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Professional support & advice for low credit mortgages.

Feeling low about your low credit score? The right mortgage for you is just around the corner. Our expert advisors are here to help you find it.

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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First Time Buyers

Being a first-time buyer can be scary, especially when you have bad credit. Our specialist mortgage advisors are here to show you the way.

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Shared Ownership

Looking to get shared ownership mortgages with bad credit? Our mortgage advisors are here to help you secure the right product for your needs

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Bankruptcy

Getting a mortgage after bankruptcy can be difficult, but the property ladder is within your reach. Talk to our expert mortgage advisors today.

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IVA Mortgage

Don’t let what you owed in the past impact what you can own in the future. Our trusted mortgage advisors are here to help you find your IVA mortgage.

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.

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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.

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Let's get the ball rolling.

We can support you and help you to make yourself as attractive to banks as possible, ready for your next application!

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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.

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.

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.

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.

Frequently Asked Questions

How can I improve my credit report and credit score?

There are various strategies you can use to boost your credit score. Most importantly, you should limit incidents of bad credit like late payments and defaults by paying back debts on time, every time. You should also make sure all your details are up to date on your credit report, and that you are registered to vote.

You could also consider getting a credit card and spending and repaying it in a timely manner to demonstrate the fact that you are a responsible borrower, although it’s wise to keep outstanding debts to a minimum.

While it may sound hopeless, don’t give up! There are plenty of actions you can take that will significantly improve your credit file and chances of securing a mortgage.

Build up your credit score.

Believe it or not, building your credit score back up is not the impossible task it may seem.

While it may take some time to reach your credit score goal, there are actions you can take today to correct the issues with your credit history and prevent your mortgage application from being rejected.

Take a look at your credit history and focus on issues such as:

We’re aware that some of these problems cannot be resolved instantly, but you can begin by sorting through what can be fixed, such as unpaid bills and late payments.

It can help to begin this process well in advance of your mortgage application, in order that you can improve upon your bad credit rating and be in a position to secure the most attractive agreements when the time comes.

Save up a larger deposit.

It’s true for anyone applying for a mortgage that saving up as much money as you can for your deposit is a good idea, and this is especially important for someone with a low credit score.

Low deposit mortgages have a low acceptance rate, significantly narrowing your chances, so we recommend that you save up for a deposit of around 20-30%, as opposed to 10% or lower.

This will give you a far lower loan-to-value ratio – reducing risk for the lender and improving your chances of having your mortgage application accepted.

Registering on the electoral roll.

This may seem like an odd one. After all, what does proof of address have to do with your credit score?

This step is more for the benefit of the lenders who are reviewing your application. If they can see that you have a fixed location, this will make you a more reliable candidate as they can be confident that any bills or correspondence sent to you will be received and paid.

The higher the deposit you have the lower the risk you present to the lender. This is because the lender has more equity to ensure their debt is repaid if you fail to. Not only does this improve your chances of being accepted, but it can also result in a cheaper rate of interest. The result? Lower monthly repayments and a shorter mortgage term. If you have a low credit score, increasing the size of your deposit can help dispel some of the concerns lenders have about the risk you pose. However, don’t worry if you are limited in the deposit you can put down. Some lenders will accept low credit score borrowers at a higher Loan to Value ratio too.

It really can be that simple. Not being registered to vote can make it difficult for lenders to find you and bring down your credit score. When a credit search is carried out, your address and other personal information will be taken into account.

If you are not on the electoral roll, you may be automatically declined or offered an alternative proposal with a request for a higher deposit. Registering to vote provides lenders with the confidence that they can trace you should you go into default, alleviating some of the risks.

Your overall debt-to-income ratio will be assessed when you apply for a mortgage. If you have a large amount of debt, mortgage lenders may be concerned that you cannot handle an additional toll on your monthly finances.

However, debt doesn’t always mean you will be declined. Your overall risk is taken into account when a mortgage is underwritten, and other factors will certainly come into play. More than that, our expert mortgage advisors can help you access specialist mortgage lenders who will be willing to look past a background of debt even if the bank will not.

Income doesn’t form part of your credit score, but lenders will take your income into account when you apply. To determine the amount you can borrow, lenders will multiply your annual income by 4 or 5. This is deemed to be an amount you can afford to pay back.

As well as this, lenders will take stock of your monthly expenditure during detailed financial checks. As part of this, they will be looking for income security and reliability, as well as your ability to budget, in order to get an understanding of whether you can realistically meet the monthly payments.

It is for this reason that those who are self-employed, on temporary contracts, or new to their current job can face difficulty. However, many lenders specialise in mortgages for people with non-standard incomes, and we can help direct you to the right ones.

While it may sound hopeless, don’t give up! There are plenty of actions you can take that will significantly improve your chances of securing a mortgage.

Build up your credit score.

Believe it or not, building your credit score back up is not the impossible task it may seem.

While it may take some time to reach your credit score goal, there are actions you can take today to correct the issues with your credit history and prevent your mortgage application from being rejected.

Take a look at your credit history and focus on issues such as:

We’re aware that some of these problems cannot be resolved instantly, but you can begin by sorting through what can be fixed, such as unpaid bills or late payments.

It can help to begin this process well in advance of your mortgage application, so that you’re in a position to secure the most attractive agreements when the time comes.

Save up a larger deposit.

It’s true for anyone applying for a mortgage that saving up as much money as you can for your deposit is a good idea, and this is especially important for someone with a low credit score.

Low deposit mortgages have a low acceptance rate, significantly narrowing your chances, so we recommend that you save up for a deposit of around 20-30%, as opposed to 10% or lower.

This will give you a far lower loan-to-value ratio – reducing risk for the lender and improving your chances of having your mortgage application accepted.

Registering on the electoral roll.

This may seem like an odd one. After all, what does proof of address have to do with your credit score?

This step is more for the benefit of the lenders who are reviewing your application. If they can see that you have a fixed location, this will make you a more reliable candidate as they can be confident that any bills or correspondence sent to you will be received and paid.

In the world of credit, a low credit score is a bad credit score. On the credit score rating, anything between 0 – 565 is considered very poor. A good to excellent score, which is what everyone aims for, is anything above 650. You can have a low credit score for different reasons. A credit score is, in essence, a reflection of your financial history and status.

A low credit score indicates that you have not always been reliable when it comes to making repayments and may have outstanding debts or a history of debt. It can be caused by:

  • Making late repayments
  • Missing payments
  • Defaulting on loans
  • Opening multiple lines of credit in a short time span
  • Declaring bankruptcy

However, a low credit score doesn’t necessarily come from having a poor financial history. It can also come from inactivity in certain areas, for example, how many active lines of credit you use, such as credit cards or loans.

If there is no record of you successfully making regular repayments, then lenders will not be able to ascertain how financially responsible you are. So, while you may make your payments on time and have no outstanding debts, it is still possible to have a low credit score, which can make it more difficult to get a mortgage.

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.

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