Our superheroes work really hard to secure you a mortgage by being the best mortgage brokers for bad credit.
Yes, it’s what the Money Nest brokers do every day!
Mortgages for bad credit can be quite technical so getting the best bad credit mortgage broker can save you a lot of time, stress, and money. A mortgage broker differs to a bank as they have access to the whole market and work independently which means a lot more choice for you. The key difference to having a bad credit specific broker, is that it requires additional expertise to get right, to know and work closely with the right lenders and have someone to fight your corner and put forward a great case to the lender.
Bad credit mortgage brokers can help those struggling with the following credit issues:
If you have any of the above in your credit report, you may have already had a mortgage declined and you are now unsure where to go next. A bad credit mortgage broker can help you as they can find a specialist lender who will judge your application on how long the issues have been registered, the severity of them and if you fit into their other eligibility criteria.
The broker will evaluate your credit history and determine what some lenders might overlook versus what they deem severe.
How do I find a bad credit mortgage broker?
Make an enquiry and we will match you with one of our superheroes, who are some of the best bad credit mortgage brokers out there.
For example, if you are seeking a mortgage after a repossession, we will align your circumstances with a repossession specialist broker to give you the best possible chance of approval.
Here is a checklist of what to look out for in a bad credit mortgage broker:
It is also important to note what to be cautious of too:
If you choose to let us help you, we promise only a super service from brokers who tick every box from the first list. We have a thorough selection and recruitment process and only allows the best bad credit mortgage brokers to work with our customers.
Brokers themselves cannot usually credit reference borrowers. In order to check a credit history and match you with the right lenders, they will need the borrower to download a copy of their own credit report and send it over for analysis.
NOTE: If your broker doesn’t ask for this before they apply, or doesn’t understand the report when they see it, don’t work with them!! It shows they don’t understand what’s needed to get this right and will likely apply to the wrong lender.
It is good to bear in mind that the be all and end all does not lie in the actual ‘score’ or number you are given. A lot of the time this is just an indication and lenders rely more on the ins and out of your credit report instead.
We love assisting clients, especially those who have had difficulty finding the best deals elsewhere.
I applied for a mortgage from another organization after seeing an excellent offer online, but my application was declined due to my credit history. I am grateful to MoneyNest for connecting me with their broker, who discovered out what the problem was and now I am a client of theirs 🙂
I had a bad credit history and didn’t know how to apply for a mortgage. The superhero advisors from MoneyNest came into my life when they matched me with an agent who found the perfect lender willing to take on such risk, giving us both hope that there are still opportunities out here!
The most common fee amount to pay a broker is between £299 and £999, depending on how complex the scenario is, and this is typically charged upon receiving a mortgage offer. Some charge a small fee upfront, others all on completion. The maximum fee a broker should charge is around 3% of the total mortgage loan. So, if you lend £120,000 you will be charged £3600. However, there are deals out there which charge less than 1% for broker services.
It is important to know that different brokers may charge you more depending on how tricky your case is. For example, if you have a large adverse credit history it will take a lot more time for the broker to secure you a deal and therefore you would be billed for that.
It is important you use a bad credit mortgage brokers as they will have access to the whole of the market (which gives you a lot more choice despite your bad credit), but even more importantly, they will be experienced and would have helped many customers in a similar situation to you – they should already know which lenders can consider you from the first phone call / sight of your credit report.
If you went straight to a high street bank or a non-specialist, it is much more likely for you to be rejected or approach the wrong lender and get declined, which can have a further negative effect on your credit report.
So, save yourself the time, upset and money and put your trust in our superheroes to get it right first time.
Bad credit mortgage lenders base their outcomes on the severity of your credit issues, the amount of time that has passed since they were registered and what led you to financial difficulty. Some credit issues are considered more serious than others and those with multiple credit issues may need to provide a bigger deposit to be deemed less of a risk.
The tables below will help you to understand how lenders will view your credit history:
Secured lending (lending is secured against assets or a property)
| Credit issue | Approved after 0-12 months? | Approved after 1-2 years? | Approved after 2-3 years? | Approved after 3-4 years? | Approved after 4+ years? |
|---|---|---|---|---|---|
| CCJS | Possible | Maybe (with a good LTV) | Yes (any number) | Yes (any number) | Yes (any number) |
| Defaults | Possible | Maybe (with a good LTV) | Yes (any number) | Yes (any number) | Yes (any number) |
| Mortgage arrears | Yes (max 3 late payments) | Yes (any number) | Yes (any number) | Yes (any number) | Yes (any number) |
| Repossessions | Unlikely | Yes (25% deposit) | Yes (25% deposit) | Yes | Yes |
Unsecured lending (lending is not secured against assets or property)
| 0-12 months | 1-2 years | 2-3 years | 3-4 years | 4+ years | |
|---|---|---|---|---|---|
| CCJs | Yes (any number) | Yes (any number) | Yes (any number) | Yes (any number) | Yes (any number) |
| Defaults | Yes (any number) | Yes (any number) | Yes (any number) | Yes (any number) | Yes (any number) |
| Debt management | Yes (if credit report is unaffected) | Yes (if credit report is unaffected) | Yes (if credit report is unaffected) | Yes (if credit report is unaffected) | Yes (if credit report is unaffected) |
| Late payments | Yes (any number) | Yes (any number) | Yes (any number) | Yes (any number) | Yes (any number) |
| IVA | Possible with 25% deposit | Possible with 25% deposit | Possible with 15% deposit | Possible with 15% deposit | Possible with 10% deposit |
| Bankruptcy | Possible with 25% deposit | Possible with 25% deposit | Possible with 15% deposit | Possible with 5% deposit | Possible with 5% deposit |
Make an enquiry for a free, no-obligation chat and we’ll match you with a broker experienced in helping other customers in similar circumstances
If your credit issues are holding you back, our credit expert hero’s are here to set you free!
