Bad Credit
Mortgage

Yes, you absolutely can! However with a lower credit score you may find that there are less options and lenders to choose from. It’s best to speak to a bad credit mortgage broker who will be able to find you a suitable deal.

It is very similar to a standard mortgage except the interest rates will be higher and the lender may ask for a higher deposit.

Generally with a lower credit score you will have a lower borrowing limit and higher deposit.

You can check your credit score in various ways, including Experian, Check My File and ClearScore. Some require a fee or paid for subscription, whilst others are free. Many online banking services are now also incorporating credit score monitoring.

All lenders will process at least a Soft Credit Search of your Credit Reports at the Agreement in Principle stage. Lenders will then typically process a Hard Credit Search of your Credit Reports at the Full Mortgage Application stage. Credit reference agencies are legally allowed to divulge your credit information to banks during the mortgage application process.

You may still be able to access market-leading interest rates with Bad Credit. It depends on how significant the Bad Credit is on your Credit Report. For example, there are some high street lenders (who tend to offer the most competitive mortgage products) that may consider one late payment registered over 3 years ago. If your Credit Report is still acceptable to those high street lenders, you may be able to access the same products as applicants with an Excellent Credit Report. However, if your Credit Report has significant Bad Credit, such as many recent mortgage arrears, defaults, etc, it is unlikely that you will be able to access competitive interest rates offered by high street lenders. It is likely that you will need to discuss your case with a whole-of-market broker, like Boon Brokers, who can source most suitable Adverse lender for your situation.