If you are looking for a mortgage with bad credit there really isn’t one lender who sits as the number one for bad credit mortgages. There is no one size that fits all with mortgage lenders no matter what your credit report looks like. If you want to find the best mortgage company for bad credit you will need a specialist mortgage broker who has access to the whole of the market.
Using a broker will give you access to a great range of mortgages that have been created specifically for bad credit. Some specialist lenders work with brokers and provide them with exclusive rates and services in order to give someone with a history of adverse credit the best chances of owning their own home or remortgage their existing property.
The lender’s decision will be based entirely on your circumstances, which is why there is not a single best mortgage company for bad credit. Your application will be viewed differently from lender to lender as they all have their own individual lender policies. To give an idea of what lenders offer bad credit mortgages we have provided tables below categorised by the severity of the adverse credit.
Not severe:
| Provider | Accepts no credit history? | Accepts low credit scores? | Accepts a history of late payments? |
| Halifax | Case-by-case basis. Dependent on deposit and credit score. | Potentially / case-by-case basis | Yes |
| Accord Mortgages | Case-by-case basis. Dependent on deposit and credit score. | Potentially / Max 1 missed payment in 2 years | Yes |
| Barclays | Case-by-case basis. Dependent on deposit and credit score. | Potentially / case-by-case basis | Yes |
| Bluestone | Yes | Potentially / no arrears in last 1 year | Yes |
| HSBC | No | No | Yes |
| NatWest | Case-by-case basis | Potentially / no arrears in last 1 year | Yes |
| Santander | Case-by-case basis | Potentially / no arrears in last 1 year | No |
| Virgin Money | No | Potentially / no arrears in last 6 months | Yes |
Severe:
| Provider | Missed mortgage payments? | Defaults | CCJ? | DMP? | IVA? |
| Halifax | Yes | Yes | Yes | Yes, if satisfied | If satisfied over 6 years |
| Accord Mortgages | Max 1 in last 2 years | Up to £500 | If satisfied over 3 years | Yes, if satisfied | If satisfied over 6 years |
| Barclays | Max 3 in last 2 years | Up to £200 and satisfied | Ignored after 3 years. | Yes, if satisfied | If satisfied over 3 years |
| Bluestone | Max 4 in last 2 years | Max 4 in last 3 years | Up to 3 registered in last 3 years | Yes | If satisfied over 6 years |
| HSBC | No | Ignored after 3 years. No max value | Ignored after 3 years. No max value | Yes, if satisfied | If satisfied over 3 years |
| NatWest | Yes – cannot be in last year | Yes, if satisfied | Yes, if satisfied | Yes, if satisfied | Over 6 years passed |
| Santander | No | Yes after 1 year | Yes, if satisfied | Yes | No |
| Virgin Money | Max 2. Ignored after 6 months | Yes, if satisfied (max value £2k) | Yes – max value £500 | Yes, if satisfied | No |
Very severe:
| Provider | Bankruptcy? | Repossession? | Multiple credit issues? |
| Accord Mortgages | Discharged after 6 years | After 6 years | Yes |
| Barclays | Discharged after 6 years Discharged after 6 years | No | Yes |
| Bluestone | Discharged after 6 years | After 2 years | Yes |
| Halifax | Discharged after 3 years | After 6 years | Yes |
| HSBC | Discharged after 5 years | No | No |
| NatWest | Discharged after 6 years | After 6 years | Potentially – depends on date and severity |
| Santander | No | No | Yes |
| Virgin Money | No | No | Yes |
The tables above are for indication purposes only. Mortgages can be very technical and will be subject to you and your situation so it is best to seek advice from our experts who can provide you with a much more personal quote.
The interest rates that bad credit mortgage lenders offer will not always be as low as the rates you could expect with a clean credit report as you will still pose a risk to the lender. Although bad credit rates will be higher they will still be factored into your affordability checks and therefore you should never be offered a rate which is unaffordable. The more time that has passed since your bad credit registration the more options you may have for better rates, particularly if you have maintained a clean credit report since.
Save yourself the time and hassle of trying to find the best mortgage company for bad credit and follow the links below to get in touch or call us. Our mortgage superheroes know the market inside out and will do all of the work for you.
If your credit issues are holding you back, our credit expert hero’s are here to set you free!
