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3 steps to getting a bad credit mortgage

Need a bad credit mortgage, but not sure how to get one? Follow these three steps to mortgage success.

1. Find a good advisor

Most mortgages for people with poor credit ratings are only available through specialist mortgage advisors. Finding the right advisor is key to finding a good mortgage product. In the UK, all mortgage advisors must be authorised by the Financial Services Authority (FSA). Authorisation means that the advisors have met strict qualifying criteria and must abide by the FSA's rules when advising their customers. Make sure that your advisor is:

FSA authorised - you can do this by checking the FSA website
Experienced - this is a specialist market and it's important that your advisor has experience.
Market knowledge - the more your advisor knows about the market, the better quality of product they will be able to find for you.
Customer service - when you are already in a stressful situation, you need a sympathetic, efficient advisor who takes the time to understand your circumstances and keeps in touch.

2. Be realistic

If you are already in financial trouble, then you need to take on a mortgage that you can control. Asking for too much money will result in problems with repayments. Whilst you may really want a bigger house, or somewhere in a nicer area, restrict yourself to what you can really afford. This means that you'll be able to make the repayments more easily and, should you choose to move somewhere else in the future, you'll have a good payments record to back up your next mortgage application.

3. Make an effort with your payments

If you are thinking of getting a mortgage, but you suffer from a poor credit rating, you need to take control of your finances now. Look at ways in which you can make the minimum payments on your loans and credit cards and speak to your lenders and card companies to show that you are trying to make a difference. Showing that you are making an attempt to pay your debts can help your credit rating in the long term and it will help mortgage lenders to look more favourably on your application than they would if you just let payments slide.

Rates from 6.5% APR. The overall cost for comparison is 9.2% APR. This means that 66% of our customers qualify for this rate or less. A broker fee of up to 1.5% of the total amount borrowed may be payable. The actual rate available will depend upon your circumstances. Ask for a personalised illustration. Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage. How competitive are our fees?

This website is wholly owned and maintained by:
Leybridge Limited of The Garden Suite. Pine Grange. Bath Road. Bournemouth. Dorset. BH1 2PF.
Data Protection Act Registration No. Z8754656
Consumer Credit License Number: 541607
Leybridge Limited is a company registered in England and Wales with company number: 04831398
Leybridge Limited is registered with the Financial Services Authority registration No. 313790

OUR REGULATION AND PERMITTED BUSINESS
The Financial Services Authority is the independent watchdog that regulates financial services. Leybridge Limited is authorised and regulated by the Financial Services Authority (FSA) to give advice and is bound by their rules. Our FSA Register number is 313790. Our permitted business is to advise on and arrange regulated mortgage contracts and Non-investment insurance contracts. You can check this on the FSA Register by visiting the FSA web site www.fsa.gov.uk/register or by contacting the FSA consumer helpline on 0845 606 1234.

NON FSA REGULATED BUSINESS
Certain products that we advise on are not regulated by the Financial Services Authority these products include but are not limited to; commercial mortgages and second charge secured loans.