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What is a Bad Credit Mortgage?

How do I get a Mortgage with Bad Credit?

Remortgage with Bad Credit

How Can Friends Capital Help with a Bad Credit Mortgage?

Bad Credit Mortgage

Many people believe that they can’t get a mortgage because they have a history of bad credit. Whilst it can be difficult, it’s not impossible if you have the right mortgage broker to help you.

Friends Capital have existing relationships with lenders of bad credit mortgages. We can help you find the best mortgage deal. We will review your personal circumstances and then search the entire market to ensure you get the best mortgage rates possible. We will then deal with all the paperwork, submit your mortgage application, liaise with your mortgage lender and solicitor, and ensure that your mortgage application is completed as quickly as possible. We can: 

  • Save you money on your mortgage deal 
  • Offer a free consultation 
  • Offer unbiased financial advice 
  • Save you time in your mortgage application 
  • Give you a dedicated account manager who is available to you through the process 

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What is a Bad Credit Mortgage?

A bad credit mortgage is for borrowers with adverse credit, a poor credit score or low credit rating. Specialist providers will provide loans to bad credit applicants, although the rates and payments offered might be higher than for customers with a clean credit rating. If you have enough income or a healthy deposit, it may be possible to find a competitive deal. A mortgage advisors, like us, can help you get the best possible mortgage deal.

How do I get a Mortgage with Bad Credit?

To secure a mortgage with bad credit, you first need to find a lender who specialises in customers with credit challenges. Once you have found your lender, the challenge is that it will be difficult to find the best mortgage deal possible as the interest rates are usually higher. The best way to improve your chances of securing a mortgage with bad credit is contacting a mortgage advisor who will find you the best possible rates available. Friends Capital has access to the entire market, meaning you will get the best possible mortgage deal.

Before applying for a bad credit mortgage it’s best to:

  • Check your credit score: Checking what you credit issues are will save time. You can check your credit score here.
  • Raise as much deposit as possible: It’s a good idea to raise as much extra deposit as you can as putting down extra can offset some of the risk involved in the deal.
  • Seek unbiased advice: If you contact an independent mortgage advisor, they will give honest and tailored advice on your situation. Most give free consultations, like Friends Capital do.
  • Avoid multiple searches: Making multiple applications online or approaching a mainstream bank for a bad credit loan comes with the risk of being turned away. And hard searches will affect your credit score.

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Remortgage with Bad Credit

Bad credit remortgages can be harder to arrange, and while you won’t typically be offered the same competitive rates as someone with a better credit score , this doesn’t mean that you should settle for less. We work with are adverse credit remortgage specialists and know all the providers who can consider bespoke deals for those who don’t fit even the most flexible of lender.

If outstanding debt is, or is one of, the challenges causing your bad credit, you can remortgage to consolidate your debts. If you meet certain criteria, there are lenders who will consider your application, even if you have bad credit. Lenders will require an explanation for the reasons an applicant has fallen into arrears in the past and these are questions that a good broker should be asking during the mortgage application stage. At Friends Capital we always look at the bigger picture and treat every customer sympathetically with regard to their credit past and their private reasons why they got into financial difficulties.

How Can Friends Capital Help with a Bad Credit Mortgage?

Friends Capital have existing relationships with lenders that welcome bad credit mortgages. We can search the entire market and get access to the best and most exclusive deals available. Then we will choose the deal that are most appropriate to your personal circumstance. We can:

  • Find you a lender that specialises in bad credit mortgages
  • Find you a deal appropriate to your personal circumstance
  • Offer unbiased financial advice
  • Give advice on what mortgage lenders will require, including giving you advice on an exit strategy for the mortgage end
  • Give you a no obligation mortgage quote
  • Deal with all the paper work, liaise with the lenders and solicitors. We will also make sure the application goes through as quickly as possible

Two Steps to Contacting Friends Capital 

Step 1 

Either call us, email us , book an appointment online or request a call back below.

Step 2 

One of our friendly advisors will either call you back within 24 hours (usually the same working day), or will take details from you in order to best deal with your situation. 

When you speak with us, we will take a ‘fact find’. At this stage we take basic details about your situation. We will then search the whole of the market and find you the best deal available. 

If you are happy with the deal that we offer, we will then contact the lender for you and get you what is called a ‘decision in principal’. 

If you’re happy with the decision in principal then we will secure this deal for you and deal with the application for you on your behalf. 

We aim to get the lowest mortgage rates on the market

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