We’ve helped hundreds of customers who have had a bad credit rating or have previously had payment problems such as missed mortgage payments, defaults on credit cards & loans, CCJ's, and customers who have been bankrupt. We are a specialist bad credit mortgage broker based in the UK who has years of experience in dealing with customers who have had bad credit problems.
We have bad credit mortgage advisers available who can advise on how to get a mortgage with bad credit whatever your circumstances, whether you are a first-time buyer looking for a first-time buyer bad credit mortgage or whether you are looking for a bad credit remortgage.
Bad Credit Mortgages are complicated and are a minefield that's why you are in the right place. We are a specialist bad credit mortgage broker who has an array of bad credit mortgage advisers available. Bad credit mortgage lenders like customers who have a large deposit and good income, although this would depend on the severity of the bad credit, you could have a good income and a large deposit however, you could also have multiple defaults and CCJ's and been bankrupt which would make it harder but not impossible.
There are different grades of income when considering bad credit mortgages first of all you could look at a customer who is looking for a bad credit mortgage who has five times their income, this would be hard enough without any bad credit however there are different types of bad credit if you have light bad credit so for example, one or two historic defaults which are satisfied with low balances which are more than three years old then you could probably get a bad credit mortgage at four and half times income, I would expect 15% to 20% deposit in this case, in today's current climate I feel this would be the maximum you could achieve. If your credit rating was worse than this for example perhaps defaults and CCJ's not satisfied, recent credit issues, and larger balances then this could cause a problem especially if you have a low deposit or a high loan to value although this isn't impossible, however the lenders would be stricter on affordability taking this into account you would potentially be looking at three to four times your income depending on your circumstances.
Some lenders when considering bad credit mortgages when you have a good income will look at affordability rather than an income ratio and in these instances, this can be really helpful these lenders tend to have a higher interest rate, however they are able to look at your situation with a bespoke approach. As a bad credit mortgage broker, we will access your situation and recommend a bad credit mortgage lender based on your circumstances and needs.
If you feel this has been helpful, please feel free to call one of our bad credit mortgage advisers who will be available to help you.
Our advisors are available 9am-8pm Mon-Fri and Saturday 9am-3pm and ready to source offers at speed
Our team will provide quality advice based on your personal circumstances, finding a specific product suited to you.
We’ve no tie-ins with certain lenders. As we’re fully independent and unbiased our focus is solely on finding the best option for you.
There's no obligation on the deals we find and we won’t ask for any payment until your mortgage deal is complete
Our team of specialists will guide you through the process of securing a mortgage, buying a home or taking out a loan – finding the very best deals for you and your family.
Here at MortgageKey, our industry experts take the time to compare and search through thousands of deals from leading bad credit mortgage providers.
Even if you have a poor credit history and have been rejected in the past, our team will find a deal for you.
You can judged to have bad credit for many reasons – it can even be just because you do not have a credit history at all!
A history of late or missed payments on bills or other mortgages can also lead to bad credit ratings, as can county court judgements (CCJs) or being declared bankrupt.
Such factors were previously seen as flaws and you would be refused a mortgage outright. However, lenders are now more open to assessing each case before making a decision and at MortgageKey we have a brilliant track record of finding lenders in these circumstances.
Bad credit mortgages are much like a standard mortgage. The only real difference is that they are designed for anybody with a previous poor credit history, or those who have found it difficult to get approved for a mortgage in the past. One of the best things about bad credit mortgages are the variety in which they come. Selecting from fixed rate, variable rate or discounted rates. Rates are adapted according to each individual circumstance and a deal is then packaged to suit.
A quick solution would be to pay off your debts by increasing the minimum payment or paying a lump sum. This demonstrates positive behaviour to prospective lenders.
Consolidating your debts into one manageable monthly payment, as part of the Bad Credit Mortgage agreement is another option, and one we have helped many people do at MortgageKey, bringing more financial stability to their lives.
Representative Example : A mortgage of £150,000 payable over 17 years, initially on a fixed rate of 4.14% for 24 months and then a variable rate of 4.60% for the remaining term, would require 24 payments of £1025.36 per month and then 180 payments of £1057.48 per month. The total amount payable would be £216,907.04. Includes Lender Fee of £999 and Broker fee of £695.
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