Can You Get a Mortgage With Bad Credit in Leeds?

Bad Credit Mortgage Advice in Leeds

Unsecured credit is a topic that should not be taken lightly. We regularly speak with customers who are in dire need of specialist mortgage advice in Leeds. Having things like missed payments, low credit scores, CCJs, and defaults, will have an impact on the maximum amount you can borrow for a mortgage.

If you have too many missed payments on something like a mobile phone contract, you may find yourself with a default attached to your credit file. If you are looking for a mortgage in the future, this can cause you trouble because it shows that you may be unreliable with payments.

That said, missing a couple of payments or defaults is not the end of the world. While talking to a specialist mortgage advisor in Leeds can help navigate the mortgage process, there may be some suitable choices for you.

If you have a lower deposit, your chances of being declined are more than likely. If you have a suitable size deposit though, even if you have bad credit, a mortgage may still be an option for you, but you could face high interest rates.

A specialist mortgage lender wants to know when and why your default was registered against you. The further away it is and depending on whether there is a good enough reason, the more likely you are to achieve mortgage success.

People do make mistakes and if it is a genuine, honest mistake that your default was issued, the mortgage lender may be a little more sympathetic during your application.

Bad Credit Mortgage FAQs 

We have compiled a list of frequently asked questions and answers in addition to bad credit mortgages.

If your questions or situation cannot be found below, feel free to book your free mortgage appointment and we will see how we can help. Our team can provide great mortgage advice in Leeds and have a lot of experience in dealing with complex mortgage situations and may have met something similar before.

What will my mortgage advisor in Leeds need to see? 

No matter what type of credit problems you have had in the past, your mortgage advisor in Leeds will need to see an up-to-date copy of your credit report, which you can typically obtain online for free.

You must get your credit report before applying for a mortgage, especially if you have a poor credit history. Multiple failed credit searches can affect your credit rating and potentially prevent you from getting a mortgage altogether.

I have a good income but bad credit, can I still get a mortgage? 

The answer to this question depends on your circumstances. We find that many clients can be quite confused by their credit score and need help understanding why it may be a problem.

To some customers, their credit score may not look the best, but in their eyes, they might have a good enough deposit to lower the rate and a consistent income. Even so, because of the risk, a mortgage lender may not like them to borrow anything at all.

The mortgage lender must have absolute certainty that you can keep up with your mortgage payments without the possibility of falling into arrears. If you do fall into arrears, the mortgage lender may need to repossess your home. Contrary to widespread belief, they will want to avoid this if they can.

While it may sound challenging, there are still options for bad credit mortgages, though we tend to find they come with higher rates. At this point, the most beneficial step is to book an appointment with an experienced mortgage broker in Leeds.

I’ve had mortgage problems before, will that stop me from getting a mortgage?

In many situations, you may struggle to keep afloat financially for reasons you cannot control. This can leave you unable to make mortgage payments you had no trouble paying.

Unfortunately, such circumstances happen. Even if it could only be a momentary blip, you can repay quickly enough, a missed payment may still appear on your record.

No matter what credit problems you face, you may face a challenge when it is time to remortgage, buy your first home, or move home.

Providing open and honest bad credit mortgage advice in Leeds, we have had a lot of experience in helping customers who were previously tied to a mortgage and have since found themselves with a bad credit history.

If you are in a comparable situation, it will be beneficial to talk to a mortgage broker in Leeds on your way to finding future mortgage success.

What other types of adverse obstacles are customers facing? 

Customers may face all kinds of bad credit issues, all of which can cause great grief during the mortgage process. Some of these issues include but are not limited to; 

• Missed Mortgage Payments 
• Credit Card or Loan Defaults
• County Court Judgement (CCJ’s) 
• Bankruptcy

Although none of these are particularly great circumstances, it is not necessarily the end of the road for you. With higher mortgage rates, you may have a longer, more challenging process, but there are specialist mortgage lenders who can help.

You need to focus on improving your credit score to increase your chances of mortgage success and access to better interest rates. We have a useful article that we have written on How to Improve Your Credit Score in Leeds, which will hopefully help you to obtain a mortgage in the future.

Get in Touch for Bad Credit Mortgage Advice in Leeds

If you need bad credit mortgage advice in Leeds, don’t hesitate to book your free mortgage appointment online and one of our mortgage advisors in Leeds will see how they can help.

We have over 20 years of mortgage knowledge and experience on our side, working hard to make sure that we have a definite plan of action regarding your credit score, ahead of your mortgage process. We hope that the eventual outcome has you with your mortgage. 

Date Last Edited: April 15, 2024