If you're looking for a mortgage, poor credit history can pose a challenge as lenders can refuse applications due to a low credit score.
We know this can be incredibly frustrating, especially as it can be down to a number of reasons, from something that happened in the past - taking out short term loans, minor defaults or late payments, to past applications for credit. Or it could even be due to a mistake on your credit file.
Whatever the reason for your lenders looking unfavourably at your credit history, it can ultimately make searching for a lender that will accept your circumstances difficult and time consuming. At Bournemouth Mortgages, we know how difficult it can be to navigate the mortgage market, especially when your low credit score is holding you back.
Don’t give up
It is still possible to get a mortgage with a low credit score, with lenders that cater specifically for this. And, we have access to specialist mortgage lenders that can help. Whether your application is accepted will depend on things like the amount of negative information on your file, and how long it's been registered for. It’s worth bearing in mind that more negative information could increase the cost of your monthly payments. Although lenders are more sympathetic to people who've faced illness, divorce, and other difficult life events.
Get your house in order
If you’re planning on applying for a mortgage, it’s important to start keeping your credit file clean and review your spending. So, avoiding bad credit ratings is essential to get that mortgage. make sure you don't get any more missed payments or other reasons for bad credit on your file. And, review your spending as lenders will check your outgoings. Keep your spending consistent and try to reduce costs where possible.
Call us for a review
We've helped many customers by first reviewing their credit file, advising on the steps to take to help ensure the application is accepted, and searching for the lender who will accept their personal circumstances. After this, we guide you through the options, do all the paperwork and submit the application on your behalf.
We don't want you to miss out on becoming a homeowner due to bad credit history. Get in touch and we'll search for a lender that will accept you, so you can make your property dream a reality.