Getting a Mortgage with a Poor Credit Score
It’s easier when you speak to one of our advisors
It's not impossible to get 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.
At CMS, we have whole market access and have specialist lenders on hand to support borrowers who have experienced financial difficulties. Some high street lenders allow for a little bit of poor credit and 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.
Stay 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.
Understanding your credit history
The first step to getting a mortgage with poor credit is understanding what situation you are in.
Keeping on top of bills can be difficult, but little blips don’t have to stop you from getting a mortgage. If you’ve missed a payment, there are lenders who are able to help.
It’s important to understand that missing payments makes you look risky to a lender – what if you miss a mortgage payment? Because of this, mortgage lenders may offer to lend less or may increase rates to reflect your credit position, but it largely depends on how recent the late payment was and if your credit score has repaired itself.
Did you know… late payments can stay on your credit report for up to six years?
An arrangement to pay is an agreement between you and your lender to raise or lower the cost of your monthly repayments. Although you have have an arrangement in place, this can still be seen as a negative payment marker and may lower your credit score.
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Top Tips
- If you’re thinking of taking out a mortgage in the near future, we suggest that you do not apply for any more credit cards, loans or pay-in-3 services at this time.
- We recommend that you close down any credit cards that you no longer use. It’s best to only have access to credit that you need.
- 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.
- Make sure you set up a Direct Debit for the minimum payment on your credit card. This ensures you never miss a payment.