Bad credit mortgages

Trying to get a mortgage with a poor credit score can be challenging. Defaults, county court judgments (CCJs), individual voluntary arrangements (IVAs) or bankruptcy will count against you.

Although your credit history may look tarnished, there might be a diamond beneath that murky surface. With a committed, reliable lender on side, your search in the rough won’t be in vain.

Since 2004, we’ve helped thousands of people with adverse credit or bad debts get a mortgage. And not just any mortgage: one with competitive interest rates from accredited lenders.

Aligning you with a lender who ‘gets it’

The mortgage market is huge, much bigger than the local High Street branch network. Looking as deep as we do, we find reliable mortgage deals for all kinds of borrowers. From those with squeaky-clean credit to people with lower credit scores, we can often help.

The information we provide here will at least help you get started. But if you have a less-than-perfect credit history, it’s often helpful to talk to an expert direct. Our specialist mortgage brokers can help you based on your specific, individual circumstances.

What is a bad credit mortgage loan?

A bad credit mortgage is a mortgage for borrowers with poor or adverse credit history. Most High Street lenders and building societies are, themselves, averse to such applicants.

That means they’ll decline mortgage applications from applicants with severe credit issues. Most go off the simple credit score and don’t look into why the applicant’s rating is so poor.

This is where a mortgage broker with the right connections and knowledge can help. They can approach providers with a more flexible and sympathetic approach to lending.

What adverse credit issues will a specialist mortgage lender accept?

Some lenders will take a view on certain cases, depending on the type of adverse credit on your file. These specialist mortgage lenders typically use this bespoke underwriting criteria for borrowers with:

• A poor credit score
• Late payments
• Missed payments (defaults)
• County Court Judgements (CCJs)
• Debt management plans or IVAs (individual voluntary arrangements)
• Zero/little credit history
• Discharged bankruptcy
• Credit card debt

Lenders who specialise in bad credit mortgages look beyond your credit rating. They look at the details of your credit history. They want to understand the circumstances surrounding your credit score and its assumed severity.

For instance, knowing that not all black marks are equal, they’ll:

• Judge a late payment on a utility bill less harshly than a CCJ
• Take into account how long the adverse credit has been on your file
• Weigh the size of the deposit you’re willing to put down against accumulative risk

Thousands are in the same boat, all looking for paddles

Most customers with suspect credit initially call us on the off chance. They just want to check what, if any, chance they have of getting a mortgage.

Some applicants instinctively know they’re going to struggle because of their recent history. For others, a lender may have already recently rejected them due to their poor credit rating.

If a lender has declined an application recently, it needn’t mean an automatic fail. We know that, with the right advice, you may still be able to get a decent mortgage.

That’s because we have both our experience and specialist lender contacts to support us. Our independence also means you have access to the whole market. Because of these, we have a good chance of securing you an adverse credit mortgage loan.

If you have questions and want to speak to an advisor, call Mortgage Quest today on 020 421 7998 or enquire now.

It’s time to sit back and let us do all the hard work. We’ll find the right mortgage lender for your situation; 9 times out of 10, that lender is out there. You just need to find the path to them, and they back to you. It isn’t always as dire as others may have led you to believe.