Adverse credit mortgages
In recent years, getting a mortgage has become more and more difficult not only due to increased house prices but also the tighter criteria imposed by lenders following the mortgage market review.
No matter what size of deposit you have, or the nature of the property you wish to buy, if you have a poor credit rating it can often feel very disheartening when trying to obtain a mortgage, with a limited number of lenders willing to consider your application.
Having a mortgage application rejected will worsen your overall credit score. Therefore, if you feel you may struggle to obtain a mortgage due to issues with your credit history, you should seek advice from a mortgage broker before making an application.
At Key Solutions we treat every client as an individual and aim to make it easier for those with adverse credit to secure a mortgage, whether you’re a first-time buyer or a homeowner looking to remortgage or move to reduce your outgoings and address your financial position.
We have strong associations with lenders who are more understanding of adverse credit and we will start by being able to give you independent advice about your ability to get a mortgage so that you don’t worsen your position by applying to a lender and having your application rejected.
What causes adverse credit?
There are a number of factors that contribute to your credit score, some of the most common reasons people have poor credit ratings include:
- Missing a loan, credit card or mortgage payment
- Having an ongoing loan with a payday loan provider
- Being declared bankrupt or entering into an individual voluntary arrangement (IVA)
It’s also worth noting that if you have never taken out credit for anything, you may well find yourself being rejected for certain finance items – because you haven’t yet built up a record of credit.
How do I know if I have adverse credit?
It is important to note that by using one of the credit checking tools above you will leave a “footprint” on your credit report in the form of an inquiry. This will however not negatively affect your credit score. Further information about this can be located on our FAQs.
Making it easier to find a lender who will accept your application
If you have adverse credit and are struggling to secure a mortgage, we can help. To find out more about how we can get you a mortgage, or any of the other services we offer for those looking to secure a mortgage on a property, just give us a call on 0800 138 5856 or fill out a contact form and we will get back to you within 24 hours.
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