If you’re worried about getting a mortgage with bad credit, rest assured we help customers
every day just like you. Here we’ll cover:
- How we helped a customer who’d had an IVA to get a mortgage and get on the property ladder
- How we could help, by knowing which mortgage lenders accept bad credit applications
- Why it’s best to go through a mortgage broker when you’ve got bad credit
Can you get a mortgage with bad credit?
We help customers do just that.
With Clever Mortgages, Mr D was able to:
- Get a mortgage, even with a poor credit history
- Secure a fixed rate of 2.99%
- Find a 95% mortgage
| Balance | Payment | Rate | Term | |
|---|---|---|---|---|
| New Mortgage | 113,050 | 584.91 | 2.99 | 22 Years |
Completed 09/07/2019
Our client had been in an IVA, which started in January 2011 and was cleared in January 2017. Since the IVA, he’d managed to save money for a deposit towards a house purchase.
In the meantime he was renting, and paying £425 a month to his landlord.
A bad credit mortgage, with just a 5% deposit
We were delighted to be able to help him take that important step onto the property ladder, and get back on track. His deposit was only small, but we found a great deal on a 95% mortgage, at a very competitive rate for this level of 2.99%. This is a fixed rate for 2 years, after which we’ll be able to look at even better deals once he’s had that period to build some equity in the property.
Why should I use a mortgage broker?
- Some mortgages for people with bad credit are only available if you go through a mortgage broker – we know the mortgage lenders who accept defaults
- You’re likely to only have to do one application – this will save you time, and more applications from being recorded on your credit file
- Brokers can advise on what would improve your chances – e.g. finding a guarantor or opting for a joint mortgage
- They can take the hassle of application forms away – talking you through every step, and asking all the right questions
Getting on the property ladder might be possible, even with bad credit
If you’re wanting to know if you can get a mortgage with bad credit and if you’re currently in rented accommodation, you might be feeling keen to get on the property ladder, and start paying off your own mortgage every month, instead of someone else’s. But you might be worried that lenders won’t consider lending to you.
We’ve helped 1000s of customers, just like you with bad credit, to get on the property ladder.
When you apply for a mortgage, the lender will assess your application according to their criteria. Lenders all have their own guidelines, so there are often things that’d cause your application to be declined by one, but not by another. We help customers with bad credit every day, and we know the best lenders and products to look to for each individual situation.
Enquire with us about a mortgage with bad credit, and we could:
- Try to find the right deal for you, even if you’ve got a poor credit history – many of the customers we help have found themselves in a bad credit situation, and might have been on a Debt Management Plan or in an IVA. We take great pride in helping customers when we can, to get a mortgage and get back on track financially.
- Discuss with you the different options available – for instance, you might not have considered using a guarantor or applying for a joint mortgage, we can discuss what might give you the best chance of getting a mortgage on a better rate.
- Make sure your application goes to the best lenders for you – not all lenders offer mortgages to people with a bad credit history, but we know which ones are most likely to say “yes”, and to give you a good rate when they do.
What next?
If you are looking for expert advice on getting a mortgage with bad credit, contact our team today. We will be happy to help advise you on what you can do to give you a good chance at taking that important step onto the property ladder.
We are experts in offering solutions to people with bad credit and can help if you need a hand with your next move.
