can i get a mortgage

Getting a mortgage with a low credit score?

Having a low credit score can be caused be a variety of factors. It could be debt/credit agreements you have had in the past that have gone bad e.g. you have missed a series of payments these could have ended up in default (normally 8 missed payments and the agreement has broken down between you a the lender) it could be you have utilised a lot of debt and have several amounts owing to different lenders across a series of credit cards, store cards or loans. You may have several credit cards that run very close each month to their credit limits. Whichever the situation it is very difficult to pin point the exact reason you have a low credit score.

You can try an improve your low credit score by reducing debt, possibly closing accounts you do not use and ensuring you do not miss any payment over time this will help improve your score, however there is no exact way of gauging when this will improve.

Can I get a mortgage with a low credit score?

The simple answer is yes, there are two ways in which lenders check potential borrower’s credit reports this is credit scoring and credit searching.

AS A MORTGAGE IS SECURED AGAINST YOUR HOME OR PROPERTY, IT COULD BE REPOSSESSED IF YOU DO NOT KEEP UP THE MORTGAGE REPAYMENTS.  THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. View Finance Ltd is an Appointed Representative of Finance Advice Group Ltd, which is authorised and regulated by the Financial Conduct Authority under number 624517 in respect of mortgage, insurance and consumer credit mediation activities only. The Financial Conduct Authority does not regulate some form of mortgages and loans, including most types of Buy to let mortgages and also Limited Company lending. The guidance and/or advice contained within this website is subject to the UK regulatory regime, and is therefore targeted at consumers based in the UK. Registered office address: 42 Friar Gate, Derby, DE1 1DA. Registered in England and Wales, company number 11265177.

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