Low Credit Score Mortgages

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Can you get a mortgage with a low credit rating?

Your prospects of securing a mortgage might be significantly impacted by having a bad credit score or perhaps none at all. Being young, not having registered to vote, having a lot of credit agreements, and many other factors might result in a poor or no credit rating.

We’ve helped a lot of clients who had bad credit or no credit receive a mortgage so they could purchase their first house or move into a bigger place. Our strategy is to treat you as a person rather than just a series of requirements that lenders might reject.

We provide straightforward guidance without using jargon, and we won’t mislead you or promise things we can’t deliver.

How can I improve my Credit Score?

The greatest first step to raising your credit score is to regulate the fundamentals, or the simple housekeeping aspects of your finances. This will provide you a strong basis on which to create your credit rating plan and is worth looking into every year or two to make sure everything is in line.

  • Become a registered voter

This can have a significant impact on your mortgage application since lenders want to be certain they are financing to the right people. Being on the electoral roll is a helpful anti-fraud strategy and goes a long way toward confirming your identification.

  • Obtain a copy of your credit history

Your credit history is stored by Experian, TransUnion, and Equifax, the three major credit reference companies in the UK. You should request copies of your credit report from each one as they are all independent and could each include somewhat different information.

The fact that you examine your credit history does not influence your credit records and is not treated the same way as when a lender does so for assessment purposes. You are free to verify your own files whenever you choose.

  • Fix any mistakes on your credit report

Make sure that the data on balances, accounts, dates, etc. is accurate and current by carefully reading the reports. If not, immediately contact them and request that the records be changed to reflect the proper information. This might take a few weeks, so you should wait a while before asking for new copies to ensure that your records have been updated.

It’s critical that lenders make their judgments with the accurate facts about you since it might be the difference between a “yes” and a “no.”

What Is a Low Credit Score?

There is a distinction between having a low credit score and having a terrible credit score. Simply put, it indicates that you do not have a significant amount of credit built up on your credit file. If you have never had a credit card or loan, have a pay-as-you-go phone, or pay for your utilities using cash or prepaid cards, it’s possible that you haven’t built up enough of a credit score for lenders to obtain an accurate picture of how you handle debt repayment.

If you’ve never been enthusiastic about having credit, this might work against you when it comes to qualifying for a mortgage. A strong credit score is frequently built up by using credit responsibly.