Securing a Mortgage with a Bad Credit Score

Before applying for a mortgage, the general rule is that you should check your credit score in advance to see if there are any defaults on your file that may affect your chances of securing a deal. This is so you know exactly where you stand when the time comes to start applying for the mortgage. Once you have your credit report its also worth checking through to ensure there’s nothing showing against you that isn’t there. If there is you need to contact the credit agency & request they correct your record to reflect your true standing.

One of the other things to do is not rush into a mortgage application but instead compare all of the different mortgage deals that are available to you.

One thing that you should avoid doing is making too many mortgage applications, as this can negatively affect your credit score. Because of this, it is always a good idea to seek professional advice to see what your options are and how likely you will be to have a successful mortgage application. That’s where mortgage brokers like us come in. We can access your criteria & speak directly to lenders before submitting you for any type of credit search.

How to Check Your Credit Score

A credit report contains personal numerical information about your credit history. It basically shows how you have conducted all bank accounts, loans, credit agreements & credit cards over the past six years. Mortgage lenders use your credit history to determine whether you will be able to make the repayments during the term of a mortgage.

How to Obtain Your Credit Report

There are many ways you can obtain and check your credit score. And the process is incredibly straight forward. In the UK there are 3 main credit reference agencies. After requesting your credit report from 1 of them they generally have one week to provide you with your file but most are instantly available on line.

When Requesting Your Credit Report

To obtain your credit report, you will need to provide your chosen credit reference agency with personal details such as your full name and address, anywhere you have lived in the past 6 years, together with your date of birth. The information you provide will then be matched with your records to prove your identity.

How to Improve Your Chances of Securing a Bad Credit Mortgage

There are some simple but effective things that you can do which can improve your credit score, and ultimately improve your chances of securing a mortgage deal allowing for bad credit

  • Close any credit card accounts that you don’t use anymore.
  • Make sure that you pay your bills on time.
  • Register on the electoral roll if you haven’t done so already.
  • Check for any mistakes on your credit file.
  • Ensure that all your personal information is correct on your credit file.
  • Ensure your driving licence shows the correct address.

However, it is important to be aware that doing all these things is no means a guarantee that your credit will have improved to the point where you will be approved for a bad credit mortgage deal.

Why Choose Zing Mortgages

As a mortgage broker, we are able to access deals from more than 100 different mortgage providers. By doing so means we can provide you with a diverse range of mortgage options to choose from. Not only that, we are here to advise you on what the more suitable bad credit mortgage is for you.

Our work has seen us win many different business awards including Best Customer Service and Best Overall Company at The Business Excellence Forum Awards and Best Customer Service at the Mortgage Finance Gazette Awards.

Our specialist mortgage brokers proactively scan the marketplace to help our clients find the most suitable mortgage deal and support you throughout the application process. Why not get in touch with Zing Mortgages today to see how we can help find the right bad credit mortgage deal for you.

Beside you all the way

At Zing, we’re here to help you throughout your mortgage application. From your first enquiry through to completion - we’re here to make the whole process easier for you.

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