Bad Credit Mortgages
Looking for a Mortgage with Poor Credit History?
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Bad Credit Mortgages
Compare poor credit history mortgages from across the UK
Buying a house is a major life goal for a lot of people, but if you have a poor credit history, getting a mortgage can be difficult. Thankfully many UK mortgage lenders can offer poor credit history mortgages to help people get onto the property ladder.
The best way to find the right kind of bad credit mortgage for your circumstances is to compare bad credit mortgage quotes from across the UK. Comparing mortgage offers gives you the chance to save money and find a great interest rate.
Can you I a mortgage with a poor credit score in the UK?
Having a poor credit score makes it harder to get a mortgage, but it is not impossible. Some mortgage providers in the UK will still offer mortgages to people with a bad credit history, though you may find that you do not get offered the same interest rates as people with good credit history, so comparing bad credit mortgage lenders is important.
What are bad credit mortgages?
A bad credit mortgage is effectively the same as a regular mortgage, but it will be designed for people who have a poor credit history. This means that the interest rate may be higher than normal, and you may not be able to borrow as much as someone with a good credit history.
What is a bad credit score?
A bad credit score means that financial institutions have looked at your financial history and found a lack of proof that you can repay debts fully and on time. This can often limit your options when looking for a loan such as a mortgage.
How can I improve my credit score?
If you want to improve your credit score, you generally need to make sure you repay all your debts properly. Being late on a payment or having too many debts can lower your credit score. You can also work with a financial advisor to find extra ways to increase your credit score.
Is a bad credit mortgage secured?
Yes, a bad credit mortgage will be a secured loan like most other mortgages. This means that the loan is based on the value of an asset – in this case, the house you want to buy. If you do not properly pay off your mortgage, the house can be sold to cover your remaining mortgage debt.
What deposit do I need for a poor credit history mortgage?
If you have poor credit you may have to get a larger deposit, often around 15% to 25% as banks will often lend smaller amounts to people with poor credit history.