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Getting A
Mortgage
With Bad Credit.
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Transparent Advice
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Same Day Appointments
Let's get started today.
Quick Decisions
Stop waiting weeks to get a decision.
Transparent Advice
Don't be left in the dark anymore.
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The Journey To Your New Mortgage !
Initial
Meeting
Let’s grab a coffee (or a Zoom/call). This is where we get to know you, your plans, and your goals. Think of it as a relaxed chat to set you on the right path. You talk, we listen!
Personalised
Package
We’ll craft a mortgage plan tailored to your needs, complete with all the suitable options. We’re like your personal mortgage matchmaker, finding the most suitable deal to make your dream become a reality!
We Do
The Rest
Leave the paperwork, lender chasing, and all the heavy lifting to us. All you need to do is sit back and relax while we make it happen behind the scenes. Our award-winning team is available 7-days a week.
Collect Your
Keys!
Your mortgage offer is in, and it’s time to pop the bubbly! Like all our 5-star customers, you are now one step closer to making your goals a reality.
Why Use Protex Financial For Getting A Mortgage With Bad Credit?
Here at Protex Financial, we strive to make our only focus on you; this is why we can offer the best range of Mortgage Advice with access to 1000’s of mortgage products that the market has to offer. Our mortgage brokers are able to search thousands of products to make sure you are getting the most suitable deal you can possibly get.
Our mortgage team here at Protex Financial are regulated by the FCA, the Financial Conduct Authority. This means everything we do is for you; we are obligated to offer you great rates, great deals and great Mortgage Advice.
We Don't Just Say It We Shout About It !
Whether you’re trying to buy your first home or remortgage with changed circumstances, get expert advice from one of the UK’s leading Mortgage Brokers to help you navigate an ever-changing mortgage market.
Simple
Fees
Mortgage Fee
£376.00
Our fee can range from £176 to £576, depending on case requirements.
Whether you’re buying your first home, remortgaging, or growing your property portfolio, we keep it transparent, simple, and straightforward. Plus, our fee is only payable once we get you a mortgage in principle.
- Access to whole of market
- Award-winning advisers
- Access to a wide range of expert solicitors
- Mortgage protection built to last
“Going above and beyond is what we do; we LOVE our job, and most of all, we LOVE helping our clients.”
If you need any form of Mortgage Advice, then make an appointment with one of our mortgage brokers today. We aim to make your home buying or family insuring process as simple as possible, keeping you informed every step of the way.
Speak with Simon & Kelly, book your FREE mortgage appointment today.
Mortgage With Bad Credit Tips
Working towards getting a good credit score is crucial when applying for a mortgage, as it can significantly improve your chances of approval and help you secure better interest rates. Lenders use your credit score to assess your financial reliability and determine the risk of lending to you. Here are the steps to take:
Obtain Your Credit Report: Request a copy of your credit report from major credit reporting agencies like Experian, Equifax, or TransUnion. In the UK, you can access your credit report for free from services such as ‘Check My File’ by clicking here – Credit Check.
Review for Errors: Carefully examine your credit report for errors or discrepancies. Common errors might include incorrect personal information, accounts that don’t belong to you, or incorrect payment statuses. If you find any inaccuracies, contact the credit bureau to dispute and correct them promptly.
Pay Bills on Time: Consistently paying your bills on time is one of the most effective ways to improve your credit score. Set up reminders or automatic payments to ensure you never miss a due date. Late payments can significantly impact your credit score.
Reduce Debt: High levels of debt can negatively affect your credit score. Aim to pay down existing debts, particularly credit card balances. Keeping your credit card balances low relative to your credit limits can boost your score.
Avoid New Credit Applications: Each time you apply for credit, it results in a hard inquiry on your credit report, which can temporarily lower your score. Avoid applying for new credit in the months leading up to your mortgage application.
Increase Credit Limits: If possible, request an increase in your credit limits. Higher limits with the same balance will lower your credit utilization ratio, positively impacting your credit score. However, avoid increasing your spending to match the new limit.
Maintain Old Accounts: The length of your credit history also affects your score. Keep older accounts open and active, as they contribute positively to the length of your credit history.
Diversify Your Credit Mix: Having a mix of different types of credit accounts (e.g., credit cards, and instalment loans) can improve your credit score. However, do this responsibly and avoid taking on unnecessary debt.
Monitor Your Credit Regularly: Monitoring your credit report helps you stay on top of any changes or potential issues. It also allows you to track your progress as you improve your score.
You’ll be stronger when applying for a mortgage by checking and improving your credit score. A higher credit score can lead to better mortgage offers, lower interest rates, and more favourable mortgage options.
A larger deposit can help offset the risk perceived by lenders, but also, with a higher deposit, you gain access to adverse lenders, lenders who have a more relaxed approach to underwriting people, especially when you have low credit. It shows your commitment and financial discipline, increasing the likelihood of mortgage approval.
Create a detailed budgeting plan to identify areas where you can save more aggressively. Cutting back on non-essential expenses and setting up automatic transfers to a savings account can help you build your deposit fund.
Additionally, explore ways to increase your income, such as working part-time or selling unused items. Consider receiving a gift deposit from family members if possible, as this can significantly boost your savings. A larger deposit can also lower your interest rate, reducing overall mortgage costs.
Specialist lenders often have more flexible criteria for borrowers with bad credit. These lenders understand that credit issues can arise from various circumstances and may be more willing to work with you. Start by researching lenders who specialise in bad credit mortgages and compare their terms and conditions.
Using a mortgage broker with experience in bad credit mortgages can also be beneficial. Mortgage Brokers have access to a wide range of lenders and can help you find the best deals tailored to your situation. They can also provide valuable advice on improving your application and negotiating better terms.
Lenders need assurance that you can reliably meet your mortgage repayments, so demonstrating stable and sufficient income is crucial.
Gather documentation such as pay slips, bank statements, and tax returns that show a consistent income stream. Providing detailed records of your income over several years can be particularly important if you are self-employed.
Employment stability, such as a long-term job or secure contract, can further reassure lenders. If you’ve recently changed jobs, providing a letter from your employer confirming your role and salary can help. Highlighting any additional sources of income, such as rental income or investments, can also strengthen your application.
Lowering your debt levels improves your credit score and enhances your debt-to-income ratio, making you a more attractive borrower. Start by creating a debt repayment plan, first focusing on paying off high-interest debts. This strategy can reduce the total interest you pay and help you become debt-free faster.
Consider debt consolidation if you have multiple debts. This involves combining your debts into a single loan with a lower interest rate, simplifying your payments and potentially saving you money. Demonstrating proactive steps to manage and reduce your debt can positively impact your mortgage application.
Obtaining a mortgage decision in principle, also known as an agreement in principle (AIP), can show sellers and estate agents that you are serious about purchasing a property and have the potential to secure financing. An AIP involves a preliminary assessment by a lender based on your current financial situation. It indicates how much you might be able to borrow.
Approach brokers to obtain an AIP, but be mindful that some applications involve a hard credit check, which can slightly impact your score. Ensure that your information is accurate and up-to-date to get a realistic assessment. Having an AIP can give you a competitive edge in the property market.
First and foremost, this is where mortgage brokers will become worth their weight in gold but if you want to venture on your own, this is cool too! See below how to get prepared.
A well-prepared mortgage application can significantly improve your chances of approval, even with bad credit. Start by ensuring all required documents are organised and up to date. This includes your ID, proof of income, bank statements, and any other documentation the lender requests.
Consider including a cover letter with your application. This letter can explain any negative marks on your credit report and outline the steps you have taken to address these issues. Providing context and demonstrating your commitment to financial responsibility can help lenders view your application more favourably.
Seeking advice from financial advisors or mortgage brokers can strengthen your application further.
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Adverse Credit Frequently Asked Questions
Certainly, you can still get a mortgage with poor credit. It may be a bit more difficult, but there are money lenders that focus on assisting those with bad credit scores. Our mortgage brokers have experience in dealing with such cases and will strive to identify viable choices for you. We shall take you by the hand, clarify everything, and help you at every stage of the journey. So, do not worry about having bad credit because this does not mean you cannot achieve your dream of owning a home; we will be there for you!
It’s important to note that our fee does not change for people with bad credit.
Bad credit can result in higher interest rates, stricter lending criteria, higher deposits required, and a lower chance of approval. Lenders view applicants with bad credit as higher risk, which can impact the terms and conditions of the mortgage offered. But that doesn’t mean these high interest rates will last forever.
For some lenders, the credit score doesn’t matter; they are more concerned about what is on your report than the score itself.
In the UK, a credit score below 561 with Experian, below 720 with Equifax, or below 566 with TransUnion is generally considered poor. Each lender has its criteria, so it’s important to check specific requirements.
Improving your credit score, saving for a larger deposit, reducing outstanding debt, and providing proof of stable income can enhance your chances. Additionally, working with a mortgage broker specialising in bad credit mortgages can be beneficial.
You may need a larger deposit, often around 15-30% of the property’s value, compared to the usual 5-10% for those with good credit. A larger deposit reduces the lender’s risk.
Yes, specialist lenders offer mortgages to people with bad credit. These lenders have more flexible criteria and are more accustomed to working with applicants with credit issues. Some, if not most, specialist lenders will usually require higher deposits.
In some cases, lenders may require a guarantor to reduce their risk. A guarantor agrees to cover your mortgage payments if you cannot do so. This can help secure a mortgage but involves a significant responsibility for the guarantor.
Shopping around and comparing offers from different lenders is crucial. Using a mortgage broker can also help you find the best rates, as we have access to a wide range of lenders and can negotiate on your behalf.
You may face higher interest rates, arrangement fees, and potentially higher insurance premiums. It’s important to consider these additional costs when budgeting for your mortgage.