Finding The Best Low Credit Score Mortgage Deal For Your Circumstances
We all want our credit score to be as high as possible, but sometimes circumstances prevent this. If you have a low credit score, you might be worried you won’t get approved, or that you’ll only be eligible for mortgages with exorbitant rates. We’re here to take the fear out of the mortgage process, and help you find the best deal for your circumstances. Trusted mortgage advisors specialising in low credit scores, we’ve helped clients all over the UK achieve mortgage approval and buy a home they love. Getting on the property ladder can seem a long, complicated process full of pitfalls, confusion, and stress. With us, it doesn’t have to be. Let’s find your mortgage deal today.
Can I get a mortgage with an adverse credit rating?
Yes, you can. A low score isn’t ideal, but many people get approved for a mortgage even with imperfect credit files. Though conventional and high street banks may shy away from lending to those with low credit scores, certain specialist lenders will see things differently. Our team of friendly, understanding mortgage advisors know how to access these lenders and will support your application at every stage, ensuring nothing gets in the way of your journey to owning your new home.
What credit score do you need to get a mortgage?
There isn’t a required credit score for getting a mortgage, but higher is always better. A high score increases the number of deals you are eligible for, and improves your chances of being approved.
You are also likely to get better rates with a better score. Despite this, you shouldn’t be disheartened if your score is lower than you’d like. Some lenders think differently and actively specialise in lending to those with low scores. We can help you demonstrate to these lenders that you are a responsible, reliable borrower, highly likely to repay the debt.
Maximise your chance of approval with specialist advice from an expert in Low Credit Score Mortgages
My credit isn't bad, so why is my credit score so low?
Sometimes, you may be unsure why your credit score is low. This can lead to disappointment, frustration, and confusion when your mortgage application is declined – seemingly for no reason. There are several causes of a low score even if you do not have a history of bad credit.
Not being registered on the electoral roll, for example, can have an impact. So too can moving and failing to change your address as this can lead to late payments on utility bills through nothing more than human error. Though a simple and understandable mistake, late or missed payments are significant factors in determining your credit score, and can stay there for up to 6 years.
It is also possible for something to be recorded on your report in error, so it’s always worth ordering a copy and having a thorough look. If you need help, our friendly advisors will take the time to understand the factors impacting your score and provide advice on your options moving forwards.
Is my poor credit history affecting my score when I apply for a mortgage?
Simply put, yes. A history of poor credit will have a significant impact on your credit score, and this is likely to complicate the mortgage process. Late payments, CCJs, defaults, and past conduct will all be taken into account during credit checks and may lead to your application being declined by some lenders.
Luckily, there are lenders out there who will consider borrowers with bad credit scores. Our team of trusted advisors can help direct you to the right mortgage lender the first time around.
Bad credit mortgage FAQs.
Low Credit Score Mortgage Calculator
Specialist advisors for getting a mortgage with bad credit.
When the Bank Says No is a team of friendly, approachable mortgage advisors, ready to help you find the right deal for you. We'll take the time to understand your credit report and recommend the best next steps.
Whatever your credit score with a credit reference agency, we're here to show you that adverse credit isn't the end of the world, and mortgage approval could still be on the cards. The right support, the right application, the right lender, can all contribute to securing a mortgage. From seeking out specialist lenders to guiding you through the application process to scrutinising the terms, we're here for you every step of the way.
Helping you find your yes.
No one wants their property plans to be dashed by a low credit score – and thankfully, they don't have to be. If you're at all worried about your credit score, our friendly advisors are here to talk it through and figure out the best way forward.
We have years of experience as mortgage brokers matching hopeful applicants up with lenders who specialise in their situation. We understand that many factors contribute to credit scores, and humans make mistakes.
Once we've analysed your report in depth, we'll seek out the best deals on the market for you. Whatever's happened in the past, we're here to help you find your way to your homeowning future.