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5.0 Rating | 141 - reviews
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5.0 Rating | 141 - reviews
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5.0 Rating | 141 - reviews

Poor Credit Score

Thinking about getting a mortgage, but you’re worried you won’t find the right lender because of your bad credit? Let us assure you – there is no need to give up hope.

Purchasing your own property is still possible! Even if you have encountered financial difficulties in the past. There are plenty of Poor Credit Mortgage lenders who offer more flexible products. Getting a mortgage with bad credit can be challenging, but it’s not impossible.

A poor credit rating doesn’t have to be a major obstacle to getting a mortgage.
A poor credit rating doesn’t have to be a major obstacle to getting a mortgage.

Need assistance? Leave your details, and we'll get back to you shortly. Request a callback now.

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Why is a bad credit history a problem?

A mortgage is a very large commitment, so the decision to lend requires a very detailed analysis of many factors. Think for yourself – would you lend several hundred thousand pounds to someone you don’t know at all? Probably not and that’s exactly what banks think. Before you get the money, analysts have to look very closely at your past life to determine your risk of insolvency.

Probably everyone would agree with the statement that if a borrower has already had problems repaying their debts, there is a risk that such a problem will recur. While many people have struggled with financial problems only once in their lives, banks still approach them with distrust. Fortunately, most lenders only look at their customers’ history six years back – so if you made a silly mistake as a child, now, there may not even be a trace of it on your record.

What is a poor credit history mortgage?

Your credit history gives a potential bank an idea of how well you manage your money and the level of risk they are taking if they decide to lend to you. Mortgages for people with poor credit records are designed for those who have a history of not paying all their debts on time. Maybe you missed a few credit card repayment payments or forgot to pay a fine? These types of situations can have a negative impact on your overall scoring. A lack of credit history is also not good when it comes to applying for a mortgage, as the bank is unable to determine your habits.

poor credit history

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However, we can say with certainty that no credit history is much better than a bad history. For this reason, before you start buying small items on hire purchase, get in touch with us – we’ll check whether it’s worth taking this step in your case.

What is the difference between a mortgage for people with a poor credit history and standard mortgages?

We must point out right away that a mortgage for people with a poor history is simply a standard mortgage from a bank that has slightly lower criteria for granting it. Unfortunately, nothing is free in this world – the worse your credit history, the less favourable the terms you will receive. The main differences are:

  • Higher interest rates;
  • A lower amount the bank will be able to lend you;
  • The incurrence of additional fees or a higher application fee;
  • The need for a higher deposit.

Note, however, that you don’t have to tie yourself to your mortgage for 20 or 30 years. After a few years, when your credit history has improved, you can opt for a remortgage that allows you to get better repayment terms. Think about this solution right from the start!

How do I get a mortgage with a poor credit history?

There are many banks that offer different mortgage products to customers with a poor credit history. They vary in interest rates, the amount of your deposit and additional fees, and the best way to choose the right offer is to contact us! With years of experience and the best tools, our advisors will help you choose the right bank and specific offer. We will also explain to you how you can improve your creditworthiness and how to increase your credibility in the eyes of the bank.

By choosing Extend Finance, you gain the certainty that your affairs will land in good hands. We have already helped hundreds of customers to buy their own homes and, as a result, become rent-free. We are at your service – make an appointment today for a free and no-obligation meeting, during which we will check your creditworthiness, answer your most important mortgage-related questions and start collecting the necessary documents.

At the same time, we encourage you to check your credit history. You can do this using Checkmyfile.com, and the first 30 days of access to your report is completely free.

Our team is here to assist you. Contact us by completing the form below.

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Think carefully about securing other debts against your home. Your home or property may be repossessed if you do not keep up repayments on your mortgage or any other debts secured on it.

Your Home (or property) may be repossessed if you do not keep up repayments on your mortgage or any other debts secured on it. Conveyancing services and some forms of Buy to Let mortgages are not regulated by the Financial Conduct Authority.

Your Home (or property) may be repossessed if you do not keep up repayments on your mortgage or any other debts
secured on it.

Your Home (or property) may be repossessed if you do not keep up repayments on your mortgage or any other debts secured on it. Conveyancing services are not regulated by the Financial Conduct Authority.

Extend Finance nor The Right Mortgage Limited can’t provide advice regarding Personal Pensions, Pension planning or investment planning advice. You must seek independent financial advice from a suitably qualified professional financial adviser who may charge you for advice.

Wills, Will writing, Trusts and Trust planning are not regulated by the Financial Conduct Authority.

* We will receive a small fee from CheckMyFile for any referrals.

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