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Trusted mortgage advisors for people with bad credit.

Specialist advice for those looking to get a mortgage with bad credit

Your home may be repossessed if you do not keep up repayments on your mortgage. When The Bank Says No is a mortgage broker, and not a lender.

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Useful links to begin your Bad Credit Mortgage Journey

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Defaults on your credit score? Don’t worry. Our team of specialist mortgage advisors can help you achieve a mortgage against all the odds.

What Is A Bad Credit Mortgage?

Bad credit mortgages are designed for those with poor credit or a low credit score. It’s a form of specialist mortgage agreement which usually involves higher than average interest rates and lower limits on borrowing amount.

Despite this, specialist providers who provide bad credit mortgages tend to have a greater deal of flexibility than high street lenders – meaning a competitive deal is still possible despite adverse credit. With the help of our mortgage brokers, we’ll be able to help you arrange a mortgage agreement around the severity and the cause of your credit issues.

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Finding The Best Bad Credit Mortgage Deal For Your Circumstances

A poor credit history doesn’t have to stop you from owning a home. Of course, an excellent credit score is the ideal if you’re looking for favourable borrowing conditions and mortgages with the lowest interest rates. There are, however, lenders who specialise in bad credit mortgages and getting them to say yes isn’t impossible.

So, whether you’ve been dealing with a CCJ, defaults, late payment history, or even a bankruptcy in your credit history, all is not lost! You can still find a lender to help you realise your dream of owning a property with the aid of one of our expert mortgage advisors here at When The Bank Says No.

There is no minimum credit score for mortgages, so if you have a lower credit score, we can still work with you to help secure you the best deal possible.

Let’s go over what bad credit mortgages are, what can cause bad credit to appear on your file, as well as how you can improve your chances of mortgage approval even if you have an adverse credit history.

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Check your credit file

In order for us to assess your credit history and suitability for different mortgage products, you will need to check your file.

What Causes Bad Credit?

There can be a variety of causes of bad credit. Your credit file reflects your current financial status and creditworthiness. That’s why having bad credit signals to potential lenders that they should rethink financing your mortgage for fear you might fail to meet the monthly mortgage payments.

However, not all bad credit is created equal. Minor credit issues such as a single example of missed or late payments will not affect your mortgage applications – lenders are human too and understand that people make little mistakes! But, if it’s something more serious like continued missed payments for an outstanding loan – especially if it’s a secured loan – you may have greater difficulty when applying for a mortgage.

Knowing the following causes of bad credit is key to ensure you can smooth things over with your own credit record if any of the following are present:

County Court Judgment (CCJ)

A County Court Judgment (CCJ) is a court order registered against a debtor after several failed attempts by the lender to reach a repayment agreement. Future lenders look at this as evidence of an unwillingness to repay one’s debt.

The CCJ will be removed from your credit file if you pay the outstanding debt within one month of the CCJ being issued. This is known as a certificate of cancellation. If you don’t pay in this time, then the CCJ will stay on record for 6 years.

That said, many bad credit mortgage lenders view settled CCJs older than 3 years as history. If other factors on your file are satisfactory, an old CCJ won’t stand in your way of home ownership.


A default occurs when you fail to pay back a loan for 3–6 consecutive months on an open credit account. The lender will classify you as a debtor instead of a regular customer and may choose to close the account with a negative balance.

Defaults on your credit file signal financial difficulty to potential lenders, especially if the incident is recent or not completely settled. That’s why the older the default is, the less likely it is to affect a lender’s decision to approve your mortgage.

Late Payments

Late payments are some of the less-serious causes of bad credit, especially if they’re few and happened as a result of human error and not financial struggle. Unfortunately, you might find out about late payments after a mortgage application is declined, but you shouldn’t fret over it too much.

Lenders consider late payments a problem if the incidents are both recent and recurrent as this can take away from your credit score. It’s also much more serious if your late payments are for a mortgage than if they’re for a parking ticket. That said, lenders should understand if only a single late payment took place in the last 12 months with no precedent.

Low Credit Score

Low Credit Score

Low credit can happen if you fail to register on the electoral roll, which could be mistaken for an attempt to hide your whereabouts. Moreover, if you move to a new home and forget to reroute your bills, you might face a few late payments that can show up on your credit file.

Never using a credit card can also harm your credit, so getting one, using it, and repaying it on time can give your score a boost.

Payday Loans

Payday loans are cash loans aimed to tide one over until the next paycheque. While these things may happen sometimes, payday loans could signal financial mismanagement and an inability to budget properly.

As with any adverse credit, it’s best that payday loans are older than the past 12 months so that they don’t reflect badly on your current spending and borrowing habits. Paying any outstanding debt, including payday loans, should be your first step before applying for a mortgage.

A Debt Management Plan (DMP) is an informal agreement between the creditor and the debtor which outlines the terms of the debt and how it should be repaid. DMPs don’t have a direct effect on your credit score, but the circumstances that lead to them do.

Usually, a DMP is the result of a few too many late payments or defaults, which can lower your credit score. So, ideally the best course of action is to settle your current debt management plans before reattempting a mortgage application.

Individual Voluntary Arrangement (IVA)

Individual Voluntary Arrangement (IVA) is a legally binding payment plan that consolidates an individual’s debt into a single payment over 5 or 6 years. This is usually the last resort before declaring bankruptcy to try to prevent it.

Although it negatively affects your credit score, an IVA that’s near completion is viewed by lenders in a positive light because it signals the end of your debt. In addition, the lack of any recent adverse credit on your file could renew the confidence in your money-management abilities.


Declaring one’s bankruptcy might seem like the end of the road when it comes to home ownership. After all, many regular banks and high-street lenders tend to completely disregard applications with a history of bankruptcy.

While bankruptcy on your credit file isn’t ideal, getting on your feet after such an event is possible. Some lenders who specialise in bad credit mortgages can step in and give you a deal.

A bad credit mortgage probably won’t be as lucrative as a regular credit deal. However, our advisors here at When The Bank Says No will make sure you find the best rates for your financial situation.

Turning Your Nightmares Into Dreams

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When you think you’ve hit that brick wall and have all but given up hope of finding mortgage finance, When the Bank Says No are here to turn your ‘No’ into a ‘Yes’. We have access to a range of specialist lenders who are willing to help those that the High Street banks just won’t touch. Get in touch today and see how we can turn your dreams into a reality.

Here are the two main factors lenders will be looking at when assessing your suitability for a mortgage with bad credit:

The type and severity of the financial issue

You will likely be given leniency for late or missed payments for household utility bills as these can arise from simply forgetting to update your address when you move. However, a serious issue such as a recent bankruptcy will strongly affect the terms of your agreement.

The date the issue was registered

The older your adverse credit, the better it is for your application. Any recent issues will make a lender question your ability to responsibly manage your finances, and handle mortgage monthly payments in the future.

Applicants who have filed for bankruptcy will not be able to apply for a mortgage until they have been discharged. On average this process usually lasts a year. After being discharged, you might have to prove your financial responsibility over three or four years before applying.

If you’ve had your property repossessed within the last three years, the mortgage rates you could be offered by bad credit lenders are likely to be quite high. The interest rates should gradually decrease with each passing year, but it might be better to hold off for a bit until they do, especially if you wish to avoid overly high monthly mortgage repayments!

Ultimately, the longer the borrower can demonstrate financial stability without any issues, the less the mortgage provider will deem them a risk and therefore increase the chances of getting better interest rates.

How Is Mortgage Eligibility Assessed?

How To Improve Your Credit Score To Boost Mortgage Eligibility

You can increase your chances of finding lenders who are more likely to accept you for a mortgage by improving your credit score, that much is obvious. But how do you go about doing that?

Here are 5 ways you can improve your credit rating:

Assess Credit Report

As a starting point, you should assess all the issues in your credit report. Once you know what specific issues are getting in the way of your application, you can work on correcting them. This process of sorting your credit rating may take some time, but trust us, it’s worth it.

Register On The Electoral Roll

When registering to vote, you have to provide proof of your current address. Having a fixed location will make you a more reliable option in the eyes of potential mortgage lenders.

This can be done even if you are currently living in shared accommodation or at home with your parents. All that is really required is a place where the mortgage lender will be able to reliably contact you.

Pay Bills On Time

To improve your credit score, you must keep up to date with bill payment deadlines. If a lender assesses your finances and sees that you are regularly missing deadlines on everyday payments such as energy, internet and phone bills, they are significantly less likely to approve you when applying for a mortgage.

Repay Outstanding Debt

Lenders want to see that you are a responsible and reliable borrower if you have outstanding debt. Any lender will be reluctant to accept a mortgage application from someone they believe can’t handle the repayments.

Save Up A Larger Deposit

Low-deposit mortgages have a much stricter acceptance rate, and with a poor financial record, your chances of approval will decrease even further. But if you save up for a deposit of around 20–30%, you will have a far lower loan-to-value ratio and dramatically improve the chances of your mortgage application being accepted.

Other strategies could be getting a credit card and spending and clearing the balance each month. This demonstrates to mortgage lenders that you are proficient when it comes to managing your money. You should also keep your bank account address up to date to improve your overall profile and update your address and contact information with your credit reference provider.

Bad credit mortgage FAQs

Is getting a new credit card good for my credit score?

There are a handful of situations where opening a new line of credit actually benefits your credit score, and having no credit to begin with is one of them. Having credit cards, using them, and making the repayments on time can boost your credit ratings and make you seem financially responsible to lenders.

Just do your best to avoid late payments on your credit cards, or else the benefit is lost and you’re stuck with bad credit on your file.

There are three main credit reference agencies (CRAs) that operate in the UK; Experian, Equifax, and TransUnion. Each one operates at a slightly different scale, so you can check credit scores with at least one credit reference agency to see where you stand:


Very Poor: 0 to 560
Poor: 561 to 720
Fair: 721 to 880
Good: 881 to 960
Excellent: 961 to 999


Poor: 0 to 438
Fair: 439 to 530
Good: 531 to 670
Very good: 671 to 810
Excellent: 811 to 1000


Very poor: 0 to 550
Poor: 551 to 565
Fair: 566 to 603
Good: 604 to 627
Excellent: 628 to 710

The best thing you can do is to remedy the bad credit by paying any outstanding debt, and then, you should save up for a large deposit. If you only have a 5% deposit, the loan-to-value (LTV) ratio would be too high for any lender to accept, that’s why you should aim for a larger percentage, like 20–30%.

To help you find a lender who’ll give you a good deal as a first-time buyer, talk to a mortgage broker from our team who will be able to get you on your way.

The main considerations for any mortgage application, besides credit score, include deposit size and affordability, which is calculated by multiplying your basic income by 4.5 or 5.

If you have an unsettled CCJ, DMP, or IVA, the lender will also consider your debt-to-income ratio. If that turns out too high for the lender’s requirements, the mortgage application could be rejected.

That’s why talking with an experienced bad credit mortgage advisor at When The Bank Says No is crucial in such a situation.

We can help you get a mortgage from lenders who specialise in handling clients with less favourable credit reports and provide you with the best deal on the market for your particular circumstances.

You can avoid the woes of late payments damaging your credit score by setting up a direct debit to your commitments. That way, you’re not going to lose sleep over missing a payment deadline.

You should also pay any revolving credit line, such as credit cards, on time, to avoid late payment fees and your credit score suffering as a result.

While there are some cases where you can figure out the cause of your bad credit and fix it, more often than not, the situation is more complicated than that. Talking to our friendly adverse credit specialists can help you navigate your way out of your bad credit rating and improve it, and then find a suitable mortgage deal for your needs.

Making a mortgage with bad credit a real possibility

Having a poor credit rating is not ideal and can make the task of getting a mortgage more difficult, but certainly not impossible. Our mortgage advisors are here to help you see what’s possible when it comes to adverse credit mortgages.

Though many high street lenders will be unwilling to consider mortgage applications from those with a bad credit history, some specialist mortgage lenders are more lenient when it comes to assessing those with poor credit scores.

When the Bank Says No has expert mortgage brokers who can identify the best bad credit mortgage deals for your particular circumstances. We’ve helped many mortgage seekers with a bad credit score find the right specialist lenders with deals for their situation. When you’ve perhaps given up hope of getting a mortgage or a remortgage with bad credit, using a mortgage broker from our team can often make the seemingly impossible possible.

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