Logo-Hero-2.png

The go to specialists for Bad Credit Mortgages

Have you been turned down from your bank or another mortgage adviser due to an imperfect credit history?

My Mortgage Finder can help if you’ve had some or all the following:

Missed or late payments

Defaults

Involuntary arrangements

Low credit scores

County Court Judgements

Repossessions

Payday loans

Debt management plans

Bankruptcies

trustpilot-logo-stars.png

How it works

Three simple steps to getting an Agreement in Principle  

1. Complete our quick form...

Fill in your contact details here and let us know how we can help. One of our specialist advisers will give you a call back straight back or at a time that works for you.

 

Prefer to speak to us straight away?

 

That’s fine too, call now and we’ll put you through to someone right away.

2. Speak to someone who knows what they’re talking about...

One of our specialist advisers will give you a call straight back or at a time that works for you.

 

After a quick chat they’ll search the market and speak to their contacts to secure the best solution for you.

3. Find out your options...

Once your dedicated adviser has found the best solution and with your permission they’ll apply for an Agreement in Principle on your behalf.

It’s all go from there, as the next steps will be looking for your new home or applying for a formal mortgage offer.

Why is it so important to speak to someone who specialises in “Bad Credit Mortgages”?

You may be surprised at just how easy it can be to get a “Bad Credit Mortgage” when you speak to a specialist adviser.

My Mortgage Finder have specialist mortgage advisers who are able to identify all incidents of “Bad Credit” and have strong relationships with lenders who are comfortable undertaking a mortgage in these circumstances.

Image by NeONBRAND

With thousands of mortgage products available to cater for different needs and buyers it is easy to see why many mortgage advisers choose to specialise in niche areas.

 

Many of these mortgage advisers decide to specialise in “mainstream lending” which means they only deal with very straightforward, non-complex cases.

Romantic Couple

Where some of these mortgage advisers may attempt to help and have the best intentions, we have seen that in the past that this can do more harm than good.

 

Many of our existing clients and now happy homeowners approached us having being told they would “have to wait years” before they could get a mortgage or that “no lenders would consider them right now” due to their bad credit.

 

Luckily these clients didn’t give up faith and we successfully secured them their home after the initial disappointment they experienced elsewhere.

What is a “Bad Credit Mortgage”?

A “Bad Credit Mortgage” is a general term for any mortgage that will allow some incidents of “Bad Credit”. This could be something as small as a late payment on a credit card or something as severe as a Bankruptcy.

The general rule with any “Bad Credit Mortgage” is the longer ago it happened, the higher your chance of success and the more likely you’ll be to be accepted on a lower interest rate.

As a “Bad Credit Mortgage” is a general term you may be surprised to know these can, on occasions be accepted through typical high street lenders on an exception basis. An expert adviser who specialises in this area will be able to identify if this is an option for you and speak to their contacts on your behalf to achieve this.

Image by Christin Hume

Getting a mortgage with “Bad Credit” for your new home

Speak to someone who knows what they’re talking about

Getting a mortgage with “Bad Credit” is similar in many ways to getting a mortgage without “Bad Credit”. One of the key differences is that you’ll need to an speak adviser who specialises in “Bad Credit Mortgages”.

If you’d like to read more about, why is it so important to speak to someone who specialises in Bad Credit Mortgages you can read about this in our dedicated section on this page.

One of the key differences is that you’ll need to an speak adviser who specialises in “Bad Credit Mortgages”. Read why

During a short conversation a specialist “whole of market adviser” will be able to advise you on:

  • Your likelihood of qualifying for a “Bad Credit Mortgage”
     

  • How much a lender may be prepared to lend to you and how much deposit you may need to put down
     

  • Potential costs and interest rates you may expect to pay

Getting an Agreement in Principle and finding your new home

After your initial chat your adviser will get to work searching the market for the most appropriate mortgage solution. This will normally be based on the lowest available interest rate with the lowest associated costs. Once this has been identified your adviser will apply for an “Agreement in Principle” on your behalf, this will:

  • Provide you with a certificate confirming you have passed the initial checks and meet the declared criteria of that particular bank or building society  
     

  • Provide a specific amount the bank or building society is prepared to lend to you
     

  • Allow you to start viewing properties and make an offer once you’ve found your new home

Starting the mortgage application process

Once you’ve had an offer accepted on your new home it’s time to start the formal mortgage application, this will need to be approved by an Underwriter who works for the bank or building society. Dependent on the type of “Bad Credit Mortgage” you’ve applied for there can be more supporting information and documents to provide during the application stage than there would be during a more “mainstream” mortgage application.

Your specialist adviser will make the application on your behalf.  Common things to expect during the mortgage application will be request for:

  • Documentation to prove any type of income you may be in receipt of

  • Proof of your deposit and how this has been accrued

  • Personal and or business bank statements 

  • Questions around your personal circumstances including income and expenditure

  • Explanations to any incidents of “Bad Credit”

Once your mortgage application has been accepted and a satisfactory valuation of your future property has been carried out your mortgage offer will be issued. A copy will be sent to your appointed conveyancer who will be responsible for arranging the completion of the mortgage and finalising the purchase of the property.

How much does a “Bad Credit Mortgage” cost?

Many of our happy clients have been surprised at just how little a “Bad Credit Mortgage” can cost.

Yes, interest rates are usually higher on a “Bad Credit Mortgage” than they are on a “Mainstream Mortgage”. This is because the lender would normally view their money to be at more risk if there has been a history of “Bad Credit” on a mortgage application.

That being said, with the contacts and lenders that our specialist advisers have at their disposal costs can be dramatically reduced by approaching the lenders who offer the best rates and products available in these circumstances.

Parents and Daughter

Other costs you can expect to pay for when applying for a “Bad Credit Mortgage” are:

  • Advise fees 
    An advice fee is something that a mortgage adviser charges for the advice they give. For a “Bad Credit Mortgage” application our specialist advisers will normally have to charge you a fee, due to the high complexity of the case. This will always be disclosed upfront before any fee is charged and our initial conversations are completely free.

  • Lender arrangement fee
    A lender arrangement fee, sometimes known as a product fee or completion fee is something that a lender sometimes charges for arranging the mortgage. This fee is normally only payable if the mortgage completes and can usually be added onto the mortgage. This is common in both “mainstream” and “bad credit” mortgages.

  • Valuation fees
    A valuation fee is a fee that a lender can charge for arranging a valuation of the proposed mortgaged property. A basic valuation is something that is a mandatory requirement of every mortgage application. Sometimes a lender will include a free basic valuation as part of the mortgage application, this is more common in a “mainstream mortgage”.

  • Application fees
    A valuation fee is a fee that a lender can charge for arranging a valuation of the proposed mortgaged property. A basic valuation is something that is a mandatory requirement of every mortgage application. Sometimes a lender will include a free basic valuation as part of the mortgage application, this is more common in a “mainstream mortgage”.

  • CHAPS fees
    A valuation fee is a fee that a lender can charge for arranging a valuation of the proposed mortgaged property. A basic valuation is something that is a mandatory requirement of every mortgage application. Sometimes a lender will include a free basic valuation as part of the mortgage application, this is more common in a “mainstream mortgage”.

Logo-Hero-2.png