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Expert Advisors For Subprime Mortgages

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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Bridging Finance Brokers

When you need to bridge a gap in your finances, we are there to find suitable finance options for you.


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Bad Credit Mortgages

When your credit record isn’t the best and you’re struggling to find a lender, we can step in so you don’t miss out on your dream home.

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Need help navigating buy-to-let mortgages? With our help we’ll make it easier than you think, even if you have bad credit.


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Remortgaging doesn’t have to be tricky, whether you are looking to remortgage to consolidate debt, buy another property or finance home improvements.

Finding The Best Subprime Mortgages For Your Circumstances

Bad credit mortgages are available for individuals with a credit history that may be slightly worse than ideal. Mortgages are one of the biggest loans any of us will take out in our lifetime, so it makes sense that some lenders are cautious about lending to individuals with adverse credit. But just because your credit record has a few blips on it, doesn’t mean there aren’t specialist mortgage lenders out there that are willing to help you get on the property ladder. In order to find these specialist subprime lenders, however, you’ll almost certainly have to work with a specialist mortgage broker to access those mortgage deals that are appropriate for your circumstances. That’s where When The Bank Says No comes in. We can help find the perfect subprime mortgage lender for you today.

What is a subprime mortgage?

Subprime mortgages, also known as bad credit mortgages or poor credit mortgages, are exactly how they appear – mortgages designed for people with poor credit or ‘subprime’ circumstances based on typical lending criteria.

Of course, because the bad credit mortgage lender will be taking a larger risk by lending to somebody with a poor credit report, these mortgages will typically come with higher interest rates and higher fees, and may require a higher minimum deposit than usual, too.

The specialist lenders that we put you in touch with will all assess an applicant’s circumstances on an individual basis to determine if their credit history and credit score, despite some issues, are still solid enough to lend to responsibly. It’s always in the interest of both applicants and subprime mortgage lenders to ensure that you can reliably repay any mortgage that is approved.

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Get Started with a Subprime Mortgage Broker

Maximise your chance of approval with specialist advice from an expert in Subprime Mortgages

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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.

What lending criteria do subprime mortgage lenders consider?

It’s true that subprime loans have different criteria for lending compared to more traditional loans and lenders. Whereas certain events in your credit history might turn traditional lenders away, specialist mortgage lenders are able to look past certain issues with your credit record and instead focus on your circumstances as they are today, rather than an issue you’ve had in your past – especially if you can explain your previous issue and highlight what’s different for you now.

Subprime mortgage lenders will typically check your credit in a more nuanced way, meaning if you have a poor credit report with issues in the past, or don’t meet requirements for a minimum credit score but can demonstrate an ability to lend responsibly through other means, you could still be approved.

It is, however, important to note that even bad credit mortgages have certain criteria that must be met. In order to lend responsibly, mortgage lenders have to consider your circumstances and ensure you’re actually able to afford the loan repayments long term. Subprime mortgages do not have an open door policy when it comes to lending – you will still need to prove that your circumstances today mean you’re capable of reliably borrowing in the first place and are able to repay your mortgage each month responsibly.

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.

What deposit will I need for subprime mortgages?

Each subprime mortgage lender will differ, but you’ll likely need a higher minimum deposit than usual because those applying for a subprime mortgage are automatically seen as slightly higher risk.

With that said, subprime mortgages are there to support individuals with a bad credit history, not punish them. You’ll need a higher deposit amount, but it will likely only be 15% of the property value.

The larger your deposit, the better, of course, because your risk will decrease with a higher deposit amount and more specialist lenders will be willing to work with you, so you’ll be able to access even better deals with our support.

Typically, though, you should expect to have to put down a minimum deposit of around 15%.

Experienced mortgage brokers for subprime mortgages.

Whatever the cause of your bad credit we can help you find specialist lenders that will consider your mortgage application. We’re committed to helping individuals with a low credit score achieve their future property goals. Navigating the mortgage world after bad credit can feel intimidating, and if you’ve already faced rejections then it can make you want to give up on your dream of owning your own property. But you’re not alone. Our specialist mortgage brokers are on hand to help you get the mortgage deal you deserve today.

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Frequently Asked Questions

Why might I be rejected for a subprime mortgage?

There isn’t necessarily a definitive answer to provide here, because different lenders have different criteria and judge each individual applicant differently based on their unique circumstances. With that said, there are some circumstances which will make an application for a subprime mortgage more likely to be rejected.

There are generally three levels of severity to credit issues ranging from minor and moderate to major events.

Minor issues may be:

  • Missed payments
  • Late payments

Moderate issues may be:

  • Missed mortgage payments
  • CCJs

Major issues may be:

  • Repossession
  • Bankruptcy

As a general rule, minor issues are only a problem for some lenders if it occurred within the last 12 months, moderate issues are only a problem if the issue was very recent and for a large amount of money, and major issues are only a problem if it occurred within the past 3 years.

For the majority of subprime lenders the severity of the credit issue, the amount of money it involved, and how recently it occurred will be considered. Some of these lenders may be happy to approve a mortgage application if the only credit issue was moderate and in the last 12 months but was not a large sum of money. Others may be happy to approve if you had a major issue 2 years ago, but have a large deposit and more reliable circumstances now that make you less of a lending risk.

In truth, it all depends on your personal circumstances. That’s why working with a specialist mortgage broker like us is so important to ensure we match you with the lenders most likely to approve your application.

Whilst subprime mortgages are an excellent option for individuals who might otherwise struggle to get mortgage approval, you shouldn’t just rush into a mortgage deal simply because you’re more likely to be accepted. There are certain things you’ll want to think about before diving straight in.

First, you’ll need to consider how much you need to borrow and whether or not the monthly repayments on that amount (including interest) are something you can reliably repay. Also be realistic about how much you can borrow, too. If you have a really poor credit history, then you might need to think carefully about the property you’re considering purchasing to ensure you aren’t being overly optimistic about the mortgage amount you’re likely to be approved for.

You’ll also want to pay close attention to the mortgage term before signing any agreement. With any mortgage term the secret to success is finding the right balance between a monthly repayment plan you can afford, and not paying too much in interest over time. The longer your mortgage term, the less you’ll pay each month but the more you’ll pay overall with the additional interest rates adding up each month. Strike the right balance, though, and you’ll be able to pay back your mortgage at a rate you can afford and fast enough to avoid paying too much in interest either.

Speaking of interest rates, you should be prepared to may higher interest rates for a subprime mortgage than you would for a ‘prime’ mortgage because these are higher risk mortgages for higher risk borrowers. You’ll need to factor this in to your monthly repayments.

And finally, consider the deposit amount you have to work with. The higher your deposit the smaller your mortgage and the less risky you appear to lenders, meaning as specialist mortgage brokers at When The Bank Says No, we can help get you an even better deal.

Individuals with a lower credit score due to poor management of their previous credit commitments will otherwise find it difficult to apply for ‘prime mortgages’ and be successful. This is the major pro of subprime mortgages, because it opens up the property ladder again to individuals who may have found themselves in difficult situations with their credit in the past, but who are now better able to commit to a mortgage.

There are however some drawbacks to subprime mortgages including:

  • higher interest rates than normal
  • smaller borrowing amounts than normal
  • lower loan to value (LTV) ratio requirements

Most lenders will have to add higher rates to their subprime mortgages in order to protect themselves from the higher risk they’re taking by lending to individuals with bad credit. It’s important to note that these negatives can be overcome after building better credit through keeping up with your mortgage payments – allowing you to then remortgage to a better deal further down the line to a mortgage with improved interest and mortgage rates.

Still, it’s worth considering the pros and cons of this type of mortgage to help you determine whether or not it would work for you.

You can increase the likelihood of a successful application for a subprime mortgage if you work on a few factors to make yourself a more attractive option to lenders who might otherwise be nervous of your application due to bad credit.

If you can work on any of the following factors then you’ll improve the likelihood of your mortgage application being a success – and if you can improve in more than one area, then that’s all the better for you.

First, look into your deposit amount. Could you save a little more before you apply for your mortgage? If you do, bad credit mortgage lenders will be more likely to lend to you.

Second, really take a look at what caused your bad credit score in the first place. Subprime mortgage lenders will want to know the circumstances surrounding the events that caused your credit to drop. If it’s the case that you were struggling with other circumstances around the time of your missed payments, etc, then be honest about this. Explain how your circumstances have changed today and the positive steps you’ve taken to improve your credit score since then.

Third, and most difficult of all, is to actually improve your credit score. Start with simple things like reviewing your credit file to ensure everything is accurate – mistakes can be made and you could be being judged for poor credit for something that didn’t actually happen. Ensure you’re registered on the electoral roll, too. Then the real work begins. Try to keep up with all payments owed, see if you can build better credit with a credit card managed sensibly and cleared at the end of each month. These are all factors that will improve your credit score and make you look more attractive to lenders.

And finally, you’ll already be giving yourself the best chance of success by working with us. Because we’re mortgage brokers with access to more specialist lenders, we stand a much higher chance of helping you find the perfect mortgage for you. Going it alone with high street lenders and building societies could lead to rejection after rejection. Working with When The Bank Says No automatically gives you a better chance of securing a subprime mortgage.

Yes, you can, but it can be a trickier process compared to even a subprime residential mortgage. If your bad credit relates to a previous business, then it can become more complicated still. In order to be approved for a subprime commercial mortgage you’ll need to have a deposit of at least 35%, and prove the financial position of your business is strong enough to make enough profits to cover the cost of your mortgage.

As with all types of subprime mortgage, you should also expect to pay higher than normal interest rates, which will mean higher than normal monthly repayments, so you need to ensure your business will be in a place that allows you to comfortably afford your mortgage repayments each month, too.

Subprime mortgages sorted.

Subprime mortgages are slightly more nuanced than your everyday high street lender or building society mortgage deals. Because of your unique circumstances, subprime lenders will need to be confident in your ability to pay back the mortgage reliably. With our support, we can help you find the right subprime lenders for you – those more likely to approve your mortgage application because they’re used to working with other applicants like you with similar credit scores or histories. Use our mortgage adviser broker service to find the perfect mortgage deal for you.

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