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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 6, 2023
Updated On: February 8, 2023

How to Get a Small Mortgage Loan With Bad Credit

You may wonder if it’s possible to get a small mortgage if you have bad credit. In this guide, we’re taking a look at the best approach you can take to maximise your chances of securing a small loan with adverse credit.

What is a small mortgage?

A small mortgage is, generally speaking, a mortgage between £25,000 – £50,000. With a specialist small mortgage lender, clients can take out a mortgage even smaller than this. Mortgages as low as £10,000 will be considered by certain lenders.

If you only need a small amount, you can reduce your interest payable by taking out the money over a shorter term. Mortgage terms for lower amounts usually range from 25 years right down to five years. The latter period could help keep your mortgage and interest small.

The minimum amount may depend on the type of mortgage you’re looking to acquire. A specialist mortgage broker will be able to offer advice.

How will adverse credit affect your chances?

The higher your deposit, the better your chances are of securing a mortgage with bad credit. If you have enough savings to put down a large deposit and the property you want to buy isn’t expensive, a small mortgage may be a suitable option. A small mortgage decreases your loan-to-value ratio, making you less of a risk to lenders.

To get a small mortgage with bad credit, your best option is to speak to a specialist Whole of Market broker. They will be able to objectively review your circumstances and discuss your options. You may have to pay more interest, so it could also be worth reviewing other borrowing or money-making options if this would mean you save in the long-term.

Contact our bad credit mortgage experts at Agentis today. Book your free initial consultation with us. We provide flexible appointments, including evening and weekend availability.