Bad Credit Mortgages
At SAM Mortgages, we’re not interested in your past defining your future. If you have an adverse financial history, we are here to help you take a positive step towards homeownership.
Your home may be repossessed if you do not keep up with repayments on your mortgage.
There may be a fee for recommending a mortgage. The actual amount will depend on your circumstances. The fee is up to 1% but the typical fee is 0.3% of the amount borrowed.
What are Bad Credit Mortgages?
A bad credit mortgage is a mortgage designed for people who, for whatever reason, have credit histories that show some financial problems, such as missed payments, defaults, CCJs (County Court Judgements) or even bankruptcy.
Bad credit mortgages allow for the fact that real life does not always go to plan. Rather than shutting the door on homeownership, bad credit mortgages give you a little way of getting another shot at it.
At SAM Mortgages, we do not see your borrowing history as the whole story. We understand that there is a now and a backstory to your situation, and we give you the time and opportunity to put things in context. We will consider your current position, aspirations and progress and match you with lenders with whom our understanding and relationship will provide opportunities for you.
Can I Get A Mortgage If My Credit Is Bad?
Absolutely, bad credit makes it harder, but it is certainly possible, and we have experience handling these difficulties. We are dedicated to helping any borrowers, for example, minor credit issues all the way through to serious credit problems.
We work with many types of lenders that are accustomed to lending to people with adverse credit. Lenders do not just look at your credit score in isolation; they take into consideration your income, affordability, and your current situation.
How Bad Credit Will Affect My Application?
Bad credit will not stop you from being able to buy a house, but it may affect the way in which lenders view your application. For example:
Higher Interest Rates: You may find you receive rates that are much higher than standard products in consideration of the risk involved.
Fewer Products Available: You may find there are fewer lenders available and fewer mortgages available.
Higher Deposit: Some lenders might require a deposit of 10-20% up front to provide them security.
All in all, SAM Mortgages will help you to understand the market and negotiate the best potential deal available to you.
Enhancing Your Credit Rating Before Application
If you want to improve your likelihood of acceptance, there are some steps that you can try:
Examine your credit report – Look for errors or irregular items.
Make Payments Promptly – Ongoing on-time payments can help restore faith.
Reduce Debt – Having lower balances can improve your affordability rating.
Avoid Too Many Applications – Multiple credit checks can negatively affect your rating in the short term.
Create New Good History – Responsibly using a credit card can demonstrate sound financial management.
Any minimal improvement that you can make now can lead to improved mortgage opportunities later.
Making Owning House Possibility Again
At SAM Mortgages, we acknowledge and understand that most people can experience financial hardship at some time. What is important is how you go forward. Our professional advisers provide you with an honest opinion, a solution that is realistic, and a personal service that puts you in control.
We will assist you throughout the process, from assessing your credit report and mortgage options to finding and obtaining the mortgage that fits your needs. It shouldn’t mean you cannot achieve homeownership with some proper guidance.
Call us today on 01604 261685 to explore your mortgage options with a specialist adviser.
Frequently Asked Questions
Will every lender look at me if I have bad credit?
Do I need a substantial deposit?
Can I get a mortgage after bankruptcy?
Will a bad credit mortgage always be more expensive?
Let’s Collaborate with Us!
How Much Can You Borrow?
You can use the calculator tool to give a rough idea of how much you might be able to borrow and what deposit you would need. Please remember, this calculator is only to be used as a guide – for tailored advice to your situation, we point you in the direction of speaking to one of our qualified mortgage advisers.
