'Bad Credit' Mortgages - what are they?

Posted on January 22, 2020

One of the greatest obstacles to finding a mortgage can be something that can challenge anyone - bad credit.

It’s more difficult to get a mortgage with a poor credit rating as it may indicate that you’re unable to keep on top of your finances.

Having bad credit doesn't always mean you won't get a mortgage, but it can affect the options available to you.

That’s where we come in.

Whether you’re a first-time-buyer, a homeowner looking to move or re-mortgage, we offer a FREE service to help ‘tidy up’ your credit report and give you the best chance for mortgage approval.

At Mortgage Solutions Belfast we aren’t tied to a particular lender or bank, so our impartial advice will steer you in the right direction and find a mortgage that best suits your circumstances.

We specialise in bad credit mortgages because there are very few mortgage brokers in Belfast who are dedicated to offering advice in this area.

So, what do we do?

Firstly, believe it or not, there’s actually no such thing as a ‘bad credit mortgage’. Lenders simply assess your credit score when we apply for one of their mortgage deals. Therefore, you could still be able to get a mortgage if you have bad credit (or ‘adverse credit’, as it’s sometimes called).

Once we’ve established a detailed fact-find we can identify which lender is best for you.

Talking about personal finances can sometimes feel difficult or uncomfortable, particularly if you’re applying for a mortgage with a partner for the first time. But it's important to be honest with us about any issues upfront to avoid any surprises later on.

This will ensure we approach the most suitable lenders and provide the most suitable advice for your circumstances.

Having read your credit file, we will look for a lender that will consider you based on your credit history (as well as other factors such as income and employment status).

It’s also worth noting that some specific mortgages cater to those with a poor credit rating due to unfortunate circumstances, such as those who have suffered from serious illnesses, have become widowed or divorced.

At Mortgage Solutions Belfast we’re experts in specialist cases and know the best way to position your mortgage with the lender to maximise your chances of getting approved.

Send us an email, DM on our socials or simply call us on 02890 642000.

We make finding mortgages easy!