Can I get a Mortgage with Adverse/Bad Credit?
Can I get a Mortgage with Bad Credit?
Adverse | Bad Credit Mortgage Advisors
Many people argue that unsecured credit is too easy to come by and it’s not uncommon for clients to approach us for Mortgage Advice when they have missed payments or have a low credit score.
Once you have missed payments, especially when it comes to mobile phone providers, you may end up with a Default attached to your credit report. This has quite a bad effect on your future ability to obtain a mortgage because it can indicate that you represent a higher risk.
Just because you have missed payments or have a default it doesn’t necessarily mean you can’t get a mortgage but it’s likely that you’ll need some specialist help because it is fairly likely you will be turned down for a mortgage by a High Street Bank who may be risk-averse, especially if you only have a 5% deposit for example.
Specialist Lenders will want to know the date the default was registered against you and the longer ago it was, the more likely it is that we’ll be able to help you, particularly if it was down to a life event such as separation, ill-health or redundancy. People do make mistakes when they are young sometimes and it can feel that these financial mistakes come back to haunt you.
We may also be able to help if you have had historic mortgage arrears or a County Court Judgment.
Whatever the credit problem you have had in the past we are going to need to see an up to date copy of your credit report which you can usually obtain for free online.
It’s important that you obtain your credit report prior to applying for a mortgage if you have any doubts about your credit history because multiple credit searches can further damage your credit rating.