Poor Credit
Getting a Mortgage with a Poor Credit Score
We understand that life doesn’t always go to plan. When times are tough, you may look to a credit card or a loan to help you get by. If you’ve had some late payments or even had a default, you could still be eligible for a mortgage. In the mortgage world, we call this adverse credit, but it’s the same as poor/bad credit. At CMS, we have whole market access and have specialist lenders on hand to support borrowers who have experienced financial difficulties.
It’s no secret that getting a mortgage with poor credit tends to be more costly. However, some high street lenders allow for a little bit of adverse. We will always try them first before consulting our specialist lenders. We strive to keep your costs as low as possible as we know how important it is to get back in control of your finances.
We work with Checkmyfile through their partnership programme. Let us guide you through your full credit report and find a solution to your borrowing needs. Sign up for your detailed credit report here. It’s free for 30 days, then a monthly fee applies – cancel online at any time.
Top Tips
- Even if your credit score is good now, past financial problems can complicate a mortgage application. It’s best to be honest and upfront with your credit history so that we can help.
- We strongly recommend that you cancel off credit cards that you no longer use. The less credit limit you have available, the better this looks to a lender.
If you’re thinking of taking out a mortgage or are in the mortgage application process, we suggest you do not apply for any more credit cards, loans or pay-in-3 services at this time.
- Did you know… you can check your credit score within many online banking apps. It can even tell you what you’re doing well and what requires improvement. There’s no harm in checking this regularly.
- Make sure you set up a Direct Debit for the minimum payment on your credit card. This ensures you never miss a payment.
Your home may be repossessed if you do not keep up repayments on your mortgage.