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Bad Credit Mortgages

Do you want to find a mortgage but are worried about how your poor credit score may impact your chances?

We understand that a history of poor credit can make finding a lender willing to provide a mortgage tricky.

However at Amber Mortgage Solutions we consider everyone. So regardless of your poor credit score, our specialist mortgage advisors can help you to find the best deals on the market and access an affordable bad credit mortgage to suit your personal circumstances.

Mortgages for People with Bad Credit

Our expert team take great pride in finding the very best deals for our clients, and will search the whole of the market to ensure you get the bad credit mortgage you need.

Whether you’re looking to move or remortgage, are a first time buyer or even an investor looking to secure a buy-to-let mortgage, we are able to help borrowers with bad credit get back on track, with expert advice from our dedicated team of professional mortgage brokers.

Adverse Credit Mortgage vs. Bad Credit Mortgage

There is really little difference between an ‘adverse’ credit mortgage and a ‘bad’ credit mortgage.

Simply put, having ‘adverse’ or ‘bad’ credit is when you have a low credit score or a history of credit that would make getting a mortgage difficult. This could be the result of debt, missed payments or bankruptcy.

Can I get a bad credit mortgage

What Does it Mean to Have a Bad Credit History?

It is important to remember that your credit score is not what determines the final decision on your mortgage. It is the variety of information your credit file consists of that is taken into consideration by mortgage lenders.

Common contributors to a ‘bad’ credit history, or ‘score’, are:

  • A history of missed payments/defaults.
  • Previous court records. For example, IVAs, bankruptcies, CCJs.
  • Electoral roll information (whether or not you are registered to vote).
  • Your current debts and which companies these are owed to.
  • Credit card applications, in particular, how many have been declined.
  • Payday loan information held on your file
  • A Debt Management Plan (DMP) that you may have entered

Whilst it is possible to repair a poor credit rating, many lenders will look beyond this and consider your circumstances and different contributing factors, such as the above, to reach their own decision.

This is why it can be beneficial to have an expert mortgage broker on your side. To walk you through the process, step by step, and help you find the best mortgage possible with your credit history.

Here at Amber Mortgage Solutions, we take great pride in helping clients who believe that their poor credit history makes finding a suitable mortgage impossible. Regardless of your past credit issues, our years of experience and expertise mean we are able to give you the best possible chance of securing a mortgage, no matter what your past.

How Do I Know if I Have a Bad Credit Rating?

For some, they may have no real idea they have bad credit until they are declined a mortgage by a high street lender for the first time.

However, for others it may come as less of a surprise to learn that their credit history is far from perfect. You may be receiving letters from credit card companies, are aware of missed payments or are being visited by debt collectors.

The only way to know for sure what condition your credit history is in, is to secure a copy of your credit report.

Finding Poor Credit Mortgages

We understand that when you have poor credit, looking for a mortgage can feel like a struggle. Getting a mortgage with a bad credit history can be hard to do, when the majority of high street lenders are hesitant to get to understand an applicant’s individual circumstances, declining mortgages based on credit scores alone.

Our team at Amber Mortgage Solutions strive to gain a fuller understanding of each applicant’s situation, making it possible to place them with lenders more likely to be the right fit. It also means that we can work with our clients to not only secure a mortgage, but also provide professional advice to help a client improve their own financial situation.

How to Access Your Credit Report

It is now easier than ever to obtain your own credit report and see for yourself how you might fare in getting a mortgage.

Once a mortgage application is submitted, the lender will access your credit file information to assess your suitability for a loan. So, if you’re concerned about having adverse or bad credit, we would encourage you to take action sooner rather than later, and obtain a copy of your credit report. This can be done for free, from a wide range of trusted online providers.

Need help getting your credit report? Contact us today and speak with a member of our friendly team for advice.

What Loan to Value can I Expect with a Bad Credit Mortgage?

Lenders use loan to value (LTV) in order to demonstrate how much of a mortgage you can secure against the value of your property. To put it simply, how big of a deposit do you need in order to get the mortgage you want?

With all mortgages – bad credit or not – the lower the LTV (how much you need to borrow) the lower your monthly mortgage payments will be. However, when you’re looking to get a bad or adverse mortgage, the LTV can be more important, as the larger the deposit you’re able to put down, the more likely you are to get the mortgage you want.

However it is worth noting, that whilst with any kind of mortgage putting down a larger deposit can be beneficial, it is not a necessity.

Bad Credit Mortgage Rates Up To 85% LTV

When applying for a mortgage, those with an adverse credit history will usually be required to put down a larger deposit than what is usually expected from high street lenders. Whilst the requirement is very dependent on the applicant’s risk assessment, the minimum is usually 15% or a maximum of 85% loan to value.

With the help of an expert broker however, higher LTV mortgages can still be found for you, even as high as 95%. With access to independent, whole of market mortgages, our experienced team at Amber Mortgage Solutions strive to ensure that all our clients – from buyers with a poor credit history to first time buyers – can be confident in their mortgage application.

I Have a Bad Credit Rating – How Much Can I Borrow?

When looking at how much a person can borrow, the first thing many lenders will examine is your ability to afford the loan. This means they will need to look at your income – or income(s) if it’s a joint application – as well as your regular outgoings and other credit commitments.

In addition to looking at affordability, a lot of lenders will also consider your maximum income multiple. For example, 4x or 5x your income(s), depending on the lender.

With lenders now using such diverse methods to assess the extent to which you can afford a potential loan, the best way to prepare would be to discuss your situation with one of our professional advisors.

Having experience of working with bad credit lenders, we can guide you on your next steps to getting the mortgage you need.

What Steps Can I Take to Secure a Bad Credit Mortgage?

Regardless of whether you have existing debts or a bad credit history, the best first step towards securing a bad credit mortgage is to demonstrate to lenders that you are not a risk. Going forward, show that you can pay your monthly credit commitments on time and take steps to start improving your overall finances.

For expert bad credit mortgage advice, speak with a member of our team today. Our experience in bad credit mortgages mean that in circumstances where a high street lender cannot assist you, we can still match you with the right lender to help you.

No matter what your credit issues may be or where you are on your property ownership journey, our friendly advisors can assist you every step of the way, giving you the best possible chance of successfully securing your bad credit mortgage.

Quick FAQs

Have a question about bad credit mortgages?

Take a look at our extensive FAQ section for the answers to some of our most commonly asked questions, below.

Yes. Whilst getting a mortgage with bad credit can be difficult, it’s a common situation many applicants find themselves in.

So whilst a bad credit history can make things tricky, there are steps we can help you take to start repairing your credit rating and get you back on track to finding the right mortgage for you.

Even with a bad credit score, it is still very possible for you to get a mortgage. There are varying degrees of what is considered to be a ‘poor credit’ score and one black mark on your credit file may not have as significant an impact on your mortgage application as you believe.

You may have been told that your credit rating is ‘bad’ or it might have been described to you as ‘adverse’. Essentially, in the context of getting a mortgage, both words mean the same thing and we are able to help you
with both.

There is very little difference between the two, especially as different lenders will look at very different criteria when assessing a mortgage. However, if you know you have any recent defaults, IVAs, are on a debt management plan or have CCJs, you may want to seek the help of specialist advisors, like Amber Mortgage Solutions, who will be able to advise on the best mortgage for you.

When looking for an affordable bad credit mortgage, there are still many options out there, they may just be that little bit harder to find. Whilst a few high street lenders may consider applicants with minor or historical credit issues, the majority will probably refuse an application with a bad credit history. However, there are still many independent lenders out there who will be able to offer you a suitable deal – you just need the right help to find them.

This really is dependent on the perceived potential risk you represent to lenders. Whilst there are some credit events considered more serious than others, such as CCJs or bankruptcy, there are still ways you can remedy your credit score to lower the costs to yourself. For example, if you have a CCJ from several years ago on your credit report, but you have since made all of your credit repayments on time and used them responsibly, whilst a high street lender may still refuse your application, this would look more favourable to an independent lender who can offer you the right deal.

Contact us today! Our friendly advisors will be happy to talk you through the next steps available to you and help
you on your way to obtaining the mortgage you need.

We’re here to help you, not judge you, so call us on 01702 619 221.