How to get a Mortgage with Bad Credit

Get a Mortgage with Bad Credit

Getting a mortgage with bad credit is not as difficult as many people fear.

You can still get a mortgage if you have had late / missed payments, defaults or even CCJ’s.

 

Here is our expert guide on how to get a mortgage with bad credit:

1. Get a copy of your latest credit report from Check My File

Be honest and don’t hide behind your past credit problems. Your credit report is vital and will help our mortgage brokers search the right lenders.

The best credit report provider that will help you gain the most comprehensive insight into your credit profile is: Check My File.

CheckMyFile provide all of the reported payment history and credit information about you from Experian, Equifax and CallCredit who are the top three credit agencies that most UK mortgage lenders use in their credit search assessments. Lenders do not use ClearScore.

2. Check for any loopholes in your bad credit being reported

Make use of your free trial and report any inaccuracies or misreported data. This is your chance to get anything removed that isn’t accurate.

Your credit profile is updated monthly by the reporting agencies and sometimes human error could mean that your account payment history hasn’t been updated correctly. Here you see the difference between two credit agencies reporting the same account. In this example, if you use a mortgage lender who only searches Equifax then you’ll stand a better chance of getting the mortgage. You’ll only be able to check for loopholes with a Check My File credit report:

credit report

3. Speak to a ‘whole of market’ & independent mortgage broker

It can be confusing and upsetting if you have been declined by a high street lender, but there are thousands of mortgages out there. The vast majority of bad credit mortgages are not available via high street lenders.

A ‘whole of market’ and independent mortgage broker will be able to search more specialist lenders to find you the best bad credit mortgage deal.

They can help people get a mortgage offer who have been declined on the high street with late payments, defaults and even unsatisfied CCJ’s.

➡ Get mortgage advice on bad credit mortgages from a fee-free broker