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Bad Credit Mortgages

Having bad credit does not mean that you cannot get a mortgage. Sometimes finances can get a little out of hand and unfortunately a poor credit score can make it more difficult to get on the property ladder or to remortgage but we are here to tackle this challenge for you! Fairview Financial are adverse credit mortgage experts who will search the whole of the market for you and find the most competitive bad credit mortgage deals based your circumstances.






WHY DO I HAVE A POOR CREDIT SCORE?

The credit score is calculated based on your credit history and other information and it is used by lenders to determine what type of borrower you are and how likely it is that you will manage your repayments. Ultimately however, it is not the credit score what will impact a lender’s decision, it is the different information recorded in your credit file

.Here are some of the factors in your credit file that may contribute to a low credit rating:

• Having County Court Judgements (CCJs) or Defaults registered against you

• Being in a debt management arrangement (known as Individual Voluntary Arrangement or IVA), or having been declared bankrupt

• Not being registered on the electoral roll

• Having missed or late payments on loans or credit cards

• Applying for a lot of credit at one time

• Taking out pay day loans

• Being connected (e.g. through a joint mortgage or bank account) to someone with a bad credit rating


CAN I IMPROVE MY CREDIT RATING?

Bad credit isn't for life! Your credit score can improve by taking action and here are a few tips you should follow:

1. Check your credit reportWe always recommend to take a pro-active approach and obtain your credit report, especially if you want to apply for a mortgage or looking to remortgage. It is very easy to obtain a credit report with many credit scoring agencies available on-line offering a 30-day free trial. Check your credit report for any inaccuracies and correct them straight away.


2. Register on the electoral roll and ensure your credit record shows your correct address historyLenders use this to confirm that you are who you say you are.


3. Pay off your debts.  The amount of debt you have is one of the biggest factors that goes into your credit score, it accounts to 30% of your score. It also takes into account how close your loan balance is to the original loan amount. Paying your loan balances is better for your credit score.


4. Pay your utility and phone bills on time. Missed and late payments can stay on your credit file for up to six years.


5Build your credit history with a credit card by using this little and often. Spending small amounts on your credit card and paying it off each month makes you more attractive to lenders. However, make sure you keep the amount you spend on it at less than 30% of the total credit limit. This will boost your chances of your credit limit being increased over time, it will also make your repayments easier to manage.


6Disassociate yourself from any financial partners with a poor credit history as their low credit rating may impact yours.


7Avoid making multiple credit applications in a short space of time. This may have a negative impact on your credit history by showing lenders that you are “hungry” for credit.


8. Save for a deposit – having more deposit will increase your chances to find a lender who will be flexible enough to consider someone with a patchy credit history.

 











HOW WE CAN HELP 

Many of our clients ask this question – Can I get a mortgage if I have bad credit? Taking out a mortgage when you have a poor credit may seem like an impossible mission. We are a whole of market independent mortgage broker with over 10 years’ experience and we will utilise our expertise in adverse credit mortgages to help you succeed in this mission..

We understand that circumstances can lead to an impaired credit history. We also understand how much more difficult it is to find a mortgage if you have bad credit. 

By speaking to Fairview Financial, you will save time, money and hassle just by having a quick conversation. We offer a free, no obligation fact find to understand your circumstances and the cause of your poor credit rating and we will work with you to secure you the most competitive and affordable bad credit mortgage rates.

Whether or not you have “poor” credit can be quite subjective because criteria varies between lenders – while one lender may reject your mortgage application, another lender may accept it regardless of any adverse credit history you may have. Fairview Financial works with a wide panel of adverse credit mortgage lenders offering solutions tailored for people with a poor credit record so we can find you a mortgage in even the most complex of circumstances.

We will also take care of the  full application from start to finish and support you through the whole process.

For more information and guidance on bad credit mortgages contact our specialist team.

 

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Fairview Financial can review your current mortgage at no cost. We have access to thousands of remortgage deals.

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