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20th Oct 2019

Found your dream home, but have bad credit?

I have found my perfect home, however, I have bad credit. How can I get a mortgage?

Check out this recent question we received from one of our clients: I have found my dream home. I adore the property and my husband and can really picture our lives together in this house. We have got a deposit together, and we both earn good salaries. However, my husband and I both have poor credit, and we are really struggling to find a lender. Is there anyway I can get a mortgage?

Obviously, when applying for a mortgage it is important to have a good credit score, as lenders are more likely to lend to individuals with good credit than bad. Lenders will review your credit information, and make a decision on the level of credit you have had in the past and how you handled those credit arrangements. For example, if you have had a high level of borrowing previously, and paid the credit back within the agreed timescale, your score will be good.

As long as your payment history is good, having bad credit isn’t necessarily a bad thing. It shows that you can borrow and manage credit. If it is one blip that is causing a problem with your credit rating, this may be overlooked.

Whether or not you will receive a mortgage depends largely on how severe problems have previously been, taking into account factors such as when the problems occurred, and what the reasons behind the problem are.

The best advice would be to meet the issue head on by getting your credit score online and being upfront with the problem. Main steam lenders may reject your application, but there are always other more specialist lenders who may well give you a mortgage.

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