Are you looking to buy a home but worried that your less-than-perfect credit score will hold you back? Don’t despair! You can still secure a mortgage with the right information and guidance, even with bad credit. In this blog post, we’ll explore the top 10 bad credit mortgage options available in the UK. Whether you’re self-employed, have previous financial difficulties, or simply haven’t had time to build up your credit history, lenders are willing to work with you. So, let’s dive in and discover how you can turn your dream of homeownership into a reality, regardless of your credit score!
What is a Bad Credit Mortgage?
Obtaining a traditional mortgage can be challenging if you have a less-than-ideal credit score. However, don’t lose hope just yet! A bad credit mortgage is designed specifically for individuals with poor credit history or low credit scores. It provides an opportunity to secure financing for purchasing a home despite the hurdles posed by your financial past.
Bad credit mortgages typically come with higher interest rates and stricter terms compared to conventional mortgages. Lenders who offer these types of mortgages understand that applicants may pose a higher risk due to their previous financial difficulties. As a result, they mitigate this risk by charging higher interest rates and requiring larger down payments.
Top 10 Bad Credit Mortgage Advisors in the UK
1. Create Finance
Create Finance is one of the top options when it comes to bad credit mortgages in the UK. They specialise in helping individuals with less-than-ideal credit scores secure a mortgage for their dream home. With their expertise and extensive network of lenders, Create Finance can offer customised solutions tailored to your specific financial situation.
One of the key advantages of working with Create Finance is their commitment to providing personalised service. They understand that each borrower’s circumstances are unique, so they take the time to assess your individual needs and find a mortgage product that suits you best.
Create Finance also stands out for its competitive interest rates and flexible repayment terms. They work with a wide range of lenders who are willing to consider applicants with bad credit histories, giving you more options and increasing your chances of approval.
Website: www.createfinance.co.uk
Address: 35, Friar Gate Studios, Ford St, Derby DE1 1EE
Email: hello@createfinance.co.uk
Contact: 01332-742-741
2. Habito
Habito is a leading mortgage broker in the UK that specialises in helping individuals with bad credit find suitable mortgage options. With their innovative digital platform, they make the process of securing a mortgage quick and hassle-free.
One of the key benefits of using Habito is its advanced technology that matches borrowers with lenders who are willing to offer mortgages to those with less-than-perfect credit scores. They understand that everyone’s financial situation is unique and work tirelessly to find the best solution for each individual.
Another reason Habito stands out from other brokers is its team of expert mortgage advisors who provide personalised advice and guidance throughout the process. Whether you have questions about your credit score or need assistance navigating complex paperwork, they are there to support you every step of the way.
Website: www.habito.com
Address: Moor Place, WeWork, 1 Fore St Ave, London EC2Y 9DT
Contact: +44-330-223-0996
3. Simply Adverse
Simply Adverse is a mortgage lender that specialises in providing solutions for individuals with bad credit. They understand that not everyone has a perfect credit score, and they are willing to work with borrowers who have had financial difficulties in the past.
One of Simply Adverse’s key benefits is its personalised lending approach. They take the time to understand each borrower’s unique situation and tailor their mortgage options accordingly. Whether you have previously missed payments, defaults, or even bankruptcy on your record, they will strive to find a suitable solution for you.
Another advantage of choosing Simply Adverse is its wide range of mortgage products. They offer both fixed-rate and variable-rate mortgages, allowing borrowers to choose an option that best suits their needs. Additionally, they provide support throughout the application process, ensuring you have all the information and guidance you need.
Website: www.simplyadverse.co.uk
Address: 15 Runwell Hall Farmhouse, Hoe Ln CM3 8DQ
Email: info@simplyadverse.co.uk
Contact: 01245-904-260
4. Norton Finance
Norton Finance is a well-established and reputable company that specialises in providing bad credit mortgages in the UK. With their extensive experience in the industry, they understand the unique financial challenges faced by those with less-than-perfect credit scores.
One of the key advantages of choosing Norton Finance for your mortgage needs is its wide range of lending options. They work with a panel of lenders who are willing to consider applications from borrowers with bad credit histories. This means that even if you have experienced financial difficulties in the past, Norton Finance may still be able to find a suitable mortgage solution for you.
Whether you’re looking to buy your first home or remortgage an existing property, Norton Finance has the expertise and resources to help you secure a bad credit mortgage that suits your needs. Contact them today to discuss how they can assist you in achieving your homeownership goals!
Website: www.nortonfinance.co.uk
Address: Norton House, Mansfield Road, Rotherham, South Yorkshire, S60 2DR
Contact: 0808-303-9816
5. Mortgage Base
Mortgage Base is a leading provider of bad credit mortgages in the UK. With their extensive network of lenders and brokers, they specialise in helping individuals with less-than-perfect credit scores secure mortgage financing.
One of the key advantages of Mortgage Base is its expertise in navigating the complex landscape of bad credit mortgages. They understand that each individual’s financial situation is unique and work closely with clients to tailor solutions that meet their specific needs.
Mortgage Base also offers competitive interest rates and flexible repayment terms. Whether you’re looking to purchase a new home or refinance an existing mortgage, they have options available for borrowers with bad credit.
Website: www.mortgagebase.co.uk
Address: 90 Carsick Hill Rd, Sheffield S10 3LX
Contact: 0345-266-5520
6. Green Mortgages
Green Mortgages are a unique option for individuals with bad credit who also want to make environmentally conscious choices. These mortgages are designed to incentivise and reward homeowners who invest in eco-friendly homes or make energy-efficient improvements.
By opting for a Green Mortgage, you get financial benefits and contribute towards sustainable living. The mortgage lender works closely with green builders, architects, and energy assessors to ensure that properties meet specific standards for efficiency and sustainability.
Website: www.greenmortgages.co.uk
Address: 25-27 Lower Bridge Street, Chester, Cheshire, CH1 1RS
Email: info@greenmortgages.co.uk
Contact: 01244-566-455
7. Allegro Mortgages
Allegro Mortgages is a renowned name in the UK mortgage market, offering specialised services for individuals with bad credit. With their extensive experience and expertise, they understand the challenges faced by borrowers with less-than-perfect credit scores.
One of the key advantages of choosing Allegro Mortgages is its wide network of lenders willing to work with borrowers with poor credit histories. They have access to various loan options, ensuring that you can find a suitable mortgage despite your financial difficulties.
Allegro Mortgages’ personalised approach to each client’s situation is what sets them apart. They take the time to assess your individual circumstances and tailor solutions that fit your needs. Their team of experts will guide you through every step of the process, providing support and advice along the way.
Website: www.allegromortgages.co.uk
Address: Suite 87, Milton Keynes Business Centre, Foxhunter Drive, Linford Wood, Milton Keynes, MK14 6GD
Contact: 01908-038-000
8. Mortgages by McAteer
Mortgages by McAteer is a reputable mortgage lender in the UK that specialises in helping individuals with bad credit secure home loans. Their extensive experience and understanding of the complexities surrounding bad credit mortgages have become a popular choice for those whom traditional lenders may have turned away.
One of the key advantages of Mortgages by McAteer is their personalised approach to each client. They take the time to evaluate individual circumstances and tailor their solutions accordingly. This means that even if you have a low credit score or a history of financial difficulties, they will work with you to find a mortgage option that suits your needs.
Mortgages by McAteer provides an excellent option for individuals in need of bad credit mortgages in the UK. With their personalised approach, transparent practices, and flexibility in lending criteria, they are dedicated to helping borrowers achieve homeownership despite past financial challenges.
Website: www.mortgagesbymcateer.co.uk
Address: 82a Lytham Road Fulwood Preston PR2 3AQ
Email: info@mbm.mortgage
Contact: 01772-419-321
9. Jamie Thompson Mortgages
Jamie Thompson Mortgages is a trusted name in the mortgage industry, especially for those with bad credit. Their extensive experience and expertise have helped countless individuals secure mortgages despite their less-than-perfect credit scores.
What sets Jamie Thompson Mortgages apart from other lenders is their personalised approach. They understand that each individual’s financial situation is unique, so they take the time to assess your circumstances and tailor a mortgage solution that works for you.
They have a wide range of options available, including fixed-rate mortgages, variable-rate mortgages, and buy-to-let mortgages. Whether you are a first-time buyer or looking to remortgage your existing property, Jamie Thompson Mortgages can help you find the best solution for your needs.
Website: www.jtmortgages.co.uk
Address: Jamie Thompson Mortgages, 3 Cherry Avenue, Manchester, M11 2LW
Email: jamie@jtmortgages.co.uk
Contact: 0161-7100-001
10. Priority Mortgages
Priority Mortgages is a reputable lender in the UK that specialises in providing mortgage options for individuals with bad credit. With their extensive experience and understanding of the challenges faced by those with less-than-perfect credit scores, Priority Mortgages offers tailored solutions to meet each client’s unique needs.
One of the key benefits of choosing Priority Mortgages is their flexible eligibility criteria. They consider factors beyond just your credit score, such as income stability and affordability. This means that even if you have a low credit score, you can still secure a mortgage through them.
Another advantage offered by Priority Mortgages is their personalised approach. They take the time to understand your financial situation and work closely with you to find a suitable mortgage option that fits your budget and requirements.
Website: www.prioritymortgages.co.uk
Address: Joseph House, 83-89 Blackburn Road, Bolton, BL1 8HF
Email: info@prioritymortgages.co.uk
Contact: 01204-917-058
Conclusion
In wrapping up our exploration of bad credit mortgages in the UK, it’s clear that there are options available for individuals with less-than-perfect credit. From Create Finance to Priority Mortgages, we’ve highlighted ten providers who specialise in helping those with bad credit secure a mortgage.
These lenders understand that life and financial challenges can arise, so they take a more holistic approach to assessing loan eligibility. It’s important to note that while these lenders offer solutions for those with bad credit, it doesn’t mean you should settle for subpar terms or exorbitant interest rates. It’s always wise to compare offers from multiple lenders and work with a reputable mortgage broker who can guide you through the process.
FAQ – Top 10 Bad Credit Mortgage Advisors in the UK
Can you get a mortgage with a 500 credit score UK?
Can you get a mortgage with a 500 credit score in the UK? The short answer is it’s not impossible, but it will certainly be challenging. Your credit score heavily influences your eligibility for a mortgage. Lenders use this number to assess your financial history and determine whether you are a high-risk borrower.
A credit score of 500 is considered poor, which means most traditional lenders may hesitate to approve your mortgage application. However, specialist lenders cater specifically to individuals with bad credit or low scores.
These specialist lenders understand that people make mistakes or face unforeseen circumstances that can impact their creditworthiness. They take into account other factors, such as income stability and employment history, when assessing loan applications.
How much do I need to earn to get a mortgage of 550 000 UK?
To secure a mortgage of £550,000 in the UK, your income will play a crucial role. Lenders typically have specific criteria regarding how much you need to earn to qualify for such a large loan.
It’s important to note that lenders generally apply an affordability assessment when determining whether you can afford the monthly repayments. They consider factors such as your income, regular expenses, and any outstanding debt.
On average, lenders tend to require borrowers to have an annual income of at least three times the mortgage amount. In this case, if you want a mortgage of £550,000, you may need an annual salary of around £150.000.
What is the best mortgage lender for bad credit UK?
When it comes to finding the best mortgage lender for bad credit in the UK, there are several options worth considering. Each lender has its own criteria and policies when it comes to lending to individuals with less-than-perfect credit scores. It’s essential to do your research and compare different lenders to find the one that best suits your needs.
One option is Create Finance, a specialist broker that helps people with bad credit secure mortgages. They have access to a wide range of lenders who are willing to work with borrowers with lower credit scores. Another option is Habito, an online mortgage broker that offers tailored advice and support for those with bad credit.
Green Mortgages focuses on sustainability but also provides options for those with impaired or non-standard credit profiles. They take into account individual circumstances rather than relying solely on traditional scoring methods.
Can over 60s get a mortgage?
One common question that comes up when discussing bad credit mortgages is whether individuals over the age of 60 can still qualify for a mortgage. The good news is that age doesn’t necessarily have to be a barrier to obtaining a mortgage, even if you have bad credit.
Many lenders are willing to provide mortgages to older borrowers as long as they meet certain criteria. These criteria may include having sufficient income and demonstrating the ability to make repayments comfortably throughout retirement. Lenders may also consider factors such as pension income, investment returns, and any other sources of income.
