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Bad Credit Mortgages

Mortgage Options For People With Bad Credit

Think bad credit means you can’t get a mortgage? Think again. With the right financial advice, you can explore more flexible mortgage options and get your credit score back on track.

Understanding your mortgage options can be difficult, especially when you have bad credit. By reading our expert guides, we hope that you can feel more confident about your options and reach out to the specialist mortgage professionals to get the ball rolling.

Posted On: February 2, 2023
Updated On: February 8, 2023

Can You Get a Shared Ownership Mortgage With Bad Credit?

Here’s the thing. A poor credit score doesn’t have to mean closed doors when it comes to getting on the property ladder. You just need to have the right advice and seek assistance from a specialist lender.

You can get a shared ownership mortgage with bad credit. But you may have limited options. If your score is very poor, you may struggle to get a loan. But your score doesn’t completely define your chances. Neither does it hinder your chances indefinitely.

For starters, defaults will only show for up to six years. Any adverse-credit factors that are older than six years won’t be included in your report.

There are also other factors that a lender will look at.

What can I do to boost my chances of securing a mortgage?

The important action is to know your credit score, understand the problem areas and get advice from a specialist mortgage broker.

Specialist lenders may be more likely to consider you than a regular lender. This is because they work with more flexible lending criteria. You may need to pay a higher interest rate, put down a bigger deposit or get a guarantor.

Is shared ownership a good mortgage option if I have poor credit?

Shared ownership is specifically designed for first-time buyers who can’t afford to put a mortgage on the full value of the property. Instead, you can rent a portion. This lowers the value of the property from a mortgage point of view, helping to make it more affordable.

As with any mortgage, there are specific lending criteria. Your combined household should earn less than £80,000 a year (£90,000 in London).

Got a question?

Speak to the team at Agentis today. We’re adverse credit mortgage specialists who can help with a wide range of mortgage products. Contact us to arrange your free initial consultation today.