Specialist advice for people with bad credit.
Having a history of poor credit can stand in the way of many things, it doesnt have to get in the way of your dreams of home ownership.
The Mortgage Bubble work with specilist lenders, who can lend to people with a less than perfect credit file.
If you have experienced a CCJ, defaults, late payment history or even bankruptcy all is not lost. We can have potential options for you.
We can help with...
County Court Judgement (CCJ)
Low Credit Score
A Debt Management Plan
Bad Credit Mortgage FAQs
A bad credit mortgage is a mortgage from a specialist lender provided to a borower with bad credit from either a CCJ, deafult, late payment history, IVA or bankruptcy. In comparison to ‘high street’ lenders, mortgages from specialist lenders usually come with a higher rate of interest however these lenders can have a greater deal of flexibility than ‘high tsreet banks and building societies’.
Bad credit can be caused in a few different ways. Credit commitments can come in the form of an outstanding balance on a credit card or a personal loan. A utility bill for your electricity or gas can also contribute to a credit commitment. Not paying these commitments can cause a late payment history and then lead to defaults being on your credit file. This can also then lead to county court judgements (CCJ) being issued.
Your credit file is where the data of any defaults, missed payments CCJ’s etc is collected and this is where potential lenders will look when assessing your application.
As a starting point, you should assess all the issues in your credit history. Once you know what specific issues are getting in the way of your application, you can work on correcting them. This process may take some time, but trust us, it’s worth it.
Register on the Electoral Roll
When registering to vote, you have to provide proof of your current address. Having a fixed location will make you a more reliable option in the eyes of potential lenders.
This can be done even if you are currently living in shared accommodation or at home with your parents. All that is really required is a place where the mortgage lender will be able to reliably contact you.
Pay Bills on Time
To improve your credit report, you must keep up to date with bill payment deadlines. If a lender assesses your finances and sees that you are regularly missing deadlines on everyday payments such as energy, internet and phone bills, they are significantly less likely to consider you for a mortgage application.
Repay Outstanding Debt
You can’t prove to lenders that you are a responsible and reliable borrower if you have outstanding debt. Any lender will be reluctant to accept a mortgage application from someone they believe can’t handle the repayments.
Save Up a Larger Deposit
Low-deposit mortgages have a much stricter acceptance rate, and with a poor financial record, your chances of approval will decrease even further. But if you save up for a deposit of around 20–30%, you will have a far lower loan-to-value ratio and dramatically improve the chances of your mortgage application being accepted.
Other strategies could be getting a credit card and spending and clearing the balance each month. This demonstrates to lenders that you are proficient when it comes to managing your money. You should also keep your bank account address up to date to improve your overall profile and update your address and contact information with your credit reference provider.
There are three main credit reference agencies that operate in the UK; Experian, Equifax, and TransUnion. Each one operates at a slightly different scoring scale, so you can check to see where yours falls below:
Very Poor: 0 to 560
Poor: 561 to 720
Fair: 721 to 880
Good: 881 to 960
Excellent: 961 to 999
Poor: 0 to 438
Fair: 439 to 530
Good: 531 to 670
Very good: 671 to 810
Excellent: 811 to 1000
Very poor: 0 to 550
Poor: 551 to 565
Fair: 566 to 603
Good: 604 to 627
Excellent: 628 to 710
We get results.
Have used Joe at The Mortage Bubble for the last 4 years. Joe set up our initial mortage and is now arranging our second remortage! Excellent service, very friendly and makes it such an easy process! We couldn’t be happier and can see why they are Basingstoke’s best mortgage advisors.Naomi,
Joe has been absolutely brilliant with us when it’s come to us re-mortgaging. We were both incredibly nervous with the rates on the rise but Joe showed us all our options and has made the process very smooth! Would recommend The Mortgage Bubble to anyone! Basingstoke’s best mortgage brokers.
Joe has helped us from day one of our property journey, 5 years later he is still assisting us in understanding out mortgage options. It is such a big thing when looking at the minefield of mortgages and borrowing options but Joe thinks of all options and guides you through the process. Great service, quick response time and just overall best service.
Joe has been a huge help for buying my first home! He has been super friendly and given loads of information and support on the general process of buying a house as well as facilitating my mortgage. He gave useful insights and guidance to me as I had no idea what I was looking for and was someone I could really trust. He has been a huge help throughout the process and was always available to call or drop him a quick message on any questions I had. Sorting the mortgage was super simple and quick once I got his help and everything became a lot less confusing! Professional but so personable, a huge huge help. Thank you, Joe!
I would highly recommend The Mortgage Bubble after they done my remortgage. They were helpful, professional and kept me up to date with every development. I will definitely use their services again. Basingstoke’s best mortgage advisor.
Helping you find your way.
Our specialist mortgage advisors will take time to understand your circumstances, goals and needs. This will help us establish the right advice to provide you and recoomend the right specialist lender for you, making the dream of home ownership a reality. Your advisor willnguide you through the whole process from start to finish with no judgement on your current circumstances.
Having helped hundreds of people in tricky circumstances, we will never say no.
Check your credit file.
A great start would be to provide your credit file so we can assess your situartion. We will be able to see what the lenders will be seeing so that the right lender is recommended to you. Click the link below to obtain your FREE credit file.
Let’s get started.
We can support you through the whole process, saving you time and money. We will recommend the best lender and mortgage product for you, request all the right documentation so we can get your mortgage approved quickly and efficiently.