Category: Bad Credit

While it’s true that you can find it much more difficult to find a suitable commercial mortgage when either you or your business has a bad credit history that doesn’t mean that there are no options for you at all.

In fact, there are many specialist lenders out there who show much more flexibility when it comes to finding a commercial mortgage with bad credit.

You just need to know where you stand with your financial situation and we’re here to help you out.

How to Get a Commercial Mortgage with Bad Credit

Before we begin, here are the major factors that determine your ability to get a commercial mortgage with bad credit:

• Current financial status.
• The severity of the poor credit.
• How much time has passed since the bad credit.
• The lender’s criteria.

Ultimately, having an adverse credit rating can impact your ability to secure a commercial mortgage, but it doesn’t necessarily make it impossible.

There are specialist lenders who offer commercial finance, but they will have specific criteria you will have to satisfy.

How Does a Bad Credit Rating Affect a Commercial Mortgage?

The reason lenders like to see your credit history and would prefer a good credit history is because it is an indicator of your liability to make the loan repayments.

When the credit rating is poor or your credit history shows a past of missed payments, defaults or repossessions, this serves as a red flag to a lender and they are likely to determine you a too high risk to lend money to.

In these cases, your mortgage application is likely to be declined by many lenders, but it is still possible to secure a mortgage with a poor credit rating.

High street lenders, in particular, can be a lot more reluctant to provide commercial mortgages to those with bad credit.

However, you will find niche and specialist lenders more willing to take less than ideal credit ratings into account.

It does highly depend on the specifics though as a default that occurred more than 12 months ago is not going to pose as much of a problem than the same occurrence less than 6 months ago. And so it does depend on the severity of your bad credit.

The best thing to do in this instance is to speak to an expert commercial mortgage advisor who can take a look at your credit profile and give you an idea of the possibilities available to you.

Factors that can contribute to a bad credit rating include the following:

• CCJs – a county court judgement is when you’ve owed money to a person or company, and they’ve had to go to the courts to recover the funds. If you’ve had a CCJ but have ‘fully satisfied’ the CCJ, then you may still be able to get a mortgage.
• IVAs or debt management plans – if you have taken out an individual voluntary agreement (IVA) to help clear debts, then most lenders may require a larger deposit from you, and a history of keeping up payments on your debt management plan – however, there may be some bad credit mortgage providers that will consider your case.
• Bankruptcy – you may still be able to get a mortgage if you’ve been declared bankrupt, however, lenders will need to know when the bankruptcy was discharged, and how any credit has been managed since.
• Payday loans – it is still possible to get a mortgage if you’ve had a payday loan, but generally, payday loans are a clear sign of a bad credit rating.

Looking for a commercial mortgage with bad credit? You may be interested in the possibility of shared ownership.

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What are The Criteria for a Commercial Mortgage with Bad Credit?

So you may be wondering what requirements there are for bad credit commercial mortgages. Well, there are several factors that your acceptance for a mortgage will be dependent on, including:

• Your Current Financial Status – This is referring to your current income and outgoings which determine your ability to make repayments.
• The Deposit – The deposit can vary depending on the structure of the loan and your personal circumstances. A larger minimum deposit is most likely to be required the worse your credit score is.
• Profitability – Lenders will take into account your earnings before interest, tax, depreciation and amortization (EBITDA) and are much more likely to provide mortgages to those with higher EBITDA figures.
• Business Plan – When overlooking bad credit, the lender may wish to see business plans to get a better sense of security from the deal.
• Relevant Industry Experience – The lender may also take into account your experience within the industry that your business operates in. Just like having a good business plan, this gives the lender more confidence that they are going to see a return on their loan.

Having said this, all lenders are different and the requirements between them all can vary quite considerably.

Additionally, their willingness to accept a commercial mortgage application can vary too!

Consider looking at your application from a different perspective and treat it more like a business proposition.

The more profitable and committed you are, the more attractive the application will seem to the lenders.

Non-Status Commercial Mortgages

Another viable but riskier possibility for those seeking bad credit commercial mortgages is to look into non-status commercial mortgages.

Non-status mortgages often do not require a credit check or even necessarily proof of income but the loan is taken out against a commercial property.

This can be good for those with severely adverse credit histories and have explored all avenues but cannot seem to get a commercial mortgage but, they should be seen as a last resort.

The reason for this is not only that your property will be at risk should repayments not be met, but the required deposit and interests rates tend to be significantly higher.

The best route to take would be to explore other options you have first, and the most sensible way to do this would be to speak to an expert commercial mortgage adviser.

This way you can get more information about lenders whose eligibility requirements you can meet.

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Semi-Commercial Mortgages and Development Finance

There are also some who wish to refinance or purchase a property for combined residential and commercial use to drive a rental income.

An example of this would be a pub or bar with rentable rooms.

It is in every way just as possible to acquire a mortgage with bad credit for semi-commercial purposes and similar eligibility requirements, such as verifiable income, loan amount, type of business, etc, still stand.

When it comes to undertaking a building project, on the other hand, development finance is slightly different as a lot more information such as:

• Planning Permission.
• Material Costs.
• Contractor Information.
• Duration of the Project.
• Associated Building Regulations.
• Gross Development.
• Exit Strategy.

Development finance deals are still available for those with bad credit and looking for a commercial loan but usually, there will need to be valid reasons for the adverse credit history which can help satisfy the lender’s concerns.

Want a mortgage for a rental property? They work slightly differently to regular residential mortgages, learn all about them in our buy to let mortgages with bad credit.

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How to Find a Bad Credit Commercial Mortgage

Lenders with low-risk thresholds are quite difficult to find if you have an adverse credit history, particularly mainstream lenders that you would find on the high street.

Finding a lender that you will likely fit the eligibility requirements for is not the easiest thing to do on your own.

Our expert mortgage advisors are here to help you find a lender which you can secure a good deal from.

Deals available will be based on your financial situation and so you’ll have a much easier time finding a loan which is best for you.

Give us a call on 01925 906 210 to speak to an advisor, or contact us for mortgage advice that’s personal to you and takes your credit history into account.

That way you’ll know where you stand in the commercial mortgage market and we can guide you on your route to securing a suitable loan.

It’s common to run into issues when applying for a mortgage, especially in recent years, where there has been significant economic turbulence, that has caused financial difficulties for many, increasing the likelihood of a bad credit score.

Moreover, the banking crisis made mortgage lenders introduce stricter lending criteria and there are various ways of buying a new home.

Shared Ownership is one of them.

Perhaps you have had to declare bankruptcy or missed debt repayments in the past making it a struggle to get onto the property ladder, in which case read on to discover your potential options.

There are many in a similar financial situation to you, preventing them from purchasing a property due to lenders being reluctant to provide mortgages to buyers with bad credit scores.

The reason is, it’s a too high risk for them! And they could potentially lose out.

What is the Shared Ownership Scheme?

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With the shared ownership scheme you can purchase a share of a property in the scenario where you can’t necessarily afford the initial deposit or a mortgage large enough to cover a whole property.

Generally, these shares are either 25%, 50% or 75% of the property.

The other share of the property would be held by a local housing association and this is the portion of the property that you would pay an amount of rent for to the housing association.

This may not seem like the most cost-effective method at first, but remember, this scheme also allows you to acquire a mortgage with bad credit.

Over time you can increase your share on the property from 25% to 50% and then to 75% to finally 100% ownership of the property.

This is the reason why it’s a terrific option for first-time buyers or those looking to get back on the property market after previously owning a property but are struggling because of their credit rating.

Who is Eligible for a Shared Ownership Mortgage? 

Those who can take advantage of this opportunity will meet one or more of the requirements listed below:

• First-time buyers.
• Previous property owners who no longer own a property and are unable to afford the mortgage for a full property.
• People who have an annual household income of less than £80,000 (£90,000 in London).
• Those who wish to move and already have a mortgage under the shared ownership scheme.

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Shared Ownership Mortgage with Bad Credit?

Even if you meet the criteria listed, it still may not be enough to meet the credit score requirements to get a mortgage.

Lenders can still see your credit history and determine that you are too high risk for a mortgage, particularly high street lenders.

This does, unfortunately, mean that having bad credit can still restrict the mortgage options that are available to you, giving you less choice when it comes to finding a lender.

There are lots of other lenders that may offer a mortgage for clients with previous bad credit.

However, with the easing of restrictions on the financial market over the past several years, there have been many more lenders available that cater to people with bad credit and are able to more freely negotiate a policy which is right for you.

You may find it easier to find a mortgage with bad credit than in the past if you have previously undergone rejection.

If you are struggling and worried about bad credit items on your record, the most sensible approach would be to have a conversation with a specialist mortgage broker.

They will be there to talk you through the process of finding a mortgage with bad credit, discuss your options and also recommend suitable lenders tailored to fit your circumstances. This will give you a clear and easier route to shared ownership than going it alone.

Note: Are you looking for commercial property but have a bad credit history? Bad credit commercial mortgages may be an option for you.

Shared Ownership Mortgage with Bad Credit Considerations 

What deposit do I need for a shared ownership mortgage? 

Whether or not you will be accepted for a mortgage will depend on your credit score but also it’s important to note that if you are accepted for a mortgage, the deposit can also be changed based on your credit score.

Usually, good credit will mean that only a 5-10% deposit is required at maximum, but this can vary between lenders. However, a bad credit score can see a deposit raise to up to 20% of the property value.

This can depend largely on recent bad items on your credit history, or more severe financial events in your credit history such as having declared bankruptcy, been served a CCJ or experienced a past property repossession.

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What interest will I pay with a shared ownership mortgage if I have bad credit? 

You may see quite significant increases in the interest on the mortgage loan, especially if the deposit being offered is no higher than what has been asked for by the lender.

This is an issue that would need to be discussed with a mortgage broker as the interest heavily depends on the amount that is being loaned, the amount in repayments and your credit score.

Credit Report Discrepancies

Don’t just rely on others to tell you that you have a bad credit history, it’s always smart to obtain a copy of your up to date credit report so that you are always in the know when it comes to your credit history.

When you go to speak to lenders, always bring a copy of the credit report with you so that when explaining anything in your credit history that comes into question, you have a point of reference and a clear understanding of where you stand.

You can obtain a copy of your credit report through credit reference providers such as Call Credit, Experian, Equifax and others.

Want a mortgage for a rental property? They work slightly differently to regular residential mortgages, learn all about them in our buy to let mortgages with bad credit.

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Is a Shared Ownership Mortgage the Right Choice?

Ultimately, the decision is yours to make.

Having a bad credit score due to previous financial events is not the ideal situation, but if you want to get into property ownership, or return to property ownership, then the truth is, a shared ownership mortgage is a viable option for many.

If you still have questions about your situation or shared ownership mortgages, then get in touch with us today to talk to a professional mortgage broker, who will help make your path to homeownership and help map out the journey, even if you have a bad credit history.

Of course, everyone wants to make sure that they are getting the best available interest rate when they take out a mortgage.

However, if you have bad credit you will most likely find that you are not eligible for the most competitive rates on the market.

Interest rates offered to bad credit customers are usually considerably higher than those provided to customers with an unblemished credit history.

This is merely down to the risk factor you pose to the lender.

All is not lost though as there are more lenders out there who can still get you a good deal on mortgages with bad credit.

Our aim is to help you understand how your credit history can affect how your mortgage is affected in terms of eligibility and rates depending on your current circumstances.

Hopefully, you will find the answers to any questions you may have below.

How do lenders treat applications from bad credit customers?

Over the last few years, there has been an increase in the number of lenders entering the mortgage market with a lot more willing to take a more flexible approach to applications from those with bad credit.

More providers now than ever are approving mortgages for customers with a less than perfect credit history.

Obviously, those with minor credit flaws will be more likely to qualify for the better interest rates whereas those with more severe credit issues will face rates at the higher end of the scale.

The market sector has changed insignificantly in the last 10 years and has now become more competitive for bad credit customers.

You must ensure that you are using a specialist advisor in order to get the best deal. Contact one of our expert advisors who are on hand to help you today.

Do lenders have different criteria?

Most lenders don’t make their criteria public knowledge, so it often feels like stepping into the unknown when applying for a mortgage when there are so many providers in the mortgage market.

Still, there is a wide range of professional and specialist brokers available to help.

It is our job to make the process as simple as possible by pairing you with a specialist lender who will make you the best offer based on your circumstances.

Note: Are you looking for commercial property but have a bad credit history? Bad credit commercial mortgages may be an option for you.

How different credit issues impact the rates you may be offered

Whilst some credit issues weigh heavier on your credit report than others, it is worth mentioning here that the type of credit issue you have experienced may determine the interest rates that are available to you, if your application is even successful that is.

Bankruptcy, for example, has a bigger impact than say a missed or late payment but all these things are carefully considered by the lender when reviewing your mortgage application.

Credit issues can vary from arrears to CCJs and right up to the more serious factors such as bankruptcy and repossession.

Although you may still be able to get a mortgage with a CCJ or default.

Don’t be put off if you have one or more of these marks on your credit file as there are specialist providers out there that may still offer you a favourable rate.

Obviously, the more adverse issues that appear on your credit file, the less chance you have of securing a lower rate on your mortgage. Some lenders may look less favourably on your application if you have multiple adverse issues on file.

How does the upturn in the market affect bad credit mortgage rates?

If you look at the current mortgage rates online, it is clear to see that business is booming and lenders are feeling more confident.

This has had an influence on the bad credit mortgage sector but in a positive way.  If you look at the rates from 10 years ago on a bad credit mortgage, you will see that the market now is much more competitive.

This enables borrowers with a less than perfect credit history to still apply for and obtain a mortgage, whilst not paying unreasonably high rates.

If your credit issues were minor, then you may even be in a position to obtain a mortgage using similar providers and having access to similar mortgage products than those with a clean slate.

Does the LTV (loan to value) have an impact on mortgage rates if I have bad credit?

Loan to value ratio is basically the size of your mortgage balanced against the value of the property you want to purchase.

This term is often explained as a percentage. For example: If your mortgage was £100,00 against a £125,000 house or property then the LTV ratio is 80%. The remaining £25,000 is made up by the deposit.

Depending on your circumstances, the LTV is changeable. In order to offset some of the risk bad credit customers pose to the lender, they may ask for a larger deposit.

If your credit history has minor issues recorded then you may find that you won’t need a larger deposit whereas if your credit history shows more severe issues such as CCJs and Bankruptcy then the lender may require you to stump up a higher deposit.

A more favourable view is taken to those customers who save a higher deposit, and this is quite simply down to the fact that you pose less of a risk to the lender.

Essentially, the more deposit you have, the better your position in the mortgage market and you should find that you will likely have more favourable mortgage rates available to you as a bad credit customer.

Make an enquiry with one of our specialist advisors today to discuss the options available to you.

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Can I get a cheap mortgage with a poor credit history?

No two lenders are the same and each one has different criteria which must be met before they will consider or accept your mortgage application when you have a poor credit history.

If the lender deems that you have scored well on your affordability check then chances are you may be eligible for better rates.

Does the date the adverse credit was recorded affect the rates that are available to me?

Quite often, the mortgage rates available to you are calculated based on how long your credit issues were recorded.

It is important to note that you can obtain good rates on your mortgage if the credit issue no longer appears on your credit report (older than 6 years).

High street lenders may be quick to turn down your application from the outset if you have a poor credit history of a more serious nature e.g. Bankruptcy.

However, some will make exceptions depending on the length of time the adverse issue has been on your report.

It is difficult to determine at which point in your credit journey that you will qualify for the best interest rates.

Our specialist advisors are on hand to work with you and connect you to the best mortgage providers on the market, with your circumstance in mind.

My credit issues are still outstanding. Does this matter?

Yes. Most lenders only consider lower mortgage rates for borrowers whose adverse credit appears as settled on their credit file.

Some lenders may expect you to wait until your credit issues have been resolved before you can proceed with your mortgage application if you want to be considered for lower rates.

As well as impacting the rates available to you, unsettled credit issues can also affect the amount you can borrow for a mortgage.

Lenders will carry out affordability tests to ensure that you can afford the repayments on any mortgage that you are considered for.

The outcome of these measures will determine how much you can apply for.

In summary, the following will likely be considered when your mortgage rates are being decided upon:

• Interest Rates available.
• Amount of credit issues you have recorded on your file.
• How long ago the credit issues were recorded.
• If the credit issues have been settled.
• The types of credit issues that were recorded on your file e.g. Bankruptcy, CCJ, defaults.
• The number of lenders available based on your current circumstances.

The key to finding the best rates available to you based on your circumstances is talking to a specialist advisor.

If you have a bad credit history, you are best speaking to an advisor whose speciality is bad credit mortgages.

Many high street lenders will turn bad credit customers away from the onset or even offer them ridiculously high mortgage rates to offset the risk they pose to the lender.

Our advisors will not turn you away. Our aim is to connect you with the best mortgage providers in the market whilst getting you the best deal available.

We will work with you to ensure that your circumstances and specific needs are catered for in the application process.

We can also help advise you on buy to let mortgages if you have poor credit.

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Getting a mortgage after an IVA can sometimes be more difficult to obtain than a regular mortgage application, however not impossible. Find out how an IVA can impact your chances of getting a mortgage and what you can do to get a mortgage after an IVA.

What is an IVA?

IVA stands for an Individual Voluntary Agreement. It is a legally binding agreement between you and the lender to pay back any debts over a period of time.  Although an IVA is considered a form on insolvency, it is worth noting that it is not the same as bankruptcy.  In fact, an IVA is an alternative to bankruptcy. The length of an IVA varies but can often last up to 6 years.

How does the repayment plan work?

If you run into difficulty and are having trouble paying back your debts, then an IVA can be applied. An insolvency practitioner will manage the entire process for you. They will have to examine your current income and expenditure in order to work out your affordability.  This includes all the details surrounding your assets, creditors and current debts.

A repayment plan will then be proposed to your lender and if accepted, interest will be frozen on the money that you owe and quite often your monthly repayments are lowered to a level within your means until the debt is settled.  During this time, your monthly repayments are paid to the insolvency practitioner who will, in turn, pay your creditors for you.

Can I get a mortgage after an IVA?

As your credit history is a financial record of your credit behaviours over the past 6 years, if you have an IVA, it will be included.

As with any loan, lenders will check your credit history to ensure that if granted a mortgage, you can keep up with the repayments. However, if you have a current IVA and are still making repayments, you may find it more difficult to obtain credit until the IVA is listed on your credit file as settled.

Will the IVA be removed from my credit history when it has been settled?

Just like other credit issues, IVAs will remain on your credit file for 6 years. With that being said, once your debts have been repaid inside the agreed timeframe, you should receive a certificate of completion from your insolvency practitioner. This certificate proves that your IVA has been settled and it should now appear on your credit file as ‘satisfied’. If your credit file has not been updated accordingly then it is worth contacting the appropriate credit reference agencies to make an amendment. If there is any remaining debt once the agreed timeframe has passed, that debt is usually written off. Ideally, you should start afresh and try to rebuild your credit rating.

How to get a mortgage after an IVA

It is possible to get a mortgage after an IVA, but you may find it difficult. The outcome is very much dependant on your circumstances as each application is tested individually and there is no ‘one solution fits all’.

An IVA may hinder your chances of obtaining a mortgage as it is often a deterrent to lenders but there are qualified debt specialists often referred to as insolvency practitioners, on hand available to help you.

You may find it especially difficult if your IVA is still active. Lenders nowadays approach bad credit with caution as it is seen as high risk but there are specialist providers in the mortgage market that will accept mortgage applications after an IVA.

If you are unsure as to whether or not you may be eligible for a mortgage, please contact one of our expert mortgage advisers to discuss your options using the button below.

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Will my IVA affect the mortgage rates on offer to me?

Be prepared to pay higher mortgage rates after an IVA. It is likely that you won’t be accepted for the mortgage rates at the lower end of the scale. However, depending on your circumstances, some lenders may still be in a position to offer you a competitive rate.

Can I do anything to better my chances of getting a mortgage after an IVA?

It is not easy to get a mortgage after an IVA. In fact, many high street lenders tend to refuse bad credit mortgages from the outset.

Although there are specialist lenders available, do not be fooled into thinking that obtaining a mortgage from a specialist lender is guaranteed as this is not always the case.

The problems that you will encounter will be a result of the IVA appearing on your credit record. Your credit report is most likely the first thing that a lender will look at during its evaluation. Because of your IVA, lenders may see you as a high-risk borrower.

Note: Are you looking for commercial property but have a bad credit history? Bad credit commercial mortgages may be an option for you.

Will I need a bigger deposit for a mortgage?

As you will likely be subject to higher mortgage rates after an IVA, you can expect to pay a greater deposit also. This will depend on when your IVA was settled. If the IVA was only settled in the last 2-3 years, it will be visible on your credit file and as a result, the lender may expect you to pay a larger deposit to mitigate the risk of default, as well as offer mortgages with higher interest rates.

Benefits of an IVA

1. An IVA allows you to consolidate your debts into one monthly affordable repayment
2. Interest is frozen on your unsecured debts
3. Any remaining debt at the end of the IVA term is written off
4. With an IVA you retain more control over your assets than you would if you filed for bankruptcy
5. You will be debt-free within the agreed timeframe
6. You get to keep your home although re-mortgaging may be necessary

Mortgage After IVA Key Points to Remember:

• Obtaining a mortgage after an IVA is possible but depends on your circumstances
• Choosing the correct specialist lender is essential
• You may find it easier to get a mortgage if your IVA has been settled
• Expect to pay higher mortgage rates and front a larger deposit after an IVA
• Always choose a broker that specialises in this field of mortgage after IVAs
• If you do not keep up the repayments on your IVA, the insolvency practitioner can cancel your IVA and make you bankrupt
• Help is always available. Contact our expert mortgage advisors today.

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Whilst the thought of having a bad credit mortgage can be unnerving for many, it is important to consider the amount of deposit you will need before you apply, otherwise, your mortgage application may be declined.

If you have adverse credit, then be prepared to put down a more substantial deposit in order to secure your mortgage.

The positive factor to take away from this is that the more money you have to put down as a deposit, the better access you will have to things like mortgage rates.

Luckily, there are plenty of specialist lenders in the mortgage market that will lend to customers with a less-than-perfect credit history.

Can I get a bad credit mortgage with no deposit?

Obtaining a mortgage without a deposit can prove quite difficult in normal circumstances.

In recent years, mortgage lenders have revised their lending criteria by way of protecting themselves from high-risk borrowing.

Nowadays, lenders look at many factors when considering the amount of deposit, you will need to put down.

These factors include:

• How long ago the debt was accrued?
• How much debt was accumulated?
• Whether the debt has been satisfied or settled?
• Your current income/expenditure.

If you don’t have a deposit and have bad credit, then you will find it very difficult to obtain a mortgage.

How will my credit score affect the amount of deposit I will need?

The first thing lenders usually look at in any mortgage application is the prospective borrower’s credit history.

This is used to determine your ability to make your monthly repayments on time and in full.  Quite often, people with bad credit are considered a risk to lenders.

However, there are providers in the market who specialise in mortgages with bad credit.

It is worth noting that if you are rejected for a mortgage, this may have a detrimental effect on your credit score, so it is recommended that you get the best advice before you apply.

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What types of bad credit are considered when applying for a mortgage?

Lenders will look at your credit file and consider the following as bad credit:

• History of late payments on previous or current debt.
• Missed payments on secured credit (mortgages).
• Defaulted payments.
• IVA’s (can you get a mortgage with an IVA?)
• CCJ’s (can you get a mortgage with a CCJ?)
• Bankruptcy (can you get a mortgage with bankruptcy?)
• Repossession (can you get a mortgage after a repossession?)
• Debt Management Schemes.

Realistically, lenders aim to offset the risk to themselves when considering applicants for a bad credit mortgage.

A large deposit is seen as a positive in the application process and may open more options to you than if you had a low or zero deposit.

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There are lenders in the market however that do specialise in bad credit mortgages with lower deposits, but you can expect to pay much higher interest rates for that type of mortgage.

I have a substantial deposit already. Can I still get a mortgage with bad credit?

Put quite simply, the more deposit you have, the less mortgage you will need.

Prospective customers who approach the lender with a large deposit to put down on a bad credit mortgage are seen as less risky.

This is due to the fact that you will require a smaller mortgage.

The good news for the borrower is that if you pay a larger deposit, then you will have a higher equity in your property and your mortgage will likely be more affordable.

If you have a large deposit and bad credit, make an enquiry to one of our expert advisors who can help you locate a specialist lender.

Note: Are you looking for commercial property but have a bad credit history? Bad credit commercial mortgages may be an option for you.

Related reading? 

• Repayments on £80,000 mortgage. 
• Interest-only mortgages.
• Zero deposit mortgage.
• The first mortgage explained.
• What stops you getting a mortgage in the UK?

My partner has bad credit but mine is good. Does this affect the application?

Whether you apply for a mortgage as an individual or as part of a couple, the lender will look at the credit history/scores of all persons named on the mortgage application.

On one hand, the benefit of two applicants is that two incomes will be considered, meaning that you may be eligible for a bigger mortgage but in contrast, one applicant’s bad credit score can have a negative impact and lower the chances of your application being successful.

If your partner has bad credit you may opt to apply solely in your name if the lender allows.

That way your partner and their financial records will not be taken into consideration during the application process.

If you are applying solely it is worth noting that depending on your income, you may not be eligible for a mortgage on your own.

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How can I save for a deposit for a bad credit mortgage?

First things first, it is never too early to start saving for your deposit. In fact, the sooner the better.

We have compiled a list of helpful tips that can increase your chances of obtaining a bad credit mortgage by saving for a deposit.

1. Get an idea of the amount of deposit you will need. This will give you the goal to work towards first and foremost.

2. Organise your finances. A great starting point when trying to save some money is taking a look at your overall current financial position in the form of a personal budget. Make note of all your monthly outgoings and set that against your income. From here you can see where you need to make cutbacks, whether it be from unnecessary spending or just simply switching utility providers to make an extra saving. You will quickly learn just how much you can afford to save towards your deposit each month.

3. Be realistic. Make sure that you allow enough money to cover the basic cost of living e.g. food, water, heating etc before you start to make cutbacks. The length of time it takes you to save will be dependent on how much you can afford to set aside. Be realistic about this figure and don’t be tempted to cut corners on the basics.

4. Open a savings account. Once you start saving money, you will need somewhere to store it safely. A savings account is the best option. Money can easily be transferred between current accounts and savings accounts in the form of standing orders. Depending on the type of savings account you go for, you can gain interest on the money deposited into your account. Shop around for the best interest deal so you can capitalise on your savings. There are many saving accounts available on the market, but you want to ensure you get the most out of your money so shop around using price comparison sites before settling on one.

5. Consider a help to buy ISA. The UK government will help you by topping up your savings to put towards a deposit on a house. It can certainly give you a push up the ladder, but you need to be absolutely clear on the terms and conditions of the account before you apply.

Our experts are on hand to help you with any questions you might have surrounding deposits and bad credit mortgages. Contact one of our expert advisors today to learn more.

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Even if your property has been repossessed, you can still get a poor credit mortgage.

It’s all down to knowing where to look and making sure you meet the conditions.

People often make the mistake of thinking that obtaining a mortgage after repossession is impossible.

Whilst it is true that some high street lenders will frequently decline mortgage applications that show evidence of adverse credit, it is important to note that not all lenders are the same.

The key is knowing which lenders to apply to, meet those lender’s criteria, and maintain good credit conduct after the repossession.

In short, if you have had a home repossessed in the past that doesn’t mean you cannot obtain a mortgage in the future.

You simply need to look at speciality lenders based on your circumstances and show that you can meet the criteria in terms of deposit and affordability – that’s what our expert mortgage advisors are for.

Can I get a mortgage after a repossession?

Most lenders consider the following when reviewing your mortgage application:

Date of Repossession

Probably the first and most important factor that lenders consider before your application is the date of your repossession.

The more time that has passed since your repossession, the more likely lenders are to consider offering you a mortgage. I

f your property has been repossessed within the last 3 years for example, then you will find it very difficult to get a mortgage without making a substantial deposit.

If the repossession was over 3 years ago, you may be able to apply for a mortgage up to 85%  loan-to-value (LTV) whereas if your repossession was over 6 years ago, you may be able to apply for a mortgage up to 95% LTV.

It’s pretty simple: the more recent the repossession, the more deposit you will need.

What interest rates will I be eligible for after a repossession?

The time elapsed since the repossession also has a significant impact on the rate at which you can acquire a mortgage.

If the repossession occurred in the last 3 years, the rate will be higher.

There is more chance of being offered a competitive rate if the repossession occurred over 3 years ago.

However, for repossessions that occurred over 4 years ago, better rates may be available offered.

These rates will often be comparable to those of the market leaders.

It is worth noting that the amount of deposit you have available will impact rates, as will other credit behaviours.

Repossessing mortgage lender

 It is quite common for your mortgage application to be affected by the lender who repossessed the property.

If your property was repossessed by a lender belonging to a financial group or institution, then it is more likely that your mortgage will be rejected if you apply to one of the companies within that financial group.

It is important that you do your homework before seeking out a lender. It is vital that you choose a lender that is most appropriate for your mortgage needs.

For example, if you have a poor credit profile, then it may be best to seek out a lender that specialises in obtaining mortgages for those with an unbalanced credit history.

Our expert mortgage advisors are on hand to do the hard work for you and find you the best deal available on the market.

 Reason for Repossession

The reason for repossession ranks high on the checklist of many lenders as they will take into consideration the reason for your repossession. This is all part of the application process.

If you have a genuine reason for repossession, i.e. if you were the victim of fraudulent activity or other factors beyond your control, then many lenders will relinquish these factors in order to offer you the best deal available.

It is important to investigate this before applying and attempt to gain some understanding of which lenders operate this policy.

Size and Cost of Repossession

Lenders will explore the amount of capital involved in the repossession. If this figure is high, then it can have an adverse impact on your mortgage application.

For example, if the repossession runs into the millions, or if the repossession was taken against multiple mortgages, it could be harder and more costly for you to obtain a mortgage.

In a nutshell, the lower the amount of money involved in the repossession, the more likely lenders are to readily accept your application and offer you a more competitive rate.

Please note that this is based solely on our vast experience working with all types of lenders and that every application is different. The success of your application coupled with the mortgage rates offered will highly depend on the quality of your application.

Want a mortgage for a rental property? They work slightly differently to regular residential mortgages, learn all about them in our buy to let mortgages with bad credit.

So, in summary, lenders will usually assess your eligibility for a mortgage after repossession based on:

• Your current financial position.
• The time elapsed since the repossession.
• Your credit profile since the repossession.

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What if I have a poor credit history?

Don’t be put off applying for a mortgage if you have a less than colourful credit history. There are plenty of lenders out there who can help.

We specialise in poor credit applications but please be aware that if you’ve had past or present blemishes on your credit file after your repossession, then you may find it difficult to secure a good rate.

The more cracks you have on your credit file, the higher rates you’ll be offered.

If there are other credit issues on your credit file such as arrears, defaults, late payments, bankruptcy or CCJ it can often make a lender question your creditworthiness, especially if these have occurred since the repossession.

This quite often indicates that you have not fully recovered financially from the repossession and can have a detrimental impact on the number of lenders likely accept your application.

Note: Are you looking for commercial property but have a bad credit history? Bad credit commercial mortgages may be an option for you.

Credit behaviour since the repossession

Lenders want to lend their money to customers who have proved that they can recover from an unstable financial past and has repaired their bad credit.

Those who can show that they are less likely to default on another mortgage are more attractive to lenders.

Make sure you keep up to date with payments for unsecured debts (such as credit cards, loans etc.) so that lenders can see that you’re able to keep up with credit commitments.

 Affordability assessment

In order to obtain another mortgage after repossession, you will be subject to the same eligibility criteria as any other mortgage application.

You will need to supply significant evidence of affordability to the lender. As a customer with a past repossession, you are more likely to be under heavier scrutiny though.

The key is to provide enough evidence to prove to the lender that you are low risk of defaulting on future mortgage payments or running into similar trouble as in the past.

Looking for a commercial mortgage with bad credit? You may be interested in the possibility of shared ownership.

 Legacy Payments

 In cases where the money is still owed to a lender after a repossession, you will often find that the list of lenders available to you will be significantly lower than if you had no outstanding financial obligations to the previous lender.

This can also have an adverse effect on the amount of money you will need for a deposit. In brief, the more money owed after repossession will have a greater impact on the success of your application

Key points to remember:

• Not all lenders are the same.
• The date of your repossession will determine the interest rates available to you and impact the amount of deposit you will need to secure a mortgage.
• The more evidence you can supply to prove your affordability and credit stability, the more chance you have of obtaining a better deal.
• Contact us today to speak to our mortgage experts.

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Contrary to belief, it is possible to get a mortgage even if you have been declared bankrupt and had your house repossessed in the past.

Although many mortgage lenders will decline applications from bankruptcy clients, there are lenders in the market that are more understanding and will happily consider you for a mortgage.

However, do expect to front a larger deposit to qualify. Lenders will look at your personal circumstances including your credit history when making their assessment.

A record of bankruptcy shows that you present a higher risk to the lender and as a result, some may decline the application at this point.

You can also expect to be offered mortgage deals with higher interest rates.

How long after bankruptcy can I get a mortgage?

During a period of bankruptcy, it isn’t unusual to have restrictions imposed on your borrowing.

Bankruptcy terms dictate that you cannot apply for a mortgage until you have been officially discharged. This usually takes up to 12 months depending on the court’s decision.

The more time that has elapsed, the more chance you have of a lender approving you for a mortgage.

Post-bankruptcy, the point at which you will become eligible to apply for a mortgage differs lender to lender.

If you apply for a mortgage immediately after the point of discharge then you will need to meet very strict criteria, have a substantial deposit, and find yourself subject to higher fees and rates.

As more time passes, the bankruptcy becomes less relevant from the perspective of a lender.

After 4 or 5 years, a lender will most likely see you in the same light as everyone else but more so if your credit history has been clear of any issues since discharge.

You will also find that more lenders in the market will consider an application at higher loan to value rates, the longer you have been discharged.

For example, if you have been discharged over 4-5 years and have kept a good credit record, you may be able to borrow up to as much as 90-95% LTV. If eligible, these lenders may be able to offer you more competitive rates too.

If you have been recently discharged, then you will find it significantly harder but can still obtain a mortgage though at least 25% deposit will be required in a lot of cases.

If you’re unsure about your eligibility, please get in contact with one of our specialist advisors to discuss your situation.

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Tips for applying for a mortgage after bankruptcies

If you are in a position whereby you want to apply for a mortgage post-bankruptcy, then there are a few things you can do to help get approved:

1. Check your Credit Reports

First and foremost, we recommend checking your credit score. It is important to regularly check your credit file.

This is where all your financial irregularities are recorded, and it will give you an overall picture of your financial profile as seen by lenders.

Some credit files contain discrepancies which can be detrimental to your mortgage application.

It is important to check that dates etc are accurate on your credit file, especially where bankruptcy is listed.

Irregularities like this can be a result of basic admin error but could make your mortgage approval very difficult.

Fundamentally, it can be the difference in being accepted or declined for a mortgage after bankruptcy.

2. Check your Eligibility

Once you have checked and corrected any discrepancies on your credit file, it’s time to check if you are eligible to apply for a mortgage.

Some lenders can decline applications even after they have passed a credit check, based on the bankruptcy.

This is where specialist lenders come into the equation. Contact us to speak to an expert bankruptcy mortgage adviser today.

3. Rebuild your Credit Profile

One of our financial advisors can guide you to take the steps you need to repair your credit file, as offer you advice on mortgages with bad credit.

National Hunters Report

If 6 years have passed since your discharge, then relatively speaking there should be no trace of bad credit on your file.

Most assume that it is therefore easy to apply to any lender and get accepted for a mortgage, but this is not the case. This due to the National Hunters Report.

The National Hunters Report is a register that contains the names of anyone ever made bankrupt in the UK, even if you were discharged over 6 years ago.

So, although you may get through a bank credit check at the initial application stage, you can be declined at a later stage when the Hunters Report brings your bankruptcy to light so ensure that you declare this.

Although this can be very disappointing and frustrating for many applicants, fear not, there are still several lenders that may consider your application at this point.

Note: Are you looking for commercial property but have a bad credit history? Bad credit commercial mortgages may be an option for you.

Credit behaviour since the bankruptcy

If there are other credit issues on your credit file before the bankruptcy such as arrears, defaults, late payments, CCJs or a debt management plan, then the bankruptcy itself should effectively wipe them off and they should appear on your credit report as settled.

The credit file is reset and after a year passes, discharged customers can attempt to rebuild their credit profile from scratch.

However, if you have experienced credit issues after the bankruptcy, lenders will consider you a high risk.

Lenders will want to see that you have successfully learned to manage your finances in a responsible manner since the bankruptcy.

It is important that your bankruptcy default is marked up to date on your credit file before making your application.

Which lender can I apply to with bankruptcy on my file?

There are a few discharged bankrupt mortgage lenders in the market.

Whilst some are mainstream lenders offering high rates and overlooking discharged bankruptcies of over 4 years, there are other specialist lenders who can take on applications for bankruptcies discharged less than 3 years ago but these do tend to have higher rates and fees attached to them.

Get in touch with one of our experts and we will help establish the best lender for you.

Can I get a buy to let mortgage after bankruptcy?

Depending on your circumstances, it may be possible for you to obtain a buy to let mortgage if you have been declared bankrupt in the past.

However, you will often need to meet the criteria outlined below:

• have saved a deposit of over 15% (amount varies).
• have a personal income.
• have been discharged from bankruptcy for at least 3 years.
• have a clean credit file since bankruptcy.
• own at least one other property.

Even if you don’t meet the criteria above, we may still be able to help.

A mortgage after bankruptcy requires specialist knowledge.

Remember, you can contact our expert advisors for advice.

I had an IVA. Can I still apply for a mortgage?

Just like bankruptcy debt, IVAs can come as a deterrent to many lenders but there are specialist providers who focus on applications containing credit issues.

These providers tend to take a more formative view of your mortgage application.

Just like other issues, IVAs stay on your credit file for 6 years, however, if the debt has been listed as settled for more than 3 years, there are a small number of lenders who will accept an application from someone with a current IVA.

Check Today's Best Rates >

Contrary to belief, it is possible to get a mortgage even if you have been declared bankrupt and had your house repossessed in the past.

Although many mortgage lenders will decline applications from bankruptcy clients, there are lenders in the market that are more understanding and will happily consider you for a mortgage.

However, do expect to front a larger deposit to qualify. Lenders will look at your personal circumstances including your credit history when making their assessment.

A record of bankruptcy shows that you present a higher risk to the lender and as a result, some may decline the application at this point.

You can also expect to be offered mortgage deals with higher interest rates.

How long after bankruptcy can I get a mortgage?

During a period of bankruptcy, it isn’t unusual to have restrictions imposed on your borrowing.

Bankruptcy terms dictate that you cannot apply for a mortgage until you have been officially discharged. This usually takes up to 12 months depending on the court’s decision.

The more time that has elapsed, the more chance you have of a lender approving you for a mortgage.

Post-bankruptcy, the point at which you will become eligible to apply for a mortgage differs lender to lender.

If you apply for a mortgage immediately after the point of discharge then you will need to meet very strict criteria, have a substantial deposit, and find yourself subject to higher fees and rates.

As more time passes, the bankruptcy becomes less relevant from the perspective of a lender.

After 4 or 5 years, a lender will most likely see you in the same light as everyone else but more so if your credit history has been clear of any issues since discharge.

You will also find that more lenders in the market will consider an application at higher loan to value rates, the longer you have been discharged.

For example, if you have been discharged over 4-5 years and have kept a good credit record, you may be able to borrow up to as much as 90-95% LTV. If eligible, these lenders may be able to offer you more competitive rates too.

If you have been recently discharged, then you will find it significantly harder but can still obtain a mortgage though at least 25% deposit will be required in a lot of cases.

If you’re unsure about your eligibility, please get in contact with one of our specialist advisors to discuss your situation.

Check Today's Best Rates >

Tips for applying for a mortgage after bankruptcies

If you are in a position whereby you want to apply for a mortgage post-bankruptcy, then there are a few things you can do to help get approved:

1. Check your Credit Reports

First and foremost, we recommend checking your credit score. It is important to regularly check your credit file.

This is where all your financial irregularities are recorded, and it will give you an overall picture of your financial profile as seen by lenders.

Some credit files contain discrepancies which can be detrimental to your mortgage application.

It is important to check that dates etc are accurate on your credit file, especially where bankruptcy is listed.

Irregularities like this can be a result of basic admin error but could make your mortgage approval very difficult.

Fundamentally, it can be the difference in being accepted or declined for a mortgage after bankruptcy. 

2. Check your Eligibility

Once you have checked and corrected any discrepancies on your credit file, it’s time to check if you are eligible to apply for a mortgage.

Some lenders can decline applications even after they have passed a credit check, based on the bankruptcy.

This is where specialist lenders come into the equation. Contact us to speak to an expert bankruptcy mortgage adviser today.

3. Rebuild your Credit Profile

One of our financial advisors can guide you to take the steps you need to repair your credit file, as offer you advice on mortgages with bad credit.

National Hunters Report

If 6 years have passed since your discharge, then relatively speaking there should be no trace of bad credit on your file.

Most assume that it is therefore easy to apply to any lender and get accepted for a mortgage, but this is not the case. This due to the National Hunters Report.

The National Hunters Report is a register that contains the names of anyone ever made bankrupt in the UK, even if you were discharged over 6 years ago.

So, although you may get through a bank credit check at the initial application stage, you can be declined at a later stage when the Hunters Report brings your bankruptcy to light so ensure that you declare this.

Although this can be very disappointing and frustrating for many applicants, fear not, there are still several lenders that may consider your application at this point.

Note: Are you looking for commercial property but have a bad credit history? Bad credit commercial mortgages may be an option for you.

Credit behaviour since the bankruptcy

If there are other credit issues on your credit file before the bankruptcy such as arrears, defaults, late payments, CCJs or a debt management plan, then the bankruptcy itself should effectively wipe them off and they should appear on your credit report as settled.

The credit file is reset and after a year passes, discharged customers can attempt to rebuild their credit profile from scratch.

However, if you have experienced credit issues after the bankruptcy, lenders will consider you a high risk.

Lenders will want to see that you have successfully learned to manage your finances in a responsible manner since the bankruptcy.

It is important that your bankruptcy default is marked up to date on your credit file before making your application.

Which lender can I apply to with bankruptcy on my file?

There are a few discharged bankrupt mortgage lenders in the market.

Whilst some are mainstream lenders offering high rates and overlooking discharged bankruptcies of over 4 years, there are other specialist lenders who can take on applications for bankruptcies discharged less than 3 years ago but these do tend to have higher rates and fees attached to them.

Get in touch with one of our experts and we will help establish the best lender for you.

Can I get a buy to let mortgage after bankruptcy?

Depending on your circumstances, it may be possible for you to obtain a buy to let mortgage if you have been declared bankrupt in the past.

However, you will often need to meet the criteria outlined below:

• have saved a deposit of over 15% (amount varies).
• have a personal income.
• have been discharged from bankruptcy for at least 3 years.
• have a clean credit file since bankruptcy.
• own at least one other property.

Even if you don’t meet the criteria above, we may still be able to help.

A mortgage after bankruptcy requires specialist knowledge.

Remember, you can contact our expert advisors for advice.

I had an IVA. Can I still apply for a mortgage?

Just like bankruptcy debt, IVAs can come as a deterrent to many lenders but there are specialist providers who focus on applications containing credit issues.

These providers tend to take a more formative view of your mortgage application.

Just like other issues, IVAs stay on your credit file for 6 years, however, if the debt has been listed as settled for more than 3 years, there are a small number of lenders who will accept an application from someone with a current IVA.

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There are many different types of loan out there, which may be useful in a variety of different circumstances.

However, arguably the most controversial type of loan is the payday loan.

This is intended to be a short term loan for those in incredibly difficult financial situations.

Their intention is simply to give you enough to get by until payday comes about. However, they can have insanely high-interest rates of higher than 1000%.

Here at Mortgageable, we’ve looked at the challenges that payday loans present when you’re applying for a mortgage, and how, if it’s possible to overcome them, to secure a bad credit mortgage.

What is a payday loan?

Payday loans is often a method of short-term borrowing for those looking for fast finance.

As a result, lenders that offer payday loans often charge interest rates that are incredibly high.

The loan is then repaid within a month, typically on ‘payday’, which is why they are referred to a ‘payday loans’.

Payday loans have a reputation for offering extreme interest rates, yet when people desperately need finance, they can be helpful.

Typically, payday loans are used in an emergency, i.e. when something happens out of the blue and the finances aren’t available until payday.

The interest rates on payday loans can exceed 1000%. It wouldn’t be financially wise to use them often, yet reported figures indicate that individuals tend that take out payday loans often do it multiple times.

So how do payday loans impact your ability to get a mortgage?

Can I get a mortgage if I’ve had payday loans in the past?

Whilst it’s impossible to argue that having one in your history is not going to be a good thing, it may be still possible to get a mortgage despite having a history of payday loans.

Make no mistake, it will make things harder for you as you won’t have as many options in terms of the type of mortgage you can go for, and you will probably have to go for a specialist lender instead of a high street one, who is likely to reject your mortgage application.

The best thing you can do is speak to a mortgage advisor who specialises in helping those in your situation.

At Mortgageable, we can look at your particular record and situation and give you the best advice for where to go for a mortgage and the steps you need to take to improve your credit report in order to increase your chances of being accepted for a mortgage.

We can also make you aware of the extra barriers that you will have to overcome.

You will almost certainly have to put down a higher deposit and if you have bad credit, you can expect to pay a higher interest rate on your mortgage.

It’s also unlikely that you will be given 100% of the money that you need for the house, instead, it can vary from 75% to 95% depending on the lender and the rest of your credit report.

Also, you may have less choice in terms of the lenders you will be able to pick from, and the type of mortgage plan you will be eligible to select.

How Long do Payday Loans Stay on your credit report?

Any type of late or defaulted loan payment will remain on your credit file for 6 years and that includes Payday loans.

Just like any type of borrowing the credit reference agencies treat them equally.

For a mortgage application, this may make it more difficult to be approved by a lender, but there may still be options available.

There will likely be less choice, but it all depends on your particular circumstances.

Why don’t lenders like payday loans?

The main reason why most mortgage lenders don’t like payday loans is that generally, they suggest that you’re irresponsible with your money, and you’re unable to live within your means, and manage your budget efficiently.

Many people who take out payday loans do so simply because they can’t wait to save up for something frivolous that they wish to have.

Of course, this isn’t always the case as you might have been put into that situation because you have fallen ill, or a horrible accident has happened in your home.

Unfortunately, a lot of lenders may not take this into account and just look at the fact you’ve taken out a payday loan.

Historically, some sites have stated that payday loans can actually be good for a mortgage application, claiming that if you can be shown to take out a payday loan and pay it back on time, it will show the lender that you’re good at managing your debt.

However, this information is false and can lead to your mortgage application being instantly rejected.

Even if you manage to pay it back on time, with as little interest as possible, any payday loan will have an effect on your mortgage application.

Mortgage lenders want to know that the mortgage will be repaid, and unfortunately, if you have a history of payday loans, you will be seen as a bigger risk.

This is because it will be assumed that you’re bad at managing your money, and therefore will be less likely to be able to pay them the amount that you have agreed.

For this reason, most high street lenders will just turn you away straight away if you have payday loans on your credit report.

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What will be taken into consideration with my application?

Credit repayment history

Like any type of credit, taking out a payday loan will leave a mark on your credit report, where lenders will be able to see that you’ve had payday loans in the past.

Someone who once took out a payday loan will face much fewer obstacles than someone who has taken out several payday loans, been late on most of the payments, gone into default, declared bankruptcy, and gone onto a debt management plan.

You need to do what you can to ensure that the rest of your credit report is looking good, that way, it will be easier for lenders to overlook the fact it has payday loan on it.

But, it is important to remember that a payday loan will stay on your credit report for six years.

Note: Are you looking for commercial property but have a bad credit history? Bad credit commercial mortgages may be an option for you.

LTV

The LTV on the mortgage application is also considered – LTV refers to how your required loan is compared to how much deposit you have put down.

For example, if you have paid a 5% deposit, you will need a 95% LTV. For those with a good credit report, this is usually fairly straightforward to get.

However, for those who have taken out a payday loan, the LTVs available will be much lower, meaning you may have to get a bigger deposit. This will likely be something which you will need to discuss with your mortgage advisor.

How do I find out what previous loans I have had? 

If you are unsure whether you have had a Payday loan in the past, or in fact any other type of loan, you can find out by checking your credit report.

The report will detail all of the data help about your history stored by the Call Credit reference agency.

Your report will a history of your borrowing in the last six years, including any Payday loans.

What if I’ve been declined for a mortgage already?

If you’ve already been declined for a mortgage, get in touch with us today.

We may be able to explain to you why it was that you were denied a mortgage the first time around, and what the best option will be for next time.

Perhaps the issue was with the particular lender that you went to, and you would have better luck if you had gone to another lender instead.

Or perhaps you need to work on improving the rest of your credit report in order to minimise the impact that a payday loan is going to have on it.

Another option would be to wait at least 12 months, as some lenders want to see at least 12 months without a payday loan being taken out before they’ll consider an application.

A sensible aim to have is to improve the rest of your credit score. This can be done in a variety of ways:

• Avoid any more credit applications – especially any more payday loans.
• Ensure you’re on the electoral roll at gov.uk
• Make sure all bills are paid on time – this shows lenders that you can be trusted to manage your finances. One late payment may not have a huge impact on your credit report, but several missed payments may rule you out from certain lenders.
• Check your credit report for any errors or inaccuracies
• Check if you’re financially connected to an ex-partner or housemate
• Don’t apply for several credit products in a short space of time – this can come in the form of phone contracts, utility bills and credit cards. If all done in a short space of time, it could suggest to a mortgage lender that you’re struggling with your finances.

Contact us today to see if you can get a mortgage with a history of payday loans

Sometimes, if you’ve taken out a payday loan, you might feel that getting a mortgage is out of reach.

We’ve arranged mortgages for customers with a history of payday loans, so give us a call on 01925 906 210 contact us today to discuss your circumstances and start your new mortgage application.