Finding a mortgage for a first-time buyer with poor credit can be difficult. Most first-time buyers want to borrow more than 85%, which can massively reduce their lending options.
Having a bad or low credit score will make getting a mortgage a little trickier, this has also been exacerbated over the last year due to tightening of lenders criteria, Clever Mortgages are specialist in this area. As a mortgage broker, we have extensive experience in assisting first time buyers with previous credit issues including missed payments, CCJs, IVA’s and defaults. We provide impartial mortgage advice to first time buyers, including those who have been turned down elsewhere.
A lot of lesser-known lenders not found on the high street specialise in bad credit mortgages, many of which can only be accessed by an experience Mortgage Broker. A Specialist lender doesn’t necessarily mean high interest rates therefore they can be an affordable option for many struggling to fit the mainstream lending criteria.
What do I need?
There are a few things that any lender will need to consider before offering you a mortgage and you will need to be up-front about these details with your specialist advisor, so they can find the right lender and the best deal for your circumstances. No matter what caused your bad credit, whether it was a missed payment, a default, or a CCJ, your lender will need to know:
- When did the bad debt happen?
- How long ago was it?
- How much was it for?
- What was it for?
- Have there been attempts to settle the debt?
- How much are you able to put down as a deposit?
- What is your current income?
By speaking to a specialist early in your search they will be able to ascertain the above information and let your know the best options for you, this could include explaining the other types of purchase options you may have, including Shared Ownership and Help to Buy.
Quite often another issue facing first time buyers is whether or not they will be able to borrow enough to purchase the property they want. Clever Mortgages can be your first port of call when you start looking to purchase your first home, you can gain and insight on how much you can afford and the cost of the mortgage via our ‘Enquiry Form’. We can also access your credit report for you which will speed up the process and give you an insight into your lending options.
Clever Mortgages have experience and expertise in complex and difficult cases and can find the best lenders for your circumstances. We can also provide useful information on managing your credit while you are planning to apply for a mortgage and buy your first home.
Contact us today on 0800 197 0504 or click below for more details.
How much could you borrow?
Wondering how much you could potentially borrow and how much a mortgage might cost you?*
Use our free interactive mortgage form to tell you.
Our mortgage advisors will then speak to you in more detail for a free, no obligation mortgage quote.