How can I get a mortgage with bad credit?

3 mins read

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Record house prices are pushing countless people further and further away from the reality of owning their own home. But the process can become significantly more tricky for those with a poor credit score. To make life easier, Express.co.uk readers have been offered exclusive advice from financial comparison website NerdWallet on what you can do to finance your dream home if you have bad credit.

Check if you can get a standard mortgage

Many home hunters are put off applying for standard mortgages if they have poor credit – and even though being rejected can damage your score further, taking the leap could actually save you a considerable amount in the long run.

Tom James from NerdWallet told Express.co.uk: “You may feel that you won’t be able to get a standard mortgage, but it’s always worth enquiring to see what is actually possible.

“If you can get a standard mortgage as opposed to a ‘bad credit mortgage’ then you are likely to get more favourable terms to your agreement.

“To do this, find out your up to date credit score and profile and talk to a mortgage expert to see how this fits with the current mortgage market.”

READ MORE: Pensioners missing out on Pension Credit and free TV licence

Take the right steps

Ensuring your credit gets better over time is easier than you think.

One of the easiest ways to instantly boost your score is registering yourself on the electoral roll – it helps lenders confirm your name and address, so your score will increase as a result.

Check your credit report to make sure any information held about you is correct – if it isn’t, you can dispute it and if successful, it will be removed from your report.



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