1 Year Fixed

- Are resident of England, Scotland, Wales
- Are older than 21
- Must already have a mortgage with The Mortgage Works
Additional criteria may apply
Looking for mortgages for bad credit? Compare bad credit mortgage lenders below - all of the mortgages listed here will consider people with adverse credit histories.
Why are you looking for a mortgage?
Additional criteria may apply
Additional criteria may apply
Additional criteria may apply
Additional criteria may apply
Additional criteria may apply
Additional criteria may apply
Additional criteria may apply
Additional criteria may apply
Additional criteria may apply
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.
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.
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.
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.
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
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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