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Mortgages for Poor Credit

Best Mortgage Rates

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Mortgages for Poor Credit

    • 4.07% Initial
    • 5 year fixed
    • 6.7% APRC
    • Cashback Max £250
      Free Legals
      Free Valuation
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    • 4.07% Initial
    • 5 year fixed
    • 6% APRC
    • Cashback £0
      Free Legals
      Free Valuation
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    • 4.08% Initial
    • 5 year fixed
    • 6.4% APRC
    • Cashback £0
      Free Legals
      Free Valuation
    • Get quotes
    • 4.08% Initial
    • 5 year fixed
    • 6.4% APRC
    • Cashback £0
      Free Legals
      Free Valuation
    • Get quotes
    • 4.09% Initial
    • 5 year fixed
    • 6.7% APRC
    • Cashback £0
      Free Legals
      Free Valuation
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    • 4.11% Initial
    • 5 year fixed
    • 5.8% APRC
    • Cashback £0
      Free Legals
      Free Valuation
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    • 4.12% Initial
    • 5 year fixed
    • 5.8% APRC
    • Cashback £0
      Free Legals
      Free Valuation
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    • 4.13% Initial
    • 5 year fixed
    • 6.4% APRC
    • Cashback £0
      Free Legals
      Free Valuation
    • Get quotes
    • 4.14% Initial
    • 5 year fixed
    • 6.3% APRC
    • Cashback £0
      Free Legals
      Free Valuation
    • Get quotes
    • 4.14% Initial
    • 2 year fixed
    • 7.7% APRC
    • Cashback £0
      Free Legals
      Free Valuation
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Representative example based on a fixed rate mortgage

A mortgage of £375,000 payable over 20 years initially on a fixed rate for 5 years at 4.38% and then at the standard variable rate of 7.65% for the remaining 15 years would require 60 monthly payments of £2,351.88 and then 180 monthly payments of £2,899.55.

The total amount payable would be £663,156.80 which includes interest and product fees of £1,124.

The overall cost for comparison is 6.5% APRC representative.

Early repayment charges may apply.

Mortgages For Poor Credit

Getting a mortgage with poor credit 

Even though mortgages for poor credit borrowers are harder to find from mainstream high street lenders, it doesn't necessarily mean you can't get funding.  You may wish to consider a number of specialist lenders who offer mortgages tailored to poor credit borrowers. Some, however, may only be available through independent mortgage brokers.

 

Credit score

A mortgage's specific features will depend on your credit score and the reasons behind it. For instance, if you missed one or two mortgage payments previously, you may have more mortgage options. You may be limited to mortgages from specialist lenders if you have declared bankruptcy in the past or had your property repossessed.

Your mortgage repayments will be affected by your credit history as lending to people with poor credit scores poses a greater risk to the lender. It may also be necessary to put down a larger deposit than you would for a standard mortgage.

 

Poor credit and mortgage applications

Providing as much evidence as possible that you can afford to make your mortgage payments may increase your chances of being accepted by a lender if you have a bad credit history.

You might find our Mortgages calculator useful if you're looking for a bad credit mortgage. Just enter your borrowing amount and select 'Bad Credit Rates' from the drop down menu, and the tool will filter a selection of mortgages from different providers that may suit your needs.

 

Brokering a mortgage

However, you may also want to consider hiring a mortgage broker who can compare all of the available mortgage options. In addition to providing professional insight, an independent intermediary can help you access specialist lenders that potential borrowers cannot access directly with a number of lenders offering loans for borrowers with previous credit defaults.

 

To investigate your finance options call our broker team or fill in our call back form -  speak to our independent mortgage broker team who will be able to offer impartial advice or you can call us on 0117 403 3464

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