Bad Credit Mortgages.
At Mortgages Remortgages, we think that regardless of credit history, everyone should have the opportunity to become a homeowner.
Pay no broker fee when you consult or get started with us.
Get with the process with very minimal paperwork and get the work done.
Getting the best market deal, also find the best deal from your current lender.
What is Bad Credit?
Many people think if they have bad credit they can’t get a mortgage, this simply isn’t true, we can get you a mortgage and you still have access to great mortgage deals too. You just need to know where to look for them! There are many bad credit mortgage lenders that will consider lending to an individual with a low credit score and poor credit history.
Our team of knowledgeable experts is here to support you throughout the process and help you realise your dream of becoming a homeowner. In the event that you have:
Your Guide to Bad Credit Mortgages
What is a Bad Credit Mortgage?
A bad credit mortgage is a type of loan specifically designed for people with poor credit histories. These mortgages cater to those who have faced financial difficulties, such as missed payments, defaults, CCJs, or bankruptcies, which have negatively impacted their credit scores.
Mortgage Lenders offering bad credit mortgages usually charge higher interest rates compared to standard mortgages, reflecting the increased risk they take on. While these loans provide an opportunity for individuals with less-than-perfect credit to purchase a home, they also come with higher costs.
It is important for potential borrowers to carefully consider the terms and implications of a bad credit mortgage, including the possibility of higher monthly payments and the overall cost of the loan over its lifetime. Additionally, borrowers should be aware of the potential for predatory lending practices in this sector and seek advice from an experienced mortgage advisor.
Speak to one of our expert bad credit mortgage advisors today
Can I get a Mortgage with Bad Credit?
Securing a mortgage with bad credit is challenging, but not impossible. Lenders typically evaluate credit scores to assess a borrower’s creditworthiness, and a low score often signifies a higher risk.
However, some lenders specialise in offering bad credit mortgages to individuals with poor credit histories. These mortgages usually come with higher interest rates and may require a larger deposit to offset the lender’s risk. It’s also possible to improve your chances by demonstrating a stable income, a solid employment history, and a lower debt-to-income ratio.
It’s important for potential borrowers to understand the terms and long-term financial implications of these loans and to consider seeking advice from a financial advisor. Responsible borrowing and a focus on improving credit health over time can also open more favourable mortgage options in the future.
ExcellentBased on 259 reviewsTrustindex verifies that the original source of the review is Google.J Morris2024-08-22*FIRST CLASS SERVICE* STEVE HAS ENABLED THE FAMILY TO GAIN A MORTGAGE DURING A DIFFICULT SET OF CIRCUMSTANCES FOR WHICH WE ARE VERY GRATEFUL HIS EXPERIENCE IN FINDING THE BEST PRODUCT TO SUIT THE SITUATION CANNOT BE UNDERESTIMATED WE ARE NOW LOOKING AT A FASTER COMPLETION AND AN EASY TRANSITION DUE TO HIS KNOWLEDGE AND ATTENTION TO DETAIL MUCH APPRECIATED AND WE HIGHLY RECOMMEND THANKYOU AGAIN STEVE AUG 2024Trustindex verifies that the original source of the review is Google.Steve Finnegan2024-08-18Stephen was recommended by a friend and I must say this was a great recommendation. The outcome and service was excellent. Great communication and kept us updated at every step. I would highly recommend him to anyone looking to move or remortgage.Trustindex verifies that the original source of the review is Google.Clare Hardacre2024-08-17Excellent service from Steven, will definitely use again. Hassle free and saved me money.Trustindex verifies that the original source of the review is Google.Jack2024-08-15Me and my partner required a remortgage on our property. Stephen was extremely helpful and answered all our questions. Remortgage was sorted within days. First class service and highly recommend.Trustindex verifies that the original source of the review is Google.Emma W2024-07-25Me and my partner are absolutely thrilled to share my exceptional experience with Stephen, a mortgage broker who turned my homeownership dreams into reality, despite our adverse credit and both being self employed. From the very beginning, Stephen demonstrated an unparalleled level of expertise and dedication. As both of us being self-employed individuals with adverse credit, we were initially apprehensive about my prospects of securing a mortgage. However, Stephen immediately put our minds at ease with their deep understanding of the market and their unwavering commitment to finding the best solution for me. The entire process was smooth and transparent. Stephens meticulously reviewed my financial history and worked tirelessly to identify the most suitable mortgage options. Their ability to navigate the complexities of the mortgage landscape was truly impressive. They patiently explained each step, ensuring I was well-informed and confident in every decision. What sets Stephen apart is their genuine care and personal touch. They took the time to understand my unique circumstances and tailored their approach to meet my specific needs. Their proactive communication and responsiveness were invaluable, making me feel supported and reassured throughout the journey. We wholeheartedly recommend Stephen to anyone seeking a mortgage broker who will go above and beyond to secure the best possible outcome, even in the face of adversity. Thank you again!!Trustindex verifies that the original source of the review is Google.Leah harper2024-07-03The whole process was really easy, couldn’t believe how easy with the help of Steve! Any questions we had he answered straight away, I definitely recommend and would class the experience as 10/10 thanks to Steve!Trustindex verifies that the original source of the review is Google.Lewis Leatherbarrow2024-07-02Brilliant service, could not fault a thing!Trustindex verifies that the original source of the review is Google.Ada Fedorowicz2024-06-17Stephen has helped us with our first house purchase and I couldn't recommend him more! He is a true Speedy Gonzales sorting things out in a blink of an eye.Trustindex verifies that the original source of the review is Google.LILI MUSIC2024-06-07I will definitely use Stephen again when I remortgage because he is very trustworthy and explains everything with details. Very high quality work ethics.Trustindex verifies that the original source of the review is Google.Natalie Walton2024-05-31A huge thank you to Steve and his team for sorting our first time mortgage. Couldn't have chosen a better advisor, Steve was efficient, patient and so helpful in sorting everything for us with ease! Answered every silly question we had straight away and was able to get a mortgage and Solicitors for us quickly (after 2 years of trying to find the right house he was with us every step of the way) - I wouldn't chose any other broker. Thank you, thank you, thank you!
How can I get Approved for a Bad Credit Mortgage?
- Pay off existing debts
- Save a larger deposit
- Look for a lender that specialises in bad credit
- Seek specialist advice from a mortgage advisor
Speak to one of our expert bad credit mortgage advisors today
Frequently Asked Questions
The amount you can borrow for a mortgage with a bad credit history varies depending on several factors. Lenders will consider your specific credit issues, their severity, and how recent they are. Generally, with a bad credit history, lenders may be more cautious and may offer a lower loan-to-value (LTV) ratio, meaning you might need a larger deposit compared to someone with a good credit history.
The exact amount you can borrow also depends on your income, other debts, and financial commitments. Lenders typically use a multiple of your annual income to determine how much they’ll lend, often around 4 to 4.5 times your income. However, if you have a bad credit history, this multiple might be lower.
It’s important to note that each lender has its own criteria for assessing mortgage applications from people with bad credit. Some may be more lenient than others, and the interest rates offered may be higher to reflect the increased risk.
If you apply for a mortgage with a partner who has bad credit, it can affect the application. Lenders look at both applicants’ credit histories, and bad credit in one applicant can lead to higher interest rates, a requirement for a larger deposit, or even a reduced likelihood of approval. To mitigate this, consider applying individually if one partner has a better credit score, work on improving the partner’s credit score, or look for lenders specialising in bad credit situations. Consulting a mortgage advisor for personalised advice is also recommended.
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