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Mortgages For Bad Credit Applicants

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Mortgage360 are here to help you make the right choice.

Here at Mortgage360 we pride ourselves on offering tailored advice, coupled with great service. We are mortgage experts, so you can rest assured that you are in safe hands when searching for your new mortgage, whatever your situation may be.

Key Benefits

We are committed to guiding you through one of life's most significant financial decisions.

When it comes to securing the right mortgage, our expert team is here to ensure that you make informed choices tailored to your unique needs.

We can put together a package including insurance services to match your individual requirements.
We’ll work with you to improve your credit rating.
We’ll use our knowledge of the mortgage market to access appropriate lenders.

Owning your own home is an aspiration for most people, but if you have a poor credit history, it may seem to be a dream which will never become a reality. So exactly what is meant by bad credit? It means you have issues on your credit file, and may therefore be viewed by lenders as a greater risk.

A low credit score is usually seen as bad credit, and you can have a bad credit history for many different reasons:-

  • Credit cards or loans in arrears, with late or missed payments
  • Missed mortgage or rent payments
  • County Court Judgements or Defaults
  • Bankruptcy
  • Use of Payday loans
  • IVAs (Individual Voluntary Arrangements)
  • Debt Management Plan (DMPs)

At Mortgage360, our specialist team can help. Different lenders assess suitability based on different factors. We can help you work to improve your credit history, alongside applying our detailed knowledge of the market for bad credit mortgages to help you secure the right loan with the appropriate lender.

What is a bad credit mortgage and/or mortgage broker?

Don’t lose hope! Although mainstream lenders are often less flexible in their approach when outlining their criteria for acceptance for people with a poor credit rating, enlisting the help of a mortgage advisor with the knowledge and expertise to access other lenders who will be more sympathetic to your situation will help.

At Mortgage360, our specialist bad credit mortgage brokers will provide advice on how to take simple steps to improve your poor credit rating. We’ll take the time to listen and understand your individual situation. We’ll use our in-depth knowledge of the market to find the right lender for you, and we’ll work with you to complete the necessary paperwork to optimise your application.

  • There are a number of implications for people with bad credit when seeking to secure a mortgage.
  • You will probably be expected to put down a bigger deposit
  • The deal you secure may be less competitive, with higher interest rates
  • It’s important to accept that you may be turned down completely, dependent on your credit record

If you’ve been declined by your bank and the high street lenders for adverse credit reasons, talk to Mortgage360. We have good relationships with specialist lenders and will always give honest and practical advice to help you move forward.

How can Mortgage 360 help you

We pride ourselves on giving honest and practical information. Our specialist team has experience in securing bad credit mortgages, with access to more specialist lenders who will be sympathetic to your application, with the right professional support.

We’ll be with you every step of the way, advising you on how to improve your personal circumstances so you’re viewed in a better light, as well as working with you to complete the necessary paperwork to your advantage. Overcoming a bad credit score and building an improved credit record does take time, but we can also advise on some simple steps which will make an immediate difference.

  • Make sure you’re on the electoral roll. You are required by law to register to vote, and the electoral roll is accessed by credit reference agencies
  • Make sure your name is on at least some of your household bills, and ensure these are paid on time
  • Pay your credit card bills on time, even if it’s just the minimum amount, and try not to withdraw cash using your credit card or use payday lenders
  • Don’t make frequent credit applications, these will impact on your credit report

Remember that after six years, most adverse credit items disappear from your credit report – even CCJs and debt management plans. Closing past and dormant accounts may help your record. Many mortgage products for people with bad credit are only available through specialist mortgage brokers and advisers. Talk to us honestly and we can be clear about your situation to the lenders when we’re making an application on your behalf.

At Mortgage360, we stay in touch. We will review your situation and advise if, after time, we could move you to a more mainstream product with cheaper interest rates.

The Mortgage360 process

Mortgage360 offers friendly, impartial and professional advice, with no obligation. We avoid the jargon and provide you with relevant, straightforward and honest advice, based on your individual situation and preferences.

We listen – total transparency is vital! We’ll provide you with a completely bespoke service, advising you on the most relevant products for you. We can also devise a portfolio of accompanying products such as life and income protection insurance, based on your budget and your family circumstances. We work remotely, providing our services to clients right across the UK.

Step One – We get to know you. We listen to what you need, so we can recommend the right products

Step Two – We build a profile of your needs, and then we search our panel of lenders to find the right products to match your requirements

Step Three – We worry about the paperwork – we go through everything in detail with you, then once you are completely happy with everything, we make the arrangements for you

A brief intro to the team

Our service doesn’t end there. We keep in touch, checking the products you have to continue to meet your needs as your personal and financial situation changes with time. If you would like a no-obligation chat to discuss your personal requirements, contact Mortgage360 today.

FAQ’s

– What is a bad credit mortgage?

Bad credit or adverse credit mortgages work just like any other mortgage in practice, except they may be more difficult to secure, will come with higher interest rates and deposit requirements as well as lower limits on how much you can borrow and even higher arrangement fees.

– How much deposit do I need for a bad credit mortgage?

You will be viewed as a higher risk by the mortgage lenders when applying for a bad credit mortgage, so you may have to provide a larger deposit in the region of 20-25% rather than the usual 5-10%, depending on how bad your credit profile is, or has been in the past.

– Which lenders offer bad credit mortgages?

This will depend on your personal circumstances. A bad credit mortgage broker will advise accordingly.

– What if I am a first time buyer with bad credit?

The same rules apply. Bad credit mortgage lenders will look at why you have bad credit, when it happened and how you resolved the issues. As an example, missed or late payments won’t be viewed in the same light as a more serious issue like a CCJ. Our mortgage specialists can advise.

– How about self employed people with bad credit?

It’s a challenge to get a mortgage with adverse credit, but not impossible, and the right bad credit mortgage broker can help, guiding you and advising on your application. Contact Mortgage360 for a no-obligation chat.

Mortgages For Bad Credit Applicants

Here at Mortgage360, we can provide expert advice on all your mortgage and insurance needs.

Whether you’re ready to get started on your journey now, or you’d just like a no obligation consultation, we’d love to hear from you…

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Reviews

See what our clients are saying....

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Pippa Lister
April 11, 2024

Gavin at Mortgage 360 was superb throughout. He responded quickly to any questions or queries we had, worked round our busy work life with evening zoom meetings and kept us regularly updated. He made the whole process straightforward and clear. Thank you Gavin

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M Wick
April 10, 2024

Matt at Mortgage360 is an amazing broker. He was always on hand to lend support and offer calm and well explained help. As a first time buyer, his help was always appreciated and the service which they offer is top notch. I could not recommend mortgage360 highly enough

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Stormin' F
March 13, 2024

I cannot recommend Gavin more highly for his invaluable and trustworthy expert support in navigating through the mortgage process. I have used Gavin’s services several times over the years and he had always gone above and beyond the call - thanks Gavin.

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Ash Gibbs
March 9, 2024

Gavin has helped us to no end. Brilliant service and he was willing to go the extra mile to ensure we got the very best deal.

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Ross McWilliams
February 22, 2024

Our experience using Mortgage360 has been absolutely brilliant. Matt has been there for us and supported with our mortgage application every step of the way, with an excellent outcome. Thank you for everything - you’re a star!

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Jonathan Bush
February 16, 2024

Gavin arranged my Mortgage for my first home and i couldn't have been happier with the service received, explained things in great detail and communicated efficiently. I would recommend Mortgage360 to anyone in need of mortgage advice and I will be definitely using them in the future.

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Nigel Porritt
February 15, 2024

I contacted Mortgage360 I was looking for help with the purchase of my first home. They were great at explaining all of my options, taking time to ensure I understood everything fully and constantly provided updates throughout the whole process. I couldn’t have asked for a better service and would highly recommend them. Thanks Gavin and Matt!

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Richard Espin-Bradley
February 9, 2024

Matt Illingworth was superb! Readily available on the phone, or always called back within a short space of time. Made plenty of time to discuss our needs and never tried to hurry us into making decisions. His advice was clear and helpful.

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James Hall
February 9, 2024

Gavin at mortgage360 has been outstanding, gives incredibly in depth information about all things mortgage related. Has helped us secure a mortgage at a better rate than we could have got ourselves, saving us lots of money. He made the whole process as stress free as possible and provided all templates for files we needed to send and always got back to our queries within a couple of hours at maximum. If I could give more than 5 stars I would. Keep it up Gavin!

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
MOST BUY-TO-LET MORTGAGES ARE NOT REGULATED BY THE FINANCIAL CONDUCT AUTHORITY.

There may be a fee for arranging a mortgage. The precise amount will depend upon your circumstances, however we estimate this to be between £200 and £600.