Bad credit mortgages

At Protection and Investment, we very much
believe that if you fail to plan, you plan to fail.

For those with bad credit

We understand that financial bumps happen to the best of us, and we’re here to help you navigate the path to homeownership. Our services are designed to make securing a mortgage with bad credit as straightforward as possible, without the fuss or stress. So, relax, explore, and let us assist you in finding the right mortgage solution that aligns with your homeownership goals.

Can I get a mortgage
with a poor credit rating?

it is possible to secure a mortgage even if your credit score is less than ideal. However, this may entail certain trade-offs. Due to the perceived higher risk to lenders, individuals with poor credit ratings may encounter higher interest rates and the requirement of a larger down payment.

Fortunately, there are mortgage options tailored for those with lower credit ratings, commonly known as bad credit mortgages, adverse credit mortgages, or sub-prime mortgages. These specialised products are designed to provide opportunities for homebuyers with less favourable credit histories.

Take control with a FREE initial meeting

There are many more types of mortgages. If you have any questions and would like to learn more about the types of mortgages available to you, contact us today for a free initial meeting.

How to improve your credit score

There are several strategies you can employ to improve your likelihood of being approved for a mortgage, particularly if you have a less-than-ideal credit history. Lenders place a premium on financial stability and your ability to consistently meet mortgage payments in the long term. Here are some effective methods to enhance your prospects. For further insights, we recommend reviewing our article on common pitfalls to avoid during the mortgage application process.

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Keep an eye on your credit report and score
Keep below 25% of the available limit on your credit cards
Avoid making large purchases
Cancel unused accounts
Avoid moving home or job

How does a ‘bad credit’ mortgage work?

These mortgages operate similarly to standard mortgages, offering both fixed and variable interest rate options. However, for those with less-than-perfect credit, the selection of available mortgages may be somewhat limited, often necessitating a larger upfront deposit and resulting in slightly higher interest rates.

Given the relative scarcity of mortgages for individuals with poor credit, it’s advisable to seek the assistance of an experienced mortgage broker to identify the best-suited options. The application process for such mortgages can be more intricate than for conventional ones, as lenders typically require stronger assurances regarding your ability to manage the mortgage payments consistently.

Providing a comprehensive summary of your financial history, including an honest account of past events contributing to your credit score, can prove invaluable in this context. Transparency can be a powerful asset when pursuing a mortgage despite a less-than-ideal credit rating.

Are you worried about your credit?

Are you worried about your credit score but want to start applying for a mortgage? Book a free initial meeting with us today.
We’d be more than happy to help.