This calculator is an estimation of how much you could borrow. If you’re ready to take out a mortgage, speak to a Revolution brokers to see what options are available.
Applying for a mortgage with bad credit issues can be extremely stressful. However, it doesn't mean to say you won't find a competitive mortgage!
The best option is to work with an independent broker who can advise which lenders will consider your application. As bad credit experts, mortgage advisors also assesses your credit score, can advise on strengthening your application, and recommend mortgage products that are best suited to your circumstances.
For help with your bad credit mortgage, give us a ring on 0330 304 3040, or drop a message to info@revolutionbrokers.co.uk.
The key is to apply to the right lender - and depending on what credit issues you have, this might need to be a precise search.
From there, we identify the right mortgage provider. That means analysing their criteria, evaluating the rates on offer, and knowing which banks will automatically reject an adverse credit applicant.
Once we are happy that we've found the best deal, we work with you to put together an application for an agreement in principle. This outlines what the lender will offer and can be based on indicative information if you haven't found the right property yet.
Then it's a case of deciding what home you'd like to buy. An agreement in principle is a powerful negotiating tool since it shows that you are ready to proceed when a price is agreed. It can also offset any apprehension about moving forward with a sale if any credit checks are run.
You'll need to appoint a solicitor unless it is a remortgage application too. The property must be valued, although in most cases, the lender will organise this. You can choose to have a further valuation or full structural survey carried out if you wish.
When everything is complete, the lender provides a full mortgage offer, provided the valuation is as expected. You will then need to provide your documentation proving your income and ID, for example, and instruct the solicitors to proceed with the purchase paperwork.
The final step is exchanging contracts, collecting signatures and signing - at which stage the property transaction is completed.
The typical documents remain the same:
Lenders will also need to see credit reports, and if you have a bad credit history, it's essential to have these ready and be upfront about any issues on your application.
Lenders need to look at lots of factors before deciding whether to offer a mortgage - and your credit file is just one.
You will need buildings insurance to be approved for a mortgage. Other insurances, such as contents cover, life insurance and income protection, are available at your discretion.
Having robust insurances can reduce the risk associated with your mortgage application, so it's well worth considering. Revolution can advise on the most competitive policies on any insurance you require alongside managing your mortgage application.
In most cases, yes, you can. Some lenders will have a generic minimum income level for rental properties but will be more concerned with the rental income from the property than with your personal finances.
Self-employed applicants are usually eligible for bad credit mortgages, just as any employed applicant. Still, if you have less than the standard three years of trading accounts, you will need help from a broker to identify which lenders will consider applications with less business history.
We'd recommend applying for an agreement in principle as early on in the process as possible. That means you can be confident about what you can borrow and won't end up applying for a mortgage that will be deemed unaffordable.
It very much depends on when your credit problems happened, why, and if they have since been repaid. As with every mortgage application, success relies on applying to the right lender who has flexible terms that permit them to consider lending to you.
Specialist bad credit lenders can also offer a mortgage even if you have more severe credit reports such as repossessions and bankruptcies.
If you have minor credit issues such as an overdraft, it is unlikely to have a significant impact on your mortgage application.
Should you need help finding a mortgage or any home loan in a bad credit situation, an experienced whole-of-market broker should be your first port of call.
Give Revolution Brokers a ring on 0330 304 3040, or email us at info@revolutionbrokers.co.uk to arrange a good time to talk.
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The content included in our articles, blogs, web pages and news publications is based on information accurate at the time of writing. Note that policies and criteria can change regularly throughout the UK mortgage lending market, and it remains essential to contact the consultation team to receive up to date guidance. The information included on the Revolution Brokers site is not bespoke to any circumstances or individual application scenarios and therefore is not intended to be used as financial advice. The content we share is designed to be informative and helpful but cannot be relied upon to provide individual advice relevant to your mortgage requirements. All Revolution team members are fully qualified, trained and experienced to provide mortgage advice of an independent nature. We collaborate with lenders and providers who are regulated, authorised and registered with the Financial Conduct Authority (FCA). Should you require specific mortgage borrowing types, some products such as buy to let mortgages may not be FCA regulated. The Revolution team can provide further information about regulated and unregulated lending as required. Please remember that a mortgage is a debt which is secured against your home or property. Your home can be at risk of repossession if you do not keep up with the repayments or encounter any other difficulties in managing your mortgage borrowing responsibly. This also applies to any remortgage or home loan secured against your property, including equity release products.
Revolution Brokers understands that mortgages can be complex and confusing!
Ask us any question you might have, and one of our skilled consultants will come back to you as quickly as possible.
