Please note: Our Bolton branch is closed. However, our Newcastle branch remains operational and we are always happy to offer nationwide financial advice and guidance. Our advisers remain contactable at info@b-advised.co.uk.

Adverse Credit Mortgages

Adverse Credit Mortgages in Newcastle, Gateshead, Bolton and Manchester

To get a mortgage when you have bad credit, you’ll need to find a lender that is willing to accept your application despite the credit and offer a mortgage that is suitable for your unique circumstances. At B-Advised, we can help you with that. With a team of brokers that have access to the entire market and specialise in adverse credit mortgages, you’re in safe hands. We can check your credit history and determine the perfect deal that fits your eligibility.

piggy bank sinking in sand on a beach

What is bad credit?

A bad credit score is a negative assessment of your finances that is based on your history Having a bad credit score will affect your chances of getting a mortgage because it demonstrates to the lender that, based on your previous financial behaviours, you are more likely to default on your payments and therefore put their capital at risk.

People can find their credit file affected by bad credit for a variety of reasons, not all of them their own fault – for example, people can experience unexpected redundancy or an illness that can lead to a lack of income and result in financial problems. However, situations usually change with time, and this does not necessarily mean they will not be able to obtain and maintain a mortgage in their current circumstances.

To get a clearer picture of your credit score and to know where you stand before applying for a mortgage, use Check My File for free multi-agency credit report.

What can I do to improve my chances of getting a mortgage?

It is possible to get a mortgage with bad credit. Successfully managing your credit card, mobile phone contract and household bills can help to boost your credit rating within a short period of time. There are a number of actions you can take to ensure that you get the deal that you want, including:

  • Correct any credit score errors

It is essential that you check that your credit report is correct and up-to-date and that all your accounts and credit cards are clearly listed. It is also important to investigate whether you are financially connected to someone you shouldn’t be, whether that be through ex-partners and joint accounts or flatmates.

  • Register to vote

Joining the electoral register can boost your credit score as it is yet another way of confirming that you are who you say you are. The more security that lenders have in terms of information and proof of identity, the more confident they will be in lending money.

  • Close any old or inactive accounts

While it can be a good idea to show lenders that you are able to successfully manage multiple credit accounts, closing unused accounts that aren’t checked on a regular basis can reduce the risk of fraudsters attempting to spend money in your name. Having unused credit cards also may suggest that you don’t use credit very often, restricting your credit history and making you appear less appealing to potential lenders.

  • Be careful with your overdraft  

If you only go into your overdraft every now and then and it is cleared by the end of the month when you are paid, your overdraft use may not be a factor in your credit report. However, if you have incurred charges for not paying off your overdraft, then it suggests to lenders that you may be struggling financially. On the other hand, an overdraft can actually improve your credit rating, as long as you stay within your limit and regularly pay it off.

young couple sitting with financial advisor

How can B-Advised help?

Different lenders have their own way of calculating your credit score. As mortgage brokers that specialise in customers with credit problems, we routinely handle applications from people who are suffering from adverse credit. Whatever your credit problem may be, from late payments to CCJs, we will work transparently with you to understand your issue. With access to the whole market, we can find direct deals and exclusive products that are suitable for you and your circumstances.

We have assisted hundreds of customers in securing affordable Adverse Credit Mortgages. We’ll provide a first class support service throughout the process. Send us a message here