Can I Get a Mortgage With Bad Credit?

Many people with a bad credit score feel that owning a property is out of reach for them. But is this really the case? We’re exploring whether you can get a mortgage with bad credit in this article.

Sometimes, when you run into financial difficulties, it can feel like a heavy burden or like you have very little control over your situation. Whether poor finances was a result of poor decisions on your part or difficult life circumstances such as illness or divorce, a specialist mortgage advisor can review your situation and offer actionable advice on how to improve your credit score. This can be a great way to get clarity on your finances and get you back on track to securing a mortgage.

What are the chances of getting a mortgage with bad credit?

It is more than possible to get a mortgage with bad credit.

You just need to be aware that your options may be limited. However, if you consult a specialist mortgage broker who can help with adverse credit, that is a great place to start. Whilst a specialist mortgage advisor won’t be able to help everyone with bad credit, it’s certainly worth a try, especially if the financial advice is free.

There are also a range of mortgage products and specific lenders that cater to individuals who are in a poor financial situation. By choosing a ‘Whole of Market’ and ‘specialist’ mortgage advisor, you should be able to access these products.

From missing credit card payments to defaulting on a loan, there are many things that can contribute to a bad credit score. A mortgage advisor can talk you through the problem points in your financial history and work with you to make your outlook a little brighter.

Are bad credit mortgages different from regular mortgage loans?

Bad credit mortgages are mostly the same as a regular mortgage, however there are likely to be tighter restrictions on how much you can borrow and there may be a higher deposit or interest rate to pay.

As a specialist mortgage advisor, Agentis has plenty of experience helping home-seekers with a bad credit score get on the property ladder. Speak to one of our knowledgeable, friendly advisors today to book your free initial consultation.