Poor Credit Mortgages

What is Poor Credit?

Your credit report is a digital record of your financial history that lenders review when you apply for credit, such as a mortgage, loan, or credit card. If your credit report shows missed payments, defaults, high levels of debt, or issues like bankruptcy and County Court Judgments (CCJs), this is referred to as poor or bad credit.

What if You Don’t Have a Credit History?

If you have never taken out a loan or used any form of credit, lenders will have no information to gauge how reliably you can manage repayments. Establishing a credit history by borrowing responsibly and paying off debts on time can help improve this.

How to Improve Your Credit Report

If you are currently struggling to secure a mortgage, it may be beneficial to wait 3 to 6 months before reapplying. During this period, you can work on enhancing your credit score. Here are some helpful tips:

• Always make repayments on time
• Stay within your credit card or overdraft limit
• Limit the number of credit applications you make
• Keep your personal details, like name and address, updated
• Register on the electoral roll

We know this can be a challenging time, but we’re here to help you find a solution.

How We Can Assist You

Mortgages for individuals with poor credit are limited, and those that are available often come with higher interest rates due to the increased risk for lenders. Additionally, a larger deposit may be required.

At Green Fern Mortgages, we have strong relationships with a network of lenders. With our in-depth understanding of their criteria and our expertise, we can help you improve your chances of finding the best mortgage for your unique circumstances.

Our goal is to provide quick, clear advice to help you secure a competitive mortgage deal tailored to your needs.