Bad Credit

Having a low credit score doesn’t mean you’re ineligible for a mortgage. Some lenders offer mortgages designed especially for people with bad credit. There are a few extra considerations, but our King’s Lynn based mortgage advisers can help you wherever you are.

Mortgages for those with bad credit

Taking out credit in any form, whether that’s financing a new sofa, getting a credit card or buying a mortgage, these may be recorded in your credit report. Now, there are multiple reasons you might have a lower than average credit score, including:

  • Having nothing on your report
  • Missed payments
  • Past financial hardships
  • Moving home regularly
  • You’ve previously declared yourself bankrupt
  • You’ve received a County Court Judgement (CCJ).

Lenders will assess your credit report and use your credit history to determine how much you can borrow. Our credit impaired mortgage advisers go beyond and above to ensure your unique circumstances are considered and your mortgage terms and conditions align with your financial situation.

There may be more hoops to jump through, but we’ll help you through them. We’ll be on hand to explain your options and answer any questions. And at Mortgage Synergy, there’s no such thing as a silly question. It’s essential you understand your mortgage T&Cs and how much your monthly repayments are, as well as the legal bits in between.

How does an adverse credit mortgage work?

Your mortgage is no different to an applicant with a high score. It works in the same way. 

The difference is that you may need to put down a higher deposit on the property and be subject to higher interest rates. Lenders want to ensure they get their money back after lending it to you, so to minimise the risk.

But this isn’t the end of the world—you can still get on the property ladder. It can even work in your favour; if you repay on time and never miss a payment, it can help improve your credit score.

Every mortgage lender is different

There are many mortgage lenders on the UK market and their criteria for successful candidates differ from one another. It’s important to keep this in mind, as one lender may be more willing to provide a secured loan to you than another lender. We know it can be disheartening to be turned down, but rest assured, we can help.

Thanks to our collective experience and wealth of knowledge, we know which lenders are best suited for each scenario. We’ve also got bargaining power on our side as experienced expert mortgage advisers, helping you get the best deal.

Lenders don’t typically advertise credit impaired mortgages, so it can be tricky for you to find out if a lender will accept you. Each applicant’s situation is evaluated on an individual basis, so leave it to us and we’ll match you with the right lender for your needs.

Our credit impaired mortgage advisers are here to listen

At Mortgage Synergy, we’re a judgement free advisory service. Everyone faces hardships in life and sometimes we miss payments, it’s how life is.

Mortgage deals are more difficult to secure if you’ve got poor credit. We know which mortgage lenders are more likely to accept your application and know the best ways to ensure you get the property you’ve been dreaming about for months.

Talking about money isn’t taboo

If you’re concerned about how your credit history may seem to lenders, please get in touch. We know talking about money can be difficult,  but we’re here to provide advice and get the ball rolling with your application. 

Our mortgage advisers are friendly, understanding and are always here to listen and give advice. Our team will work their hardest to search the UK market for a mortgage suitable for you.

We’ll take a deep dive into your finances and assess if you might be considered high risk to a lender. By sharing your financial situation with us, your dedicated mortgage adviser will then be better placed to find you the right mortgage for your circumstances. We can figure out how much you can realistically afford together and offer our recommendations.

It’s important to remember that every applicant is different and there isn’t a one-size-fits-all approach to mortgages. So, we’ll be there every step of the way, ensuring you have the right documentation to apply and help you to complete your credit impaired mortgage application. 

Your home may be repossessed if you do not keep up repayments on your mortgage.