A bad credit mortgage is just like a regular mortgage, except they are likely to have higher interest rates and a much lower limit on the amount you’re able to borrow. It’s important to note, however, that different lenders have different criteria for lending money, a non-negotiable for one lender might not be as important for another. Factors like missing credit card payments or applying for credit too often can make lenders think that you’re a higher risk, therefore lessening your chances of gaining the mortgage you originally budgeted for.
How we can help
This aside, it is still possible to get a mortgage with bad credit and it helps to show yourself in the best light possible. Lenders will want to see details on your monthly incomings and outgoings to ensure you can afford repayments, so taking care of your credit history and budgeting sensibly is a must. Other ways you can make getting a mortgage with bad credit possible are:
- Making all your regular payments on time and in full.
- Review your credit report regularly, making sure all information is accurate, and add in any explanations of past financial difficulties for lenders to see.
- Try to reduce your outgoings where possible and aim to have money left over each month.
- Be realistic about the property you can afford.
- Consider a guarantor, typically a parent or relative, as some lenders may need reassurance that monthly payments will be covered if you find yourself in difficulty.
If you are worried about your prospect of getting a mortgage with bad credit, there are still many ways to make it possible, and we are on hand to help you find the right mortgage deal for you. A bad credit mortgage is not the end of the road, we can help guide you through the entire process from credit checks to getting the keys to your new home.
By ditching the jargon and explaining your options in real terms, we can help to identify the best products to meet your personal situation, so if you want to find out more about getting a mortgage with bad credit, our expert mortgage advisors are on hand with the information you need.
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Fantastic service and advice from start to finish. Took the stress out of the whole process and provided options we couldn’t have found alone. Would particularly like to thank Spencer who has been amazing for providing his personalised service, has a vast amount of knowledge and patience. Would recommend and will be using again in future.
13.02.2024
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I’ve been using Taylormade Finance since 2018, Ian is a fantastic advisor and will always manage to find the best deal around for whatever your circumstances may be! As a lifetime customer Ian will contact me if there is a change in markets that may affect me and advise best course of action - even managed to renegotiate at short notice this year and save me a couple hundred quid per month when rates fell. Excellent service, extremely competent team, they do all the work for you and that peace of mind is priceless!
13.02.2024
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Looking to learn more about any of our specialist services? If there’s anything you’d like to know in more detail, or you’d simply like to discuss your specific circumstances with one of our mortgage advisers, you can do so simply and easily.
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TaylorMade Finance Ltd is authorised and regulated by the Financial Conduct Authority.
Complaints:
In the event that you wish to complain, you can contact us by email, telephone or letter.
Our address for this is:
Complaints Officer, TaylorMade Finance Ltd, 4 Church Road, Urmston, Manchester, M41 9BU. Our email address is info@taylormade-finance.co.uk and our telephone number is 0161 776 1089. We will then investigate the issues raised and inform you of our findings. Should you be unhappy with the resolution to your complaint you may contact the Financial Ombudsman Service, who can be contacted at the following address: Financial Ombudsman Service, Exchange Tower, London, E14 9SR.
Email: complaint.info@financial-ombudsman.org.uk
Phone: 0800 0234 567
Your mortgage will be secured against your property.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Our fee for this service is 1.95% of the mortgage balance (minimum £1,295 to a maximum of £2,995 although reduced to maximum £1,995 without debt consolidation). Typically this will be £1,995.