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6 Top tips for getting a mortgage with bad credit

If your credit score isn’t perfect, it can be a big worry. Especially if you’re applying for a mortgage. We’ve got you covered with our 6 Top Tips for getting a mortgage with bad credit. Whatever your financial situation, you can rely on us to work hard and to be on your side. There are lenders that are sympathetic to people with credit issues and we can help you find them with non judgemental, mortgage advice.

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1. Speak to a mortgage adviser

If you have bad credit, your first step should be to seek advice from a mortgage adviser like us. We’ll take the time to fully assess your financial situation and understand what mortgage options are available to you. There are lenders that are more sympathetic to people who have adverse credit. We know which ones are more likely to consider your application – many of them are smaller lenders whose products might not be available to you directly. So you’ll need to use a broker like us.

2. Check your current credit situation

Don’t bury your head in the sand. The most important thing you can do is understand the extent of your bad credit situation. Bad or adverse credit can be a result of a number of factors. Maybe you had a late payment or perhaps you had a CJJ against you. Maybe your credit issues were as a result of a partner. Or perhaps you don’t really know why you have bad credit. Knowledge is key! There are many companies who can provide your credit score. We can give you guidance for how to check your credit score and what to do if something doesn’t look quite right.

3. Stop applying for credit

If you know for a fact that you have bad credit – having multiple credit searches carried out in a short space of time can go against you. It’s advisable that in the meantime, you don’t apply for anymore credit and concentrate on clearing your existing debt instead.

4. Take steps to improve your score

There are lots of steps you can take to improve your credit score. For example, by joining the electoral role, getting rid of unused cards and showing a bank account history. All of these things can make a big difference. We can look at your credit report and help you understand any changes you can make to improve the situation.

5. Don’t miss anymore repayments

This may sound like an obvious one but missing payments will have a detrimental affect on your credit score. Despite your hard efforts to do everything else, missing repayments shows that you are incapable of managing your finances and paying your bills on time – which isn’t great if you’re trying to get a mortgage.

6. Pay off what you can

If it’s possible for you to settle any debts, take steps to do so. Lenders will like to see that you have paid off your credit as it shows you’re no longer in financial difficulty. By reducing your debt, you could have access to a larger choice of lenders and access to more competitive rates. It also will have an impact on how much you might be able to borrow.

We hope you have found our article on 6 top tups for getting a mortgage with bad credit useful. At Your Mortgage Expert we have experience with helping clients who have adverse credit. We understand that life happens and sometimes your credit score might not be perfect.

It can take time to sort out your bad credit. If you can’t take out a mortgage right now, we’ll help you put a plan in place to ensure you’re on a pathway to getting a mortgage in the future.

There are lenders that are more sympathetic to people who have adverse credit. We know which ones are more likely to consider your application – many of them are smaller lenders whose products might not be available to you directly.

We will help you apply and deal with any queries – we will be by your side every step of the way.

We aren’t like other brokers. Our small, friendly team has over 80 years of experience in the mortgage and protection industry.

With over 100 five star reviews on Google and over 90 verified reviews on VouchedFor, we would love to work hard for you.

To speak to a member of the mortgage advice team about your mortgage ring Your Mortgage Expert now on 01722 322683. Or complete a contact form using the link below.

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Our mortgage calculator can help you get a better idea of how much you can afford to borrow, and how much your mortgage will cost you in monthly repayments.

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