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How to get a mortgage with poor credit score

5 Ways First Time Buyers Can Buy a House in the UK

We all have parts of our credit score that we are not proud off due to circumstances that are out of our control. Where the Highstreet banks are unforgiving, many building societies understand and offer credit repair mortgages. The difficulty is knowing what lender in witch to apply.

 

Credit File

In the first instance, it’s essential to get a copy of your credit file; we recommend using a company called Check my File. They provide a 360 view of your credit report showing details from the three major credit reference agencies (Experian, Equifax and trans union). There may be mistakes on your credit file, so it’s essential to get on top of it.

 

Obtain a 30day free trial using the below link

https://www.checkmyfile.com/?ref=jamalkroll&cbap=1

 

When signed up, scroll to the bottom of the page. You will see a purple button that says download, once you have downloaded the report you can call Checkmyfile to cancel the account, so you don’t get charged.

 

Once you have a copy of your credit file, note down dates of any problems with a reason as to why the issue occurred. This can be anything from ‘lost my job or changed jobs’, ‘went through a break up’ or ‘illness’.

 

Deposit

When attempting to get a mortgage with poor credit history, it’s essential to gather as much deposit as possible; a minimum 5%. For example, a £100,000 property will need at least £5000 deposit; you can use gifts from family.

 

The higher the deposit, the higher chance you have of obtaining a mortgage.

 

Application

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The system will automatically calculate what mortgages you are eligible for and how much you would be able to borrow.

Once you have completed the form, book a call with one of our experts, and we can talk you through your options and take care of the application on your behalf.

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