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Your initial mortgage consultation is obligation free. Depending on the size of your mortgage, there may be a fee for our service, which will all be discussed and agreed before you make a mortgage application. A typical fee is £399, all of which is only payable on completion, and will never be higher than £799. Unlike many brokers, we will not ask for anything up front, you only pay us when we’ve done the job your asking us to do. We call it a success fee. We will also retain the commission from the mortgage lender/service provider.
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YOUR HOME MAY BE REPOSESSED IF YOU DO NOT KEEP UP WITH YOUR REPAYMENTS.
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Can I get a mortgage?
The answer is yes. If you’re having trouble, don’t give up. There are lenders that offer all types of options, and our advisers have over 20 years of experience arranging them.
If you’re looking to remortgage, move or purchase, don’t be put off if you’ve had problems in the past. Whether you're considering debt consolidation, debt management, or just want some independent debt advice, get in touch.
Use our professional search engine now, and browse using the same system brokers use, through mortgages specifically for bad credit. Or enquire now for some no obligation, free, impartial advice.
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April 14th, 2012
Can I get a mortgage with bad credit?
The answer is yes. Just because you've had issues in the past, doesn't mean you can't get a mortgage in the future. It is true that many lenders have strict criteria, and need applicants to pass a credit score for which they have the bar set very high, so any amount of problems in the past can result in a decline. BUT the good news is, there's hundreds of mortgages available for people with a poor credit history. It's not as easy as it was however. 3 or 4 years ago, in the height of the housing boom, adverse credit mortgage lenders were a plenty, and despite a big default or a bankruptcy, it was still possible to borrow on a mortgage at a relatively competitive rate.
Now, the market has changed and things aren't as straightforward, in part due to most of these lenders running out of money to lend, and in part down to the remaining lenders being tighter and choosier with the little money they do have available to lend out. Regulation from the Fsa has also prompted such lenders to be more thorough with their underwriting and approval strategies.
But, because of this, there is still a huge gap in the market for adverse lenders rich or brave enough to take advantage of it, and in the last year we have seen a rise in lenders such as Aldermore and Kensington lending again.
Generally, the more equity you have, the more chance you'll have of finding a mortgage. An applicant looking to borrow £90,000, when the house is worth £100,000, has only 10% equity, which is not the most attractive proposition to a lender even if the applicant has good credit. The good news is, there are still reputable lenders out there, sympathetic to different situations, so its vital you find an experienced broker who knows the whole market, as they’ll have a a good idea of which lenders will consider your application before you even start.
Can a credit score harm my credit file?
Having an idea of which lenders will help first is paramount, because doing pointless credit searches with lenders that clearly wont offer a mortgage, can have a negative effect. However, in order to secure the mortgage it will depend on an initial application being made and the lender making an assessment, so although it may fit on paper, until it is agreed in principle nothing is guaranteed. Read our article on credit scoring here for more info.
I’ve been declined, Can I still get a mortgage?
The ins and outs of getting a mortgage
Can I get a mortgage on benefits?
Some lenders will accept: Child tax credit , Working tax credit , Child benefit , Disability Living Allowance (DLA),| Indistrial Injuries Benefit (IIB) , Incapacity benefit (IB) , Attendance Allowance , Pension Credit , Housing Benefit , Employment and Support Allowance , Income Support , Guardian's Allowance , Maternity Allowance , Severe Disablement Allowance , Widow's Pension , Carer's Allowance , and Jobseeker's Allowance.
If you're looking for a mortgage on benefits, there maybe a lender out there for you. It is true, some lenders will not accept any form of state or employer benefit towards your income when assessing a mortgage application. However, having access the the whole market, an experienced broker will know the ins and outs of which lender accepts what income type. So if you’re income consists of some the above examples, you maybe able to borrow more than you think. From all the lenders that accept the benefits you receive, some will take into account 50% of it, some 60% some up to 100%. So if you want to borrow more, its important you find the right lender.
Can I get a mortgage if I’m self employed?
Every lender does things differently, and each occupies a different corner of the market, so it's important to bare in mind if you've been declined with one lender, don't give up. Some lenders specialise in buy to lets, some with alternative property types, and some take a more flexible view with self employed applicants. View our specialist self employed mortgage page here.
How much can I get a mortgage for?
This is one of the main questions for most people buying or remortgaging, and it really depends on your income and commitments. The general rule is about 4x your salary. ‘Salary’ is a fluid concept in and of itself however, as every lender looks at income differently. Some take state benefits, overtime, shift allowance, bonuses, holiday pay, dividends, investment income, retirement income, overseas income… and others don’t. Some take 3x joint salaries, some can stretch to 5 times in the right circumstances. Again, your best bet is to give us a call so we can calculate what would work out right for you.
Use our online search engine here, to input your details and give you an idea of what you can borrow, different products you’re likely to be eligible for, and what your monthly repayments will be.
Can I get a mortgage with no deposit?
In the UK currently, all lenders require a minimum of 10%, and in the right circumstances 5%. How you obtain one however, is another matter. Personal savings and family gifts are the main sources people get their deposit from. Those with their money tied up other properties sometimes have difficulty in getting a mortgage because they don’t have the money to put down. Certain lenders will allow you to take a charge on other properties or assets you own as security. Click live chat or give us a call and speak to one of our experienced advisers today to find out how.
When will I have to pay my deposit?
Certain lenders accept that you won’t always have this money saved and ready to put into a mortgage straight away. The house buying process is such that once you’ve found a house you like and had an offer accepted, arranging the mortgage, getting the legal process finished (searches and contracts drawn up etc), it can take up to 2 months sometimes longer. You’re deposit is the last thing they require after all the work is done, when you wire it to the solicitor and then complete and get given the keys a day or two later. This should give you time to save a little extra if you’ve found that dream home and don’t yet have all the money ready.
At the moment, 100% mortgages don’t exist. There are ways to get a mortgage without deposit, but only in the right circumstances. There’s also ways we can minimise the amount of deposit you’ll need to put down, and other 5% deposit mortgages available.
Yes. As of about the middle of 2011, 5% deposit mortgages came back onto the market. One or two lenders have also started offering them since, but they are difficult to obtain. A good credit score and clean history are important, but if you’re not 100% don’t be put off, there may still be something that can be done for you. If you talk to an adviser, they’ll give you free advice on what your best options going forward are, and if there’s no mortgage available now, we’ll help you make the changes and show you what you need to be eligible. Remember all contact with us is under no obligation and no charge. We are a professional service, as a Any fee payable is only ever on successful completion of the mortgage, we call it a success fee.
Yes . Get in touch with us , use the live chat function below or compare mortgages now using our online search engine to see what’s available to you.
Can I get a mortgage after bankruptcy?
Yes. Just because you’ve had trouble in the past, doesn’t mean it should effect your future. Bankruptcy can come from all sorts of reasons, many of which can be out of your control. Although many lenders have strict criteria about this, if you have little equity but it was long enough ago, or if it was more recent but you have a lot of equity, there maybe something that can be done for you. See above for an overview of how getting a mortgage with bad credit can be easier than you think, or get in touch and see how we can help.
What Next?
Give us a call, make a quick enquiry, or start searching online now.
See how we can help you today…
“In some Circumstances the right broker will be able to find a mortgage for you with a lender that ignores any problems older than 2 years, so long as your finances have been handled well since. Other lenders don't use credit scoring, and assess every application on an individual basis, which is often helpful if you cant pass a credit score with mainstream lenders. “
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Registered independent financial advisers, with access to the whole market for mortgages, insurance and other financial products. Each of our advisers has over 20 years experience, with hundreds of loyal customers who return to us year on year for the best advice and the best deals.
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Why chose Us
What do people Say
Our adviser was Darren, and we could tell he was really friendly and knowledgeable. He explained everything clearly with no hidden agenda. He even haggled with the agent and got our house for £5,000 less than even we offered! Will definitely be using again when our deal expires, A*
Margaret Williams
I recommended Find a Mortgage Online to my friend after using them tlast time we did our mortgage. We were having trouble with our bank and approached Gareth, who sorted the whole thing in days. I'm sure the damage to my bank account and our health would have been a lot bigger had I continued with my bank!
Tom Pieterson
