Poor Credit Mortgage for First Time Buyers

They had a previous application declined

I have helped a number of first time buyers get mortgage offers recently. Some that were previously told by other advisors that a mortgage wouldn’t be possible due to poor credit history. Some that had previous applications rejected. There are many people out there in a similar situation with similar beliefs – thinking they can’t get a mortgage with defaults, missed payments or CCJ’s, etc. Often this is not actually true. We work with many mortgage providers that specialise in bad credit mortgages. 

If your credit report is not so great, then you would be correct to assume that it makes getting a mortgage more difficult. But there are probably more options available than you may think. Everyone’s situation is different.  

I’ve recently helped a couple get a mortgage where one of them had defaulted on a credit card only last year. His partner was previously been declared bankrupt. They were certain that they couldn’t get a mortgage. Fast forward a few months and they now own their own property. 

In another example – the client had previously defaulted on credit cards, loans, and utilities. His girlfriend also had poor credit. It did not look great at all. They’d had applications rejected before. They came to us and they now have a mortgage offer agreed.

The key to mortgages for adverse credit clients is understanding the market place and then placing the applicants with the best lender in the right way.

How to get started?

Firstly, get an up to date copy of your credit report. A quick and free way of doing this is through a website called Credit Karma or Clear Score. But Equifax or Experian are by far the best as these are what mortgage lenders use. Additionally there is a new service called Checkmyfile that shows the results of all the leading credit reference agencies. They all offer free access for 28 days.

If you have a bad credit history or have been declined a mortgage in the past, I’m happy to have a conversation to discuss your options and see how I can help you where others perhaps couldn’t.

Get in touch with a copy of your credit report and I’ll see what options you have.

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