Can I get a guaranteed mortgage with bad credit?

If you have a poor or patchy credit history, you’re probably used to hearing the word “no” from potential lenders, whether for personal loans, credit cards or mortgages. That’s where the idea of a guaranteed or pre-approved bad credit mortgage stems from – it’s something that takes away the uncertainty.

However, even someone with a good credit history who has been pre-approved for a mortgage – in other words, they have an agreement in principle, indicating that the lender might be prepared to extend a particular amount of money – can still be turned down when the formal application and checks are made.

The fact is – and we’re sorry to say this – there is no such thing as either a guaranteed bad credit mortgage or a pre-approved bad credit mortgage. However, there is still the chance to get a mortgage, whatever your credit status might be.

What would cause someone to search for a mortgage like this?

People might have seen advertising or promotional material indicating that it’s possible to be pre-approved for a loan or credit card, even if you have bad credit, and so wonder whether they can get the same guarantee for a mortgage. Let’s face it, it can be soul-destroying to have your mortgage application rejected, especially if it happens more than once. And if someone with a bad credit history is going it alone, meaning they only have access to high-street lenders, that’s more than likely going to be the case.

Rather than looking for unicorns on the high street, we’d recommend speaking to specialists who understand both your situation and the mortgage market. What you need is good, practical help and advice.

Do people looking for a bad credit mortgage need to watch out for hard credit checks?

Yes, definitely. If there are too many hard credit checks made in a short period of time, it can have an adverse effect on your credit rating. You should check whether any lender you approach is able to do only a ‘soft’ check in the initial stages. Here at Just Mortgage Brokers, we’re very sensitive to the potential impact of hard credit checks, and so we will always take this in to consideration when looking at your potential options.

Just Mortgage Brokers can advise you

Getting a mortgage when you have bad credit can be difficult. The situation can be made worse if you apply on your own, as you don’t have access to the whole of the market or the unique deals that specialist brokers can tap into.

We have a team of bad credit specialists who can help to find the best deal for you. Initial help and advice is free – and we’ll always consider how the impact of a hard credit check could adversely affect your credit standing. Contact us today to see how we can help you get a bad credit mortgage.