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BAD CREDIT

BAD CREDIT

What is bad credit?

Bad Credit or adverse credit, comes in all shapes and sizes, from missed loan or credit card payments to bankruptcy.

Usually, when a lender deems someone as having bad credit, it’s because they have a poor, or low, credit rating, either because they have no credit history, or because their credit report displays issues like late payments, defaults, CCJs, bankruptcy or debt relief orders. 

Can I get a mortgage with bad credit?

Yes, although bad credit can make some lenders feel hesitant about loaning large amounts if, at all to you, some niche lenders have criteria that are more open and accepting of applicants with poor credit or a low credit score. 

We help first-time buyers, next-time buyers, remortgagers, business owners and buy-to-let landlords weigh up the pros and cons of the options that we find for them so that when it comes to applying for a mortgage with bad credit, they feel confident that the lender they choose is going to approve them. 

What is a bad credit mortgage?

There isn’t necessarily a product called a bad credit mortgage but there are lenders more equipped and used to lending to people with poor or low credit history. 

Debt is more common than you might think and while having bad credit isn’t great if you’re hoping to get a mortgage, it’s not the be-all and end-all. Lots of lenders have mortgage criteria that allow for a less than perfect credit history or debt if it’s affordable in relation to your income. 

How are they different from other mortgages?

These types of mortgage agreements carry more risk to the lender who could lose money if you were to become unable to repay your mortgage. That’s why the lenders that accept bad credit can charge higher levels of interest. That can make your mortgage more expensive overall, which might not be ideal. 

Some people who take out mortgages with a higher interest rate do so with the aim of switching to a cheaper deal in the future with a remortgage, once their credit score and report has improved. 

Your home may be repossessed if you do not keep up repayments on your mortgage.

Debt is more common than you might think and while having bad credit isn’t great if you’re hoping to get a mortgage, it’s not the be-all and end-all. Lots of lenders have mortgage criteria that allow for a less than perfect credit history or debt if it’s affordable in relation to your income. 

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Lauren JonesLauren Jones
08:56 03 May 23
We have used Lucie to help us with our mortgage on 3 properties now...and she is wonderful! We wouldn't ever want to... use anyone else and we would recommend to anyone.She is incredible knowledgeable and goes above and beyond to make sure were getting the best possible options.Thankyou again Lucie!xxread more
leo nepomucenoleo nepomuceno
10:26 02 May 23
Thank you is not enough to describe how grateful we are to Lucie Hart for helping us to get our mortgage in our first... home. You’ve been so nice and very helpful through the entire process. CFS is highly recommended.read more
Tomasz NikielTomasz Nikiel
19:31 15 Mar 23
Peter and Ian have helped arranging mortgages for me for many years. I cannot recommend their services enough. They are... always there to answer all questions as soon as possible, professional and friendly, ready to help in any situation no matter how complex. I always receive sound advice and best product possible. Arranging a mortgage with CFS is quick and stress free, they are absolutely brilliant!Thank you!read more
Katie TaylorKatie Taylor
20:30 01 Mar 23
I cannot recommend Central Financial Services enough. Peter and Ian have advised my husband and I on our finances for... over 8 years and they never let us down. Ian is very efficient and highly experienced too. Peter is professional and personable. I have previously recommended Central Financial Services to family, as well as friends, who have all had the exact same, seamless, efficient and excellent service and results.read more
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