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If you have a low credit score, getting a mortgage can be difficult, but every application is looked at individually and there are lenders out there that will still be able to help, regardless of your circumstances. 

Have I got bad credit? 


If you’ve had a County Court Judgment (CCJ), Individual Voluntary Arrangement (IVA) or have suffered from bankruptcy, particularly within the last six years, then you probably have a low credit rating.  


This makes it harder for your application to get approved as the lender will see you as more of a risk, though it is still possible, as expectations vary from lender to lender and whilst one may reject your application, another may not.  


Is having no credit history better? 


Not really.  


Having little or no credit history means your payback ability is unknown to the lender. They don’t know whether you’re a risky applicant or not and they would rather err on the side of caution.  


How can I improve my credit score?  
To boost your credit rating if you have a bad credit score, you should consider getting a credit builder credit card – a credit card specifically designed for applicants that wouldn’t usually get one. 
By using it responsibly, you will begin to record good borrowing behaviour, which will be put onto your credit file, which improves your credit rating. 


How do bad credit mortgages work? 


Just like any other mortgage with a couple of variations.  


The interest rate that you will be looking will probably be higher than a standard mortgage would be, as the lender will want to offset the higher risk that you pose.  


A higher deposit will also likely be required. It is possible to get a 95% mortgage with a 5% deposit if you have a bad credit rating, but it’s likely that you will need to put down a deposit of 15% and upwards. 

You can still apply for government schemes if you’ve got a bad credit score, but you won’t qualify for any if you’ve been declared bankrupt within the past six years. 
How do I apply? 

As most lenders prefer an applicant to have a good score, there is a chance that your application will be rejected. 

If this happens, you must be aware that applying numerous times will further damage your credit score.  

For advice on getting a mortgage with bad credit, speak to one of our expert advisers who will be able to help you with the next steps.