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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Chloe
Dan was incredibly helpful throughout the entire process - clear advice and explanation at all times and even went back to find a better deal after I had already accepted the first. Absolutely went above and beyond and I'm ever so grateful. Thank you!
14.10.2024
Whitney & Marley
Hello Neil, Thank you so much. We are so excited for this next chapter. Thank you for the amazing service, we are over the moon. Your help and guidance has been very much appreciated. Wishing you a lovely weekend! Whitney & Marly
16.09.2024
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TaylorMade Finance Ltd is authorised and regulated by the Financial Conduct Authority (FCA Registration Number 669968). Company Registration Number 06742859
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
https://www.financial-ombudsman.org.uk/
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.