Bad or Poor Credit Mortgage Advisors

What is a Bad Credit Mortgage?

Although there isn’t really such a product as a Bad Credit Mortgage, we can help you to get the best mortgage possible if you do have poor credit history. If you have a bad credit rating you may have missed loan or credit card payments, defaulted on a loan, or had a bankruptcy in the past, which can make it difficult to qualify for a mortgage.

Mallard Mortgages specialise in adverse credit mortgages and can offer options to those with a bad credit rating, although the interest rates are often higher than those of traditional mortgages.

As you are considered a higher risk to the lender if you have a bad credit history, they will require a larger deposit and charge a higher interest rate to cover their risk. This can make you overall mortgage more expensive. But the aim is to improve your credit rating over time with the view to switch mortgage products in the future and lower your rate and payments.

Can I get a Mortgage with Bad Credit?

If you’re wondering whether you can get a mortgage with bad credit, you’re not alone. Many people struggle to secure a mortgage with a less than perfect credit rating, but there are options available for people with bad credit.

It’s important to understand what lenders are looking for. They will assess your credit history, income, and other factors to determine your risk as a borrower. If your credit rating is low, you may still be able to get a mortgage with bad credit.

It’s also important to improve your credit rating as much as possible before applying for a mortgage, by paying bills on time, reducing debt, and checking for errors on your credit report. By taking these steps, you can increase your chances of getting a mortgage with a bad credit rating. Any missed payments will still be on your credit history, but in time this will go.

How to Get Approved for a Bad Credit Mortgage

Securing a mortgage with bad credit history may be challenging, but it’s not impossible. Take a read through some of our tips & tricks to get a mortgage with bad credit!

Save for larger deposit
A larger deposit can increase your chances of approval and potentially lower your interest rate.

Pay off existing debt
Lowering your credit utilisation can help improve your credit score and demonstrate responsible financial management.

Shop around
Different lenders have varying criteria and programs for borrowers with bad credit. We will explore your options and find the best fit for your needs.

How Much can you borrow with Bad Credit History?

The amount you can borrow with bad credit will depend on a number of factors, including the severity of your bad credit, your income and expenses, and the value of the property you’re looking to purchase.

It’s also important to note that interest rates for bad credit mortgages are typically higher than those for traditional mortgages, so you may be offered a lower loan amount than you would with a good credit score.

Before applying for a bad credit mortgage, it’s important to carefully consider your budget and ensure that you can afford the monthly repayments, as missed payments could further damage your credit score and put your home at risk.

Partners with Bad Credit – How will it affect you?

It is possible to get a mortgage if your partner has bad credit, but it may be more difficult to secure a mortgage and you may be offered less favourable terms. When applying for a joint mortgage, lenders will assess both of your credit histories, income, and other factors to determine your risk as borrowers. If one partner has bad credit, it can impact the overall creditworthiness of the joint application.

Ultimately, whether you can get a mortgage if your partner has bad credit will depend on your individual circumstances and the lender’s policies. It’s important to do your research, consider all your options, and seek professional advice to ensure that you make an informed decision.