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Bad Credit Mortgage Advice in Manchester

If you have bad credit in Manchester, it still may be possible to get a mortgage.

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Getting a mortgage with bad credit in Manchester?

First and foremost, it’s important to know that many people have some form of bad credit, you are not the only one! The good news is that we have the ability to help the majority of customers in obtaining approval for bad credit mortgages.

As a mortgage broker in Manchester, we have access to 1000s of both high street and specialist lenders to explore your bad credit mortgage options. Each lender has specific criteria tailored to help clients with bad credit secure a mortgage.

We understand that bad credit can affect individuals from all employment backgrounds, which is why we offer options for both employed and self employed individuals with bad credit.

We also offer solutions for those looking to remortgage with bad credit, as well as more complex situations such as mortgages for individuals over the age of 60 and self-employed individuals with bad credit.

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Bad Credit Mortgage Advice in Manchester

How to get a mortgage with bad credit in Manchester?

Many individuals have attempted to secure a mortgage through their bank, real estate agent, comparison website, or inexperienced mortgage broker before seeking our assistance. However, what people often fail to realise is that unnecessary credit checks can further damage their chances of obtaining a mortgage with bad credit.

Securing a mortgage with bad credit requires technical expertise and cannot be achieved simply by finding the lowest interest rate and applying for it. This approach can often waste your time and money!

By speaking with a bad credit mortgage advisor in Manchester, they will utilise their extensive understanding of lending criteria to find the right lender for you on the first try, without any negative impact on your credit score.

Types of bad credit mortgages in Manchester

Our team of experienced bad credit mortgage advisors in Manchester will take the time to understand your specific needs and gather information about your bad credit history. This includes when it was recorded, the nature of the issue, whether it has been resolved, and the amount involved. With this knowledge, we can recommend the best course of action for you.

Examples of bad credit mortgages may include CCJs (county court judgments), DMPs (debt management plans), defaults, missed or late payments, IVAs (individual voluntary agreements), or even bankruptcy. These can all impact your credit score and make it challenging to secure a new mortgage.

If you are in the process of looking for a new mortgage and are worried about your credit score, our team are here to help. Contact us today to learn more about your options for getting a mortgage with bad credit.

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Popular Mortgage FAQs in Manchester

How much deposit do I need for a mortgage in Manchester with bad credit?

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Usually, a minimum deposit of 5% is required when taking out a mortgage. However, since you have bad credit in Manchester, mortgage lenders may require a higher deposit between 10%-15%.

Your deposit can come from your savings or via a gifted deposit from a family member or friend. If you are moving home, you may be able to use the remaining equity in your previous property as your deposit.

When it comes to bad credit mortgages in Manchester, the amount of deposit required will depend on factors such as the type, date, and amount of the credit issue, as well as whether it has been resolved or not. If the credit issues are significant, unresolved, and recent, the lender may ask for a larger deposit.

What are my bad credit mortgage options in Manchester

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Mortgage options, including those for bad credit, are divided into different bands, each with an interest rate based on the level of risk for the lender. For instance, a 95% loan to value mortgage will have a higher interest rate compared to a 60% loan to value deal, as the lender is taking on a greater risk.

If you have bad credit and want to take out a 95% loan to value mortgage, in some cases it may not be possible. It all depends on how “bad” your credit is and whether the mortgage lender deems you as a reliable applicant who will be able to maintain the monthly mortgage payments.

Can I get a mortgage in Manchester with bad credit?

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It is indeed possible to obtain a mortgage even if you have a bad credit history. Various types of bad credit can still be considered for a mortgage, such as county court judgements (CCJs), debt management plans (DMPs), missed payments, defaults, Individual Voluntary Arrangements (IVAs), bankruptcy, poor or low credit scores, and high debts from personal loans and credit cards. However, the severity, timing, and reasons behind your credit issues, as well as the amount of deposit you have, will determine which lender will be willing to approve your application.

When it comes to bad credit mortgages, it is not as simple as searching for the cheapest rate online. The process is highly dependent on specific criteria and there may be obstacles to overcome during the application process.

Our team has helped 1000s of customers in securing bad credit mortgages in Manchester. We have the expertise and experience to guide you through this process and help you achieve your goal of owning a home. Get in touch with our bad credit mortgage advisors in Manchester today.

Can I get a mortgage with bad credit in Manchester if I'm over 50?

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In today’s world, there is a wide range of mortgage options specifically designed for individuals over the age of 50. Whether you are in the market for a new property, looking to remortgage, or need to raise capital, our team of experts specialising in later life mortgages is available to help you 7 days a week.

These options include regular mortgages, retirement interest-only mortgages, equity release mortgages, and standard interest-only mortgage products.

What credit issues are acceptable to mortgage lenders?

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Mortgage lenders have specific criteria for what types of credit issues they find acceptable. These include county court judgements (CCJs), debt management plans (DMPs), missed payments, defaults, Individual Voluntary Arrangements (IVAs), bankruptcy, poor or low credit scores, and high debts from personal loans and credit cards.

However, the severity of the credit issue, when it occurred, how much was involved, and the size of the deposit you have available will also play a role in determining what is acceptable to the lender for a bad credit mortgage.

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Our Simple 4-Step Process

Free Mortgage Appointment

Step 1

Once you arrange your free mortgage appointment with a mortgage advisor in Manchester, you will be required to disclose details about your earnings and expenditures in order to accurately assess your financial capability.

Finding a Suitable Product

Step 2

Despite any potential limitations, we are committed to thoroughly exploring 1000s of mortgages in order to discover the most optimal solution for you.

Preparing to Submit Your Application

Step 3

After agreeing to the mortgage terms, your mortgage advisor in Manchester will move forward with submitting your complete mortgage application and any necessary supporting documents.

Our Service

Step 4

Our services extend beyond just finding the best deal. We also offer valuable guidance on insurance policies that will protect you and your loved ones financially.

Reasons to Choose Us

Free Mortgage Appointment

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In case you are facing any difficulties with your credit score, it would be beneficial for you to acquire an updated version of your credit report. This will help you during your free mortgage appointment, as it will provide us with a better understanding of your financial situation, goals, and potential mortgage options that align with your current status.

Search 1000s of products

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At Manchestermoneyman, we have a wide range of expert mortgage lenders on our panel. Each lender has their own set of criteria that we carefully match to our customers, to help you achieve your mortgage goals. Our mortgage advisors in Manchester have accumulated a wealth of knowledge and experience in the industry, enabling them to recommend the best mortgage deal for you based on your current situation.

Our Service

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We are dedicated to delivering exceptional bad credit mortgage advice in Manchester to help you get a mortgage. We strive for you to move into your new property with a mortgage product that perfectly aligns with your current personal and financial situation.

7 Days a Week

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We have earned a strong reputation for offering open and honest mortgage advice in Manchester. We are committed to guiding you through every step of your mortgage journey. Don't hesitate to reach out and schedule a free initial appointment with one of our dedicated mortgage advisors in Manchester, 7 days a week!

Malcolm and Amy Davidson - Mortgage Advice in Manchester

Mortgages With Bad Credit in Manchester

Fleet Mortgages
Paragon Mortgages
TSB Mortgages
Bluestone Mortgage Advice
BM Solutions Mortgages
Chorley Building Society
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Pepper Money
Mortgage Works
Coventry Building Society
Natwest Mortgage Advice
Newcastle Building Society
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Accord Mortgages
Aldermore Mortgage Lender
Beverley Building Society
Kent Reliance
Virgin Money & Mortgages
Leeds Building Society
Scottish Widows
Foundation Home Loans

Common Mortgage Questions in Manchester

Can I get a debt consolidation mortgage in Manchester with bad credit?

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When applying for a debt consolidation mortgage with bad credit in Manchester, your financial situation will be thoroughly evaluated. This includes your income, whether it is from a single or joint source, as well as your expenses, age, credit score, employment status, and personal circumstances.

The amount of equity you have available also plays a significant role in the likelihood of your application being accepted. Generally, the more equity you have, the better your chances are. Additionally, the smaller the amount and the longer ago your bad credit occurred, the more favourable your situation may be.

Can I get a mortgage in Manchester with a county court judgement (CCJ)?

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It is possible to obtain a mortgage with a county court judgement (CCJ) in Manchester, but it may prove to be more challenging. Whether your CCJ is satisfied, partially satisfied, not satisfied, set aside, or expired, there are options for bad credit CCJ mortgages that you can explore.

Our team of bad credit mortgage advisors in Manchester can guide you through the various CCJ mortgage options and recommend the most suitable one for your situation.

Can I get a mortgage with a default in Manchester?

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Although having a default on your credit file may make it more challenging, it is still possible to obtain a bad credit mortgage. However, your chances of being accepted may be smaller.

Defaults can negatively impact your credit file for up to 6 years and can significantly hinder your chances of getting approved for a mortgage. It is worth noting that defaults can be classified as either satisfied, meaning they have been paid back, or unsatisfied, meaning they are still outstanding.

The type of company that has issued the default can also play a role in the lender’s decision. For instance, many lenders now disregard defaults from telephone companies as they are usually for small amounts and can easily occur without the borrower’s knowledge due to changes in contact information.

Can I get a mortgage in Manchester with missed/late payments?

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It may still be possible to obtain a mortgage with missed or late payments. However, there are certain factors to consider when seeking a bad credit mortgage with missed payments.

These include the type of payment that was missed, such as a mobile phone bill or a mortgage payment. The amount of the missed payment is also important, whether it was a small amount like £10 or a larger amount like £1,000.

The timing of the missed payment is another factor, whether it occurred recently or several years ago. It is also important to note if the missed payment has been paid off or if it is still outstanding.

Additionally, the reason behind the missed payment is crucial, whether it was a simple oversight that was quickly resolved or if the payment was unaffordable.

Mortgage Guides & Manchestermoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.

UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Manchester, HU9 1PU.

Authorised and Regulated by the Financial Conduct Authority.

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