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How to use a Bad Credit Mortgage broker

If you have a poor credit history and want to get a mortgage then a broker who specialises in mortgages for people with bad credit could be the solution. Bad credit mortgage brokers are experts in their field. They can help you find a lender that is willing to work with someone with a patchy financial past.

What does a bad credit mortgage broker do?

Using a broker means you don't have to go through the process on your own – and can help you gain access to niche lenders. They can also provide advice on how to repair your poor credit score and get back in good financial standing.

Help to improve your credit score

Find the right broker for you and they can also offer a more holistic service, helping you understand and improve your low credit score, so that you can be eligible for better terms on future loans.

Dealing with any kind of money difficulties can be daunting, so having an expert on hand is the perfect solution if you're looking for a way to get back in good financial standing without having to go through the process alone.

Explore all your options

Your broker should look at all of the different adverse credit mortgage options available to you, evaluating each one individually and helping you choose the best for your situation. With their experience, they can save you time, money, and stress by finding the right loan product for your needs.

Explain every little detail

A broker with specific experience of securing bad credit mortgages will be knowledgeable about the various types of loans available, so they can help you understand all of the terms and conditions that come along with a bad credit mortgage. They can provide guidance on which loan product will be best for you and ensure that you get the best terms and interest rate available.

How much does it cost to use a broker?

Bad credit mortgage brokers normally have a fee structure associated with their services, though the exact cost can vary depending on the broker and your particular situation.

Flat fee or percentage rate?

Some may charge a flat fee, others a percentage. Some won’t charge you at all but will instead work on a commission from the lender. Before you enter into any kind of agreement, it’s important to make sure you fully understand the costs involved and are happy you’re getting the best deal for you.

Save time and minimise stress

If you’re wary about spending money on a broker, remember that they should be able to save you not just significant amounts of money over the lifetime of your loan, but also considerable time and stress, making them an invaluable resource when it comes to minimising your chances of having your mortgage application declined.

What lenders do bad credit mortgage brokers use?

Brokers who have a good range of experience in securing mortgages for people with previous financial problems are typically familiar with a variety of different lenders and their offerings.

Existing relationships

Brokers can be very specific about who they approach depending on the severity of your issues. For example, there will likely be lenders who will be open to an application from someone with minor defaults but nothing more serious, while other specialist lenders will be open to mortgages with CCJs or even mortgages after bankruptcy.

Niche lenders

Bad credit mortgage brokers have access to niche lenders who have a higher tolerance for risk and therefore are often willing to work with someone with poor credit. These lenders aren’t your typical high street banks and are likely to be hard to find on your own, making a broker’s help really invaluable.

Unique products

By working with a specialist broker, you can be sure that you are making an informed decision and getting the best deal possible. Brokers have the knowledge and resources needed to find you just the right loan product, with terms and an interest rate that are fair.

Will a bad credit broker do a credit check?

It’s important for your broker to have as full a picture as possible of your credit history so that they can give you the best advice - and the highest chance of having your mortgage application accepted.

Access your own Credit Report

The simplest way to do this is for you to get up to date copies of your credit reports from several credit referencing agencies and to share the full details of these with your broker. Accessing information about your own credit does not impact your credit file or score in anyway, so this is the best way for your broker to get the information they need.

Be honest, not embarrassed

Although you might feel embarrassed or ashamed about some aspects of your financial history, it’s important to remember that your mortgage broker is not there to judge, they simply need an accurate a picture of your circumstances in order to find the loan and the lender that’s right for you.

If my mortgage is declined, do I need a specialist broker?

Trying to get a mortgage after you’ve already had an application declined can be tricky, as the credit searches carried out during your original application can have a further negative impact on your credit score.

Rather than simply repeating the process and ending up having your mortgage application declined again, using a broker who specialises in bad credit mortgages is a really good idea.

Find out why you’ve been turned down

A broker will be able to go through your credit history with you and help you understand:

  • Why you were turned down
  • What you can do to address any issues
  • Realistic next steps to take
  • What lenders to approach in future

They’ll also have access to niche lenders who are willing to take a risk on applicants with poor credit histories. These are often the sort of lenders you wouldn’t be able to find on your own.

Your broker will understand that everyone's situation is unique and aim to provide unbiased advice and impartial guidance, supporting you to make sure that you get the best deal possible.

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