Getting a mortgage with bad credit
is tricky, but not impossible!
Getting a mortgage with bad credit
is tricky, but not impossible!
Bad Credit
If you have had a bit of a rocky credit history, getting a mortgage may seem like an impossible task, BUT never fear Newhouse FS is here! We have access to lenders who are able to help and the good news is that you no longer need a large deposit or income anymore in order to qualify.
If you do have a less than perfect credit score, you are likely to be refused. But don’t fret, there are ways to get around it, just look at our tips below.
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Our Process
Free, Impartial Mortgage Advice
Compare The Market
Manage Your Application
Our Process
Free, Impartial Mortgage Advice
Compare The Market
Manage Your Application
Identifying the Problem
First of all, we need to assess the damage.
It is important to identify the areas of your credit profile that are causing concern to the lenders. Each bank and building society will have their own criteria on how they will treat any adverse credit so in order to save you time, money and minimise the risk of causing any further harm to your credit score it is crucial that we locate the timing and value of any misdemeanours.
Speak one of our specialist team at Newhouse FS about easy and cost-effective ways of obtaining a copy of your credit profile.
We may even be able to do this for you - please speak to one of the team to find out more.
Assessing the Damage
Once a copy of your report has been obtained we will work with you to identify the issues on your credit profile, however, more importantly, we will use our specialist knowledge of how the banks will interpret this adverse credit and help find a solution that meets their lending criteria.
Step 2 - Find a solution that works
We will speak to different lenders to ascertain if your profile fits their lending guidelines. It is crucial that before a formal application is made and any money is spent we verify that your mortgage application will fall within the lender's criteria.
Obtain an Agreement in Principle
We will present to you a solution that we are confident will work for you, and at this point ask the bank for the money.
Because a lot of the groundwork will have been completed prior to this stage we will be confident that we are approaching the lender that offers the best terms for you and is likely to lend you the mortgage sum that you require.
We will formally present to the lender, all of your details, they will assess the application and in principle agree to lend the monies subject to a full application, the relevant supporting documents and a survey of the property.
After a successful application, we will be able to provide you with a certificate to verify your ability to obtain a mortgage.
Mortgage Application
We have the monies agreed, you have found your new home and now it's time to submit to the lender a full mortgage application.
You will need to gather the most recent and up to date information that will be on the list of supporting documents the lender will require. We will then send these across to the bank along with a full mortgage application.
Step 4 - Submit the full mortgage application with confidence
Remember we have already obtained an agreement from the bank to lend to you based on the information we have provided at the AIP stage and therefore this is just a matter of evidencing that information with documents to verify your income and commitments.
