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Can You Get a Mortgage With Bad Credit in Manchester?

Bad Credit Mortgage Advice in Manchester

As a mortgage broker in Manchester, we regularly work with customers seeking help with bad credit due to issues like missed payments, low credit scores, CCJs, and defaults, among others.

Repeatedly missing payments, such as on a mobile phone contract, could lead to a default being linked to your credit record. This may pose challenges if you’re considering a future mortgage application, suggesting potential payment unreliability.

Fortunately, having missed payments or defaults doesn’t mean that it is impossible to get a mortgage. To increase your chances, we would always recommend getting specialist mortgage advice in Manchester from a professional.

You should know that you may have to provide a large deposit if you are looking to get a mortgage with bad credit in Manchester. This deposit may stretch to 10%-15% of the property’s value.

Mortgage lenders will want to know exactly why you have bad credit. They will also look at how long you have had bad credit; if you have bad credit because you received a default recently, your chances are significantly reduced, however, if you received the default years ago and haven’t been missing payments for a long period of time now, you may find that your chances are higher.

Mistakes happen, and having bad credit in Manchester should not make you stop pursuing your mortgage process. There are specialist mortgage products out there for bad credit mortgage applicants, these deals could be suitable for you and your personal and financial situation.

Bad Credit Mortgage FAQs in Manchester

In our twenty years of experience, we have come across almost every single type of specialist mortgage situation. No matter the situation, we will always try and help when we can.

Every applicant with bad credit in Manchester will undoubtedly have lots of questions they want answers to – getting a mortgage can be complicated enough! Here we have compiled a list of the most common questions asked by applicants with bad credit in Manchester.

I have been declined by my bank for a mortgage in Manchester, can you help?

As a mortgage broker in Manchester, many of our customers have come straight from their bank after being declined for a mortgage. We advise that you do not keep applying to your bank because the more that you are declined, the more harm you are posing on your credit.

We advise that you get in touch with our mortgage advisors in Manchester to discuss your current mortgage options. We may be able to help, even if you think that your situation is too complicated!

What will my mortgage advisor in Manchester need to see?

Regardless of the nature of your previous credit issues, your mortgage advisor in Manchester will require a current version of your credit report.

Obtaining your credit report before initiating a mortgage application is crucial, particularly if you’re uncertain about your credit history. Our mortgage advisors in Manchester can perform a credit check for you that comes at no cost and will not affect your credit. If you keep performing numerous credit checks it can negatively impact your credit score and potentially hinder your mortgage eligibility.

Can I still get a mortgage in Manchester with a good income but bad credit?

The response to this question depends on your circumstances. For certain individuals, while their credit score might not be considered “good”, they may possess a substantial deposit to secure a lower rate and a steady income. Yet still, due to perceived risk, a mortgage lender could refuse to lend to this applicant.

Mortgage lenders require evidence that you can consistently meet mortgage payments, preventing any likelihood of falling into arrears. Repossessing your home becomes a necessity for them only in dire situations; it’s a scenario they prefer to avoid.

Although it may seem like it’s impossible, pathways for bad credit mortgages do exist. You may just have to settle for a higher interest rate on your mortgage. To discuss your options you should speak with a professional mortgage advisor in Manchester.

I’ve had mortgage problems before. Will that stop me from getting a mortgage in Manchester now?

Unfortunately, some people do miss their mortgage payments and it can have a negative impact on their credit. Even if it was just once and there’s a plan to pay it back as soon as possible, a missed payment can still register on your record.

If this is more than just a one-time occurrence, then you may start to see your actions reflected in your credit. When the time arrives to remortgage in Manchester, purchase a new home, or invest in a buy to let property, challenges may arise. Remember that your mortgage lender is looking for reliability and trustworthiness in your credit history.

What other types of adverse obstacles are customers facing?

Applicants can encounter many different types of bad credit mortgage scenarios. Each are capable of introducing significant hurdles throughout the mortgage application journey. Some of these issues include, yet are not restricted to:

  1. Missed Mortgage Payments
  2. Defaults on Credit Cards or Loans
  3. County Court Judgements (CCJs)
  4. Bankruptcy

While none of these circumstances are ideal, they do not mean that you cannot get a mortgage. Although you may face a slightly more difficult process, potentially with increased mortgage rates, specialist mortgage lenders exist that can help.

Get in Touch for Bad Credit Mortgage Advice in Manchester

For specialist mortgage advice in Manchester, you should reach out to our team at Manchestermoneyman. We know that having bad credit can make the mortgage process seem daunting, and that’s why we want to offer a helping hand.

We offer a free mortgage appointment to every customer, simply book online or give us a call and arrange a date and time.

Date Last Edited: February 13, 2024

Related 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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