Compare bad credit mortgages
Why are you looking for a mortgage?
MBS Lending Ltd 2 year discount
Repayment mortgage of £160,000 over 25 years, representative APRC 5.6%. Repayments: 24 months of £757.91 at 2.99% (discount), then 276 months of £1,010.81 at 6% (variable). Total amount payable £298,318.40 which includes interest of £137,173.40. Application Fee (£150) paid upfront (non-refundable). Completion Fee (£995) with an option to add to the loan. Early repayment charges apply. Fees are assumed to be paid upfront. Other fees may apply.
Eligibility
You must meet the following criteria in order to get this loan:
Are resident of England
Are resident of Wales
Are older than 18 years
Max age at term end: 80 years
Minimum income £10,000
Available via brokers only.
Additional criteria may apply.
Mansfield 2 year discount remortgage
Repayment mortgage of £160,000 over 25 years, representative APRC 5.2%. Repayments: 24 months of £791.59 at 3.39% (discount), then 276 months of £955.79 at 5.35% (variable). Total amount payable £283,994.20 which includes interest of £122,796.20. Application Fee (£199) paid upfront (non-refundable). Completion Fee (£999) with an option to add to the loan. Early repayment charges apply. Fees are assumed to be paid upfront. Other fees may apply.
Eligibility
You must meet the following criteria in order to get this loan:
Are resident of England
Are older than 18 years
Max age at term end: 85 years
Number of CCJ's: 1
Remortgage only.
Available via brokers only. Area restrictions may apply.
Additional criteria may apply.
Mansfield 2 year discount remortgage
Repayment mortgage of £160,000 over 25 years, representative APRC 5.2%. Repayments: 24 months of £791.59 at 3.39% (discount), then 276 months of £955.79 at 5.35% (variable). Total amount payable £283,994.20 which includes interest of £122,796.20. Application Fee (£199) paid upfront (non-refundable). Completion Fee (£999) with an option to add to the loan. Early repayment charges apply. Fees are assumed to be paid upfront. Other fees may apply.
Eligibility
You must meet the following criteria in order to get this loan:
Are resident of England
Are resident of Scotland
Are resident of Wales
Are older than 18 years
Max age at term end: 85 years
Number of CCJ's: 1
Remortgage only.
Available via brokers only.
Additional criteria may apply.
Darlington Building Society 2 year discount
Repayment mortgage of £160,000 over 25 years, representative APRC 5.2%. Repayments: 22 months of £800.14 at 3.49% (discount), then 278 months of £953.05 at 5.3% (variable). Total amount payable £283,669.98 which includes interest of £122,550.98. Account Fee (£120) paid upfront. Product Fee (£999) with an option to add to the loan. Early repayment charges apply. Fees are assumed to be paid upfront. Other fees may apply.
Eligibility
You must meet the following criteria in order to get this loan:
Are resident of England
Are older than 18 years
Available Direct.
Self employed not accepted.
Area restrictions may apply.
Additional criteria may apply.
Darlington Building Society 2 year discount
Repayment mortgage of £160,000 over 25 years, representative APRC 5.2%. Repayments: 22 months of £800.14 at 3.49% (discount), then 278 months of £953.05 at 5.3% (variable). Total amount payable £283,669.98 which includes interest of £122,550.98. Account Fee (£120) paid upfront. Product Fee (£999) with an option to add to the loan. Early repayment charges apply. Fees are assumed to be paid upfront. Other fees may apply.
Eligibility
You must meet the following criteria in order to get this loan:
Are resident of England
Are resident of Scotland
Are resident of Wales
Are older than 18 years
Available Direct.
Self employed not accepted.
Additional criteria may apply.
MBS Lending Ltd 2 year fixed
Repayment mortgage of £160,000 over 25 years, representative APRC 5.7%. Repayments: 27 months of £800.14 at 3.49% (fixed), then 273 months of £1,012.51 at 6% (variable). Total amount payable £299,164.01 which includes interest of £138,019.01. Application Fee (£150) paid upfront (non-refundable). Completion Fee (£995) with an option to add to the loan. Early repayment charges apply. Fees are assumed to be paid upfront. Other fees may apply.
Eligibility
You must meet the following criteria in order to get this loan:
Are resident of England
Are resident of Wales
Are older than 18 years
Max age at term end: 80 years
Minimum income £10,000
Available via brokers only.
Additional criteria may apply.
Hanley Economic Building Society term discount shared ownership
Repayment mortgage of £160,000 over 25 years, representative APRC 3.6%. Repayments: 300 months of £808.74 at 3.59% (discount). Total amount payable £242,622.00 which includes interest of £82,622.00. Early repayment charges apply. Fees are assumed to be paid upfront. Other fees may apply.
Eligibility
You must meet the following criteria in order to get this loan:
Are resident of England
Are resident of Wales
Are older than 18 years
Available Direct.
Max age at term end: 80 years
Number of CCJ's: 5
Available in branch only.
Additional criteria may apply.
Mansfield 2 year discount remortgage
Repayment mortgage of £160,000 over 25 years, representative APRC 5.2%. Repayments: 24 months of £808.74 at 3.59% (discount), then 276 months of £957.17 at 5.35% (variable). Total amount payable £284,587.68 which includes interest of £123,588.68. Completion Fee (£999) with an option to add to the loan. Early repayment charges apply. Fees are assumed to be paid upfront. Other fees may apply.
Eligibility
You must meet the following criteria in order to get this loan:
Are resident of England
Are older than 18 years
Max age at term end: 85 years
Number of CCJ's: 1
Remortgage only.
Available via brokers only. Area restrictions may apply.
Additional criteria may apply.
Mansfield 2 year discount remortgage
Repayment mortgage of £160,000 over 25 years, representative APRC 5.2%. Repayments: 24 months of £808.74 at 3.59% (discount), then 276 months of £957.17 at 5.35% (variable). Total amount payable £284,587.68 which includes interest of £123,588.68. Completion Fee (£999) with an option to add to the loan. Early repayment charges apply. Fees are assumed to be paid upfront. Other fees may apply.
Eligibility
You must meet the following criteria in order to get this loan:
Are resident of England
Are resident of Scotland
Are resident of Wales
Are older than 18 years
Max age at term end: 85 years
Number of CCJ's: 1
Remortgage only.
Available via brokers only.
Additional criteria may apply.
Buckinghamshire Building Society 3 year discount
Repayment mortgage of £160,000 over 25 years, representative APRC 4.6%. Repayments: 36 months of £821.74 at 3.74% (discount), then 264 months of £902.06 at 4.74% (variable). Total amount payable £268,725.48 which includes interest of £107,726.48. Product Fee (£999) with an option to add to the loan. Early repayment charges apply. Fees are assumed to be paid upfront. Other fees may apply.
Eligibility
You must meet the following criteria in order to get this loan:
Are resident of England
Are resident of Wales
Are older than 18 years
Self employed not accepted.
Available via brokers only.
Additional criteria may apply.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
If you have a poor credit score but wish to buy a house, there are still mortgage options open to you, with bad credit mortgages.
Interest rates on bad credit mortgages are higher than standard mortgages and you will probably need a larger deposit, but can help you get onto the property ladder.
What is a bad credit mortgage?
A bad credit mortgage is a large loan to buy a house to live in aimed at those who have poor credit scores but still wish to buy a home.
For example anyone missed a few credit card payments, had a County Court Judgment or have previously been made bankrupt.
Why is interest higher on a bad credit mortgage?
The main factor determining whether a lender will offer you a mortgage is whether they believe you are likely to repay it.
The less likely a lender thinks you will repay it, the higher the rate of interest they will charge.
Can I get a bad credit mortgage?
Typically a bad-credit mortgage doesn’t work in conjunction with any government scheme (ie Help to Buy or Shared Ownership) and it’s unlikely to be available to anyone who’s been made bankrupt in the past six years – unless their credit file is now clean.
Applicants will still need a steady income this is typically above £15,000 per annum. Usually, they will also need a deposit making up at least 15% or more of the property value.
How does a lender assess credit worthiness?
Although all lenders do things slightly differently, all will take your credit file into account. This is a history of your credit, recording how much you paid back, how often, and whether you ever missed any repayments.
Your credit file covers all kinds of repayments, from the big ones like mortgages, car loans and credit cards, to smaller forms of credit like mobile phone contracts
What’s the difference between a bad credit mortgage and a ‘standard’ mortgage?
When interest rates are low and lenders are keen to lend, the difference between a bad credit mortgage and a standard mortgage is unlikely to be significant.
On average the annual percentage rate of interest (APR) will be slightly higher, but not significantly so.
However, if lenders tighten their belts it could be harder to get a bad credit mortgage.
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