be required than the usual industry minimum.  The average minimum requirement is 15% or a maximum of 85% loan to value but this will very much be dependent on the overall assessment of risk.

If you find the right broker who has an unlimited access to lenders, finding higher LTV mortgages (even as high as 95%) could still be possible – even if you are worried about your credit rating. We at Just Mortgage Brokers work hard to ensure that all clients, even first time buyers with a poor credit score, have the ability to be considered for a mortgage.

Can I Get a Bad Credit Mortgage?

How We Can Help

The experience we at Just Mortgage Brokers have working with lenders who specialise in bad credit mortgages means we can best help match you with the right lender, take care of the application itself and advise you on anything else you can do to make your application successful.

What else can I do to secure a bad credit mortgage?

The best thing you can do is help show you are less of a risk to lenders. Having existing debts is not necessarily a bad thing, providing you are able to demonstrate your ability to continue to pay the monthly payments due in the future.

The next step is getting in touch with one of our team, do not be put off by any possible negative previous experiences with other brokers or high street lenders, we specialise in helping those who have not been successful in the past.

We have a wealth of experience in dealing with mortgage lenders who are more sympathetic towards our clients, who may have experienced credit issues in the past. We maintain excellent relationships with these lenders, to give you the best possible chance of obtaining a mortgage with bad credit.