What is Bad Credit? If a borrower has a history of poor credit usage then this may be described in the mortgage industry as Adverse Credit, Sub Prime or just simply, Bad Credit. Poor Credit history can include County Court Judgements (CCJ's), Bankruptcy, Mortgage arrears or any late payments on credit cards, credit arrangements etc.
What can you do? Whilst many high-street lenders will refuse your application for a mortgage if you suffer from adverse credit, there are many specialist lenders who focus on bad credit mortgages. Otherwise known as 'sub-prime' lenders, these lenders are your best chance of attaining a mortgage or a cheap loan and with access to the whole of market, our partner brokers may well be able to help you. Once we fully understand your circumstances and what you are looking to achieve, we will research the market and help you choose the most suitable remortgage or mortgage.
Having a bad credit history can present many problems when trying to get the best loans or applying for a remortgage/mortgage. However, you may still be able to get a mortgage/remortgage even if you have:
County Court Judgements (CCJ's) Arrears on existing loans Poor credit history Difficult personal circumstances A discharged bankruptcy An IVA Payment defaults Had a previous application turned down
Our partner mortgage brokers understand that everyone's situation is different and will always look for the most suitable mortgage for a given set of circumstances. If you cannot get a remortgage you may have to go for a secured loan. If you are a first time buyer you may have to look at a house for rent of flat to rent if property prices do not allow you to have a sufficient deposit.
