Poor Credit? You Can Still Get a Mortgage!

Struggling with poor credit but dreaming of owning your own home? It’s not impossible! While a less-than-perfect credit history can make getting a mortgage trickier, there are options available to help you take that next step.

How Does Poor Credit Affect Mortgages?
Lenders look at your credit history to assess risk. If you’ve had missed payments, defaults, CCJs, or even bankruptcy, they may view you as higher risk. This could mean:

Higher interest rates
A larger deposit requirement (often 15%-25%)

Good News: There are specialist lenders who cater to people with poor credit histories, offering tailored solutions to help you buy your home.

Steps to Improve Your Chances:

Check Your Credit Report: Review your file for errors or outdated information. We use Checkmyfile

Save for a Larger Deposit: The more you can put down, the less risk you pose to lenders.

Show Financial Stability: Steady income and consistent savings habits can reassure lenders.

Reduce Debts: Paying off existing debts improves your affordability.

Work with Us: They can connect you with specialist lenders who understand your situation.

Be Cautious: Avoid payday loans or taking on new credit before applying, as this can further impact your score.

Pro Tip: Time is your ally. If possible, spend 6-12 months improving your credit score before applying—it can open doors to better deals.

You deserve a shot at homeownership, regardless of your credit history. Let’s talk about how to make it happen! Comment below or send us a DM for advice tailored to your situation.