A broker explains your options for getting a mortgage if you currently have a low credit rating
While some mortgage advisers are obliged to refer clients to a specific lender or set of lenders, a whole-of-market broker will have an overview of everything that’s on offer, including mortgage providers who are more willing to lend to those with poor credit.
“There are a number of specialist lenders such as Aldermore and Kensington who work in this area,” says Mr Harris. “For the odd missed payment, some lenders will consider lending and there are others who will even consider more serious debt problems.”If your credit score is still standing in the way of securing a home loan, then you will have to take the longer route and start improving your credit history.
“Make sure you pay all bills on time every month in order to repair your credit rating and use a credit card little and often to build up a good history with which to convince a lender that you are a safe bet to lend to in future,” suggests Mr Harris. “You may think you are better off not having a credit card but lenders want to see evidence that you can handle the repayments so if you haven’t got one, take one out and pay off the balance in full every month.”
Be aware that applying for new credit such as a credit card can mean you need to wait a while before applying for a mortgage. When you apply for new credit, lenders run a so-called ‘hard search’ on your credit report, which is visible to other lenders. Too many in quick succession can suggest you are having financial problems or taking on too much borrowing, so it’s best to leave at least six months to a year between credit applications.
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