At Fortitude Mortgage Brokers we have access to many lenders from across the market. Within that range are lenders who specialise in mortgages for first time buyers with bad credit. That includes bad credit such as CCJ’s, arrears, debt repayment plans and likewise. In short, there are options available!
That said, whilst there are options available, the likelihood is they will require a larger deposit or will offer a higher interest rate. But that doesn’t mean you will always be tied into such a lender or product for the whole term of your mortgage. Often clients will proceed with such a lender/product initially, and then when they come to remortgage at the end of their fixed deal, switch to a more mainstream solution (assuming no further bad credit has occurred.
To understand your situation, the best starting point is to download a copy of your credit file. We recommend Checkymyfile. You can get a copy of your credit report here. Once you have downloaded a copy of your credit file, we’d be more than happy to take a look at it for you in order to talk you through your options.
Before you even start thinking about how much you can borrow, or what type of property to buy, the first important step is to make sure you’re likely to be eligible for a mortgage. To help you with this, we’ve created a short quiz that will indicate whether or not you’re likely to be accepted.