Can I get a mortgage with bad credit?

Lenders are reluctant to offer mortgages to those with poor credit score as they would not want to be portrayed as encouraging you to take on more debt where there is potential of repayments not being made on time.  It may be an idea to improve your credit score before applying for a mortgage. This can be done using a “credit builder” credit card in which you pay off the full amount owed each month to show you can manage your debts responsibly. However, these cards often how low credit limits and charge a vast amount of interest and there will still be no guarantee that you will be accepted for a mortgage if your credit score improves.

Can I get a mortgage with a CCJ?

Whether a lender will offer you a mortgage with a past County Court Judgement will depend highly on the circumstances around it. You will more likely be accepted if the CCJ is historical, for a small amount and all your other debts are managed responsibly up to date. If your CCJ is recent and/or is for a large amount, the majority of lenders are unlikely to offer you a mortgage.

Can I get a mortgage with a default?

Whether lender are prepaid to offer you a mortgage with past defaults depends highly on the circumstances. Most lenders would not due to it being too high risk whereas some may, providing the default is historic and all your other debts are managed responsibly.

Can I get a mortgage with debts?

Providing you are up to date with your monthly repayments and can afford them, having debts should not affect the possibility of getting a mortgage. Showing you can manage your debts responsibly can in fact increase the likelihood of getting accepted by lenders due to an increase in your credit score.

Can I get a mortgage after an IVA?

An Individual Voluntary Agreement is an arrangement to pay back your debts over a set period of time. This is legally binding between you and your creditors and will remain on your credit file for 6 years once it is registered. Many lenders will consider offering a mortgage once the IVA has been satisfied for 6 years whereas others will assess it on a case by case basis.

Can I get a mortgage on my own?

Providing you have at least a 5% deposit and can evidence that you are able to afford the monthly repayments, you will be able to get a mortgage on your own. It is worth noting that lenders tend to allow you to borrow up to 4.5 times your income however this can vary.

Can I get a mortgage at 50?

You can get a mortgage at age 50 – 55 providing you will have enough income to cover the monthly payments.  If you are to retire during the term of the mortgage, you will need to provide proof of retirement income such as a pension. Otherwise you can apply for a shorter term which will finish before or on the age of retirement.  It is worth noting that lenders will each have certain age restrictions of which you cannot be older than during the term of the mortgage.

Can I get a mortgage at 60?

It may prove more difficult to get a mortgage at age 60 however it is possible. The majority of lenders have age restrictions of which you cannot be older than during the mortgage term. You may still be able to get a mortgage at age 60 providing you go for a shorter term in which you stay below these restriction ages. It is worth noting that you will also have to provide retirement income, such as proof of pension, if you are planning to retire during the term of the mortgage.

Can I get a mortgage with no deposit?

No – you will need to put down a deposit of at least 5% of the property value in order to get a mortgage – the bigger the deposit, the more variety of mortgage options will be open to you.

Can I get a mortgage without a job?

To get offered a mortgage, you will need consistent income in order to show the lender that you will be able to make the mortgage repayments each month. Therefore, it is not likely to get a mortgage without a job unless other proof of income can be provided.

Can a student get a mortgage?

Certain lenders are willing to consider full-time student mortgage applications providing that they have a guarantor such as a parent. If you are a part-time student and employed, this should not prevent you from getting a mortgage providing you can prove your income.

Can you get a mortgage after bankruptcy?

Getting a mortgage after bankruptcy will depend on the individual circumstances and what risk level lenders distinguish you as. If accepted, this will often be offered at a higher interest rate. You are obligated to inform lenders of bankruptcy when applying for any credit over £500.

Your home may be repossessed if you do not keep up repayments on your mortgage.