Are you a first-time buyer hoping to move home this year, but feel held back by a poor credit score or not having enough deposit?
You’re not alone and importantly, these things don’t always stop you getting a mortgage.
At Oak Mortgages, we’ve helped hundreds of people buy a home even when their credit wasn’t perfect or their deposit felt too small. With the right advice and a clear plan, you may be closer than you think.
How to Save for a Deposit (Even If Money Is Tight)
Saving for a house deposit doesn’t mean cutting out all enjoyment, it’s about being smart and consistent.
Simple Deposit-Saving Tips for First-Time Buyers
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Penny challenges & round-ups – many UK banks automatically save the spare change from your spending
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Separate savings account or Cash ISA – keeps your deposit money out of sight and out of temptation
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Standing orders – even £25–£50 a month soon adds up
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One-off boosts – bonuses, tax refunds, or side income straight into savings
Check Your Bank Statements – Are there things you aren’t using.
What to Look For:
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Unused subscriptions (Sky packages, Netflix, Spotify, apps)
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Gym memberships you don’t use, or you just use in January.
- Expensive mobile phone contracts – could you switch?
Top tip: Cutting out £100 a month in wasted spending gives you £1,200 a year towards your deposit and improves affordability.
How to Improve Your Credit Score (and What Impacts It)
Your credit score plays a big part in mortgage applications but it’s not just the number lenders look at. They focus on your overall credit history and behaviour.
Things That Can Negatively Impact Your Credit Score
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Missed or late payments
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Defaults, CCJs, or arrears
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Using a high percentage of your credit limit
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Lots of recent credit applications
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Buy Now Pay Later being used frequently
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Not being registered on the electoral roll
Simple Ways to Improve Your Credit Score
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Pay everything on time – even one missed payment can hurt
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Reduce credit card balances – aim to use less than 30% of your limit
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Register on the electoral roll at your current address
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Avoid applying for new credit before a mortgage application
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Check your credit report for errors and correct them
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Keep old accounts open if they’re well-managed
Credit improvement doesn’t happen overnight, but small changes over 3–6 months can make a big difference.
Poor Credit Doesn’t Automatically Mean No Mortgage
A common myth we hear is: “My credit is bad, so I won’t get a mortgage.”
We’ve helped clients with:
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Low credit scores
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Missed or late payments
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Defaults and CCJs
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Past financial difficulties
It might not be instant, but we can:
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Explain what lenders will accept
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Show you what needs improving
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Help you build a clear action plan
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Tell you when the timing is right to apply
Sometimes it’s about guidance and patience, not rejection.
Low Deposit Mortgage Options You May Not Know About
You may not need a large deposit to buy your first home.
Options That Could Help You Buy Sooner:
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Shared Ownership mortgages – sometimes available with little or even no deposit
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97.5% loan-to-value mortgages (subject to criteria)
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5% deposit mortgages
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Specialist lenders who take a more flexible view of credit history, although larger deposits may be required.
Every lender is different – which is why speaking to a broker matters.
Don’t Let Credit or Deposit Worries Stop You Buying
If you’re thinking:
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“I’ll never save enough”
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“My credit history has ruined my chances”
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“I won’t get approved”
Please don’t assume the answer is no.
With the right advice, a realistic plan, and expert lender knowledge, this could be the year you buy your first home.
Ready to Take the First Step?
Whether you’re ready now or just want to know what you need to improve, we’re here to help.
👉 Speak to Oak Mortgages today for a free, no-obligation chat and find out:
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What mortgage options are available to you
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How much deposit you really need
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How to improve your credit for a mortgage
Your first home may be closer than you think.