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bad credit and getting a mortgage

Part of our service is helping clients understand how they can get a mortgage, a main factor in this is your credit profile. Even if you have bad credit, there are options available and plans that can be made to get you back on track and achieve your home owner goals! We have our own Adverse Specialist at Clements Financial.

What is an adverse credit mortgage advisor?

Adverse Mortgage advisors work with specialist lenders who are willing to offer mortgages to those with bad credit. Such as, Bankruptcy or IVA’s on their credit files, CCJ’s and Defaults. Applying for a mortgage with these things or missed payments on your credit file can make finding a lender very tricky. Here at Clements financial we can help you navigate around your financial glitches on your credit file and try to find you a solution. We will tailor make your bespoke mortgage package to try and accommodate your situation.

One of the most important things we will need is a copy of your credit file. We check my file as this allows us to see your credit history with three of the UK’s credit reference agencies: Experian, Equifax and TransUnion. This allows us to use this information to best assess your situation and guide you to the right lender accordingly. 

Get your credit report today by clicking the link below:

https://www.checkmyfile.partners/NJTPDZ/2CTPL/

If you are wondering if you have adverse credit, give this a read.

Can I get a mortgage or remortgage with bad credit?

Well, the term ‘bad credit’ can mean a lot of different things: you may have just a low credit score, perhaps some missed payments or you could have some recent or historical defaults or CCJ’s. We will review your credit file and be able to advise you accordingly on your best course of action.
If we can’t help now, we will guide you and give you some milestones to hit to get you mortgage ready in the future. This is not always a quick fix, but with long term planning you will be able to make the changes you need to make to get yourself that dream home!

Can I get a mortgage with a CCJ?

Having a CCJ on your credit file can be an issue for a lot of high street lenders, however we have access to a wide range of providers who all have different criteria around what they would consider ‘acceptable’ when you have a CCJ on your file. It mainly depends on two things 

  • When the CCJ was registered
  •  If its Satisfied or Unsatisfied

With this information we can tailor your mortgage to your credit profile, most Mortgage Brokers won’t have the ability or the skill to provide this service.  If we can’t help now, we will guide you and give you some milestones to hit to get you mortgage ready in the future. This is not always a quick fix. However, with long term planning you will be able to make the changes you need to make to get yourself that dream home!

Can I get a mortgage with a Bankruptcy on my credit file or in the past?

If you have a Bankruptcy on your credit file can be an issue for a lot of high street lenders. However we have access to a wide range of providers who all have different criteria around what they would consider acceptable when you have a Bankruptcy on your file. It mainly depends on when the bankruptcy was registered and subsequently discharged. With this information we can tailor make your mortgage to your credit profile. Some Mortgage Brokers won’t have the ability or the skill to provide this service.   

If we can’t help now, we will guide you and give you some milestones to hit to get you mortgage ready in the future.

Can I get a BTL mortgage with bad credit?

You may have just a low credit score or perhaps some missed payments. You could have some recent or historical defaults or CCJ’s. We will review your credit file and be able to advise you accordingly on your best course of action. If we can’t help now, we will guide you and give you some milestones to hit to get you mortgage ready in the future. This is not always a quick fix. Eventually, with long term planning you will be able to make the changes you need to make to get yourself that dream home!

Can I get a mortgage with a Debt Management Plan (DMP) in place?

A DMP on your credit file can be an issue for a lot of high street lenders. However we have access to a wide range of providers who all have different criteria. Depending on what would consider acceptable when you have a DMP on your file. It mainly depends on two things:

  • How long the DMP has been running 
  • If it’s been satisfactorily conducted for usually the last 12 months. 

If we can’t help now, we will guide you and give you some milestones to hit to get your mortgage ready in the future.

Can I get a mortgage with an IVA on your credit profile?

When you have a IVA on your credit file it can be an issue for a lot of high street lenders. However we have access to a wide range of providers. They all have different criteria around what they would consider acceptable when you have a IVA on your file. It mainly depends on two things:

  • When the IVA was registered 
  • When the IVA was discharged

If we can’t help now, we will guide you and give you some milestones to hit to get you mortgage ready in the future. This is not always a quick fix. Eventually, with long term planning you will be able to make the changes you need to make to get yourself that dream home!

Can I get a mortgage with Defaults?

Having a default on your credit file can be an issue for a lot of high street lenders. However we have access to a wide range of providers. They all have different criteria around what they would consider acceptable when you have a default on your file. It mainly depends on a few things: 

  • When the Default was registered 
  • If its Satisfied or Unsatisfied
  • The value of the Default.

Some lenders will disregard communication defaults. For example, something that has been added by a communications provider like mobile phone or broadband. This is because they can add unnecessary defaults at times. With your information we can tailor make your mortgage to your credit profile. Also, if we can’t help now, we will guide you and give you some milestones to hit to get you mortgage ready in the future.

Clements Financial Mortgage Broker working with client with bad credit to get a mortgage.

Can I get a mortgage with bad credit?

Having no credit history can be just as bad as having a bad credit. Especially for young people who are looking to borrow for the first time. This is because lenders look for clients who can provide a history of managing credit. If you have no real credit history, then it’s definitely worth considering a few things:

  • Make sure you’re on the electoral roll where you are
  • Credit building by using a credit card will help get your score up – as long as you spend responsibly and ALWAYS pay on time. 
  • Mobile phone contracts show that you can be trusted to pay back credit. 

It’s not impossible – but your options may be limited. At Clements Financial, we know which lenders to go to when you have little to no credit score. In any case, start by getting your credit profile. We can help you with a short or long term plan to guide you back on track. Obtain a copy of your credit report through the link below and let us guide you:

https://www.checkmyfile.partners/NJTPDZ/2CTPL/

Can I add my outstanding debt to my mortgage?

Do you owe money on credit cards or loans but have equity in your home? Then you could potentially consolidate your debt down to one monthly repayment and potentially save money monthly. We will factor in your best option when looking at what your current monthly repayments are and advise you accordingly to find you the best deal based on your circumstances.

https://clementsfinancial.co.uk/contact-us/