Getting a Mortgage with a Poor Credit History?

Buying a home is exciting, but if you have a poor credit history it can feel like an uphill battle. The good news is that getting a mortgage with a poor credit history is possible. Whether you are in Preston, Southport or anywhere in Lancashire, there are lenders who understand that life happens and credit scores do not tell the whole story.

In this guide, we will walk you through what poor credit means, what options are available, and how a local mortgage adviser can help you find the right solution.

What Counts as Poor Credit?

Poor credit usually means your credit report shows issues such as missed payments, defaults, CCJs or even an IVA. These can make high street lenders nervous, but specialist lenders often take a more flexible approach.

• Defaults: These occur when you miss payments and the account is marked as defaulted.
• CCJs (County Court Judgments): A legal ruling that you owe money.
• IVA (Individual Voluntary Arrangement): A formal agreement to pay back debts over time.

If any of these sound familiar, do not panic. Many people in Lancashire and across the UK have faced similar challenges and still managed to buy a home.

Can You Still Get a Mortgage?

Yes, you can. Getting a mortgage with a poor credit history is not always easy, but it is far from impossible. The key is knowing which lenders to approach and what criteria they use.

Specialist lenders often consider:

• How long ago the default or CCJ occurred
• The amount involved
• Whether the issue has been settled

For example, some lenders will accept defaults over 12 months old or CCJs under £500. Others may allow recent issues if you have a strong deposit or stable income.

First-Time Buyers and Home Movers

If you are a first-time buyer in Preston or a home mover in Southport, poor credit does not mean you have to give up on your plans. It might mean you need a slightly higher deposit or accept a different interest rate, but the dream of homeownership is still achievable.

Mortgage Advice Hut can help. They know which lenders are open to applicants with credit challenges and can guide you through the process step by step.

Remortgage Advice for Poor Credit

If you already own a home and need to remortgage, poor credit can make things tricky but not impossible. Whether you want to release equity or switch to a better deal, there are lenders who specialise in remortgage advice for people with defaults, CCJs or IVAs.

Timing matters here. If your credit issues are older and you have kept up with recent payments, your chances improve significantly.

Tips to Improve Your Chances

While you can get a mortgage with poor credit, improving your profile will help:

• Check your credit report and correct any errors
• Keep up with current payments
• Save as much deposit as possible
• Avoid applying for lots of credit in a short time

These steps show lenders that you are managing your finances responsibly now.

Why Speak to a Mortgage Broker in Lancashire?

Navigating the mortgage market with poor credit can be overwhelming. Mortgage Advice Hut based in Lancashire can save you time and stress. They have access to specialist lenders and understand the criteria inside out.

Instead of facing rejection from high street banks, you can work with someone who knows where to find solutions tailored to your situation.

Summary

Getting a mortgage with a poor credit history is possible. Whether you have defaults, CCJs or an IVA, there are lenders who will consider your application. The key is working with an experienced mortgage adviser who understands the market and can guide you through the process.

Ready to Take the Next Step?

Contact Mortgage Advice Hut today for a free, no-obligation chat. Let us find the right mortgage for you, no matter your credit history.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT.