Can I get a Mortgage with bad credit UK | First Time Buyer Secrets

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you wanting to buy a dream home but

worried about some bad credit you have

or may have got in the past well fear

not in this video I'm going to explain

the excellent options available to

people with bad or adverse credit coming

up hey what's up guys my name is Alex


I'm a qualified mortgage broker and on

this channel we provide the best tools

and tips to first-time buyers if you're

new please consider subscribing let's

jump into the video so there's five

areas that I want to have a look at here

and the first and really really critical

and important area is your credit file

okay if you've not looked at it you must

download it and get a copy now I really

advise using a company called check my

file I've hooked up a link in the

descriptions and show notes which will

take you straight to their website and

be able to download a free trial which

will then enable you to download a

credit file now the reason we strongly

recommend using check my file because

they actually provide multiple credit

reports on one file now some mortgage

lenders will use a company called

Experian and some mortgage lenders will

use a company called Equifax to conduct

their credit searches occasionally the

information on both of these credit

files gets mixed up and that causes

problems with mortgage lenders to get

your file we can have a look at both at

the same time which will enable us to

move forwards and iron out any problems

now rather than later such as during

your mortgage application so once you're

armed with your credit file and the

reason to get that is so we can

distinguish if a mortgage is possible

now the Jim generally speaking the

question of can I get a mortgage with

adverse credit as a first-time buyer for

next time buyer the answer is yes now

depending on the level of adverse credit


general rule of thumb is the worse the

bad credit is the higher the rates gonna

be the less options are available and

sometimes lenders will not give you a

mortgage at all or you may need a bigger

deposit once we've got that credit file

in front of us we'll be able to

determine exactly the options that we

have deposit so how much deposit are we

going to need to get a mortgage with

adverse credit well as of the making of

this video a mortgage lender has just

brought out a mortgage based on a 5%

deposit okay now they'll ignore all

defaults from telecommunications so that

means mobile phones telephones and they

will allow some CC J's in there

the timing of them is critical and the

amounts will determine if this mortgage

is available to you but the good news is

that you only need a 5% initially

potentially to get an adverse credit

mortgage so what types of adverse credit

will be allowed for an adverse credit

mortgage so you can have mis credit card

payments Mis loan payments HP leases

mortgage payments

IVAs bankruptcies repossessions there

are a whole host of lenders that will

consider you based on any circumstance

mortgage lenders will look at when the

adverse credit was registered the date

whether it's satisfied or still

outstanding and they will then look at

the amount you know how much it was at

the time of the registration all right

now generally speaking your credit file

they only ever look at the last six

years okay so if you had any form of

adverse or bad credit which is now order

than six years it's gone it's off your

the the the slate is wiped clean which

is good news so

obviously the mirror it is okay to the

current time the less options there's

going to be within the six-year period

if you've got some bad credit this over

three years old so between three and six

then they're quite a lot of options

available to you if it's within three

years caper over 24 months again good

options it's when you start getting too

adverse credit registered in the last 12

to 24 months that the options lesson

okay the rates go up and the deposit

required increases

having said that rates are historically

low at the moment so if it enables you

to get onto the property ladder and then

the idea is to clean your credit as you

go when your mortgage renewal is comes

up for for renewal you will be able to

get a better deal that is you know the

goal okay so the last point point number

five I wanted to look at is what types

of mortgages are available if you have

an adverse credit now what do I mean by

that I mean help to buy shared ownership

you know a traditional purchase put in

five percent down there is now lenders

that will lend to first-time buyers

through any scheme so if you're looking

at new builds if you're looking at the

help to buy a scheme inside or outside

of London if you're looking at shared

ownership properties where you're buying

a share starting at twenty five percent

okay there are lenders for you it's

fantastic news and you know thoroughly

recommend having a look at your options

so if you'd like to buy a property but

you're still not sure maybe you've got

your credit file and you you're not sure

how to read it just send it over to us

all right we've got you a free appraisal

we'll look at your credit file with a

fine-tooth comb come back to you there's

no charge for this it's a completely

free no obligation

you know what your mortgage options are

and what they look like to you question

of the day is adverse credit holding you

back from buying your dream home let me

know in the comments as a regulated

mortgage brokers we are obliged to tell

you that your home may be repossessed if

you do not keep up repayments on your

mortgage so thank you so much for

checking out today's video I hope you

have found it useful and of value please

if you haven't done so already hit the

subscribe button or ring the bell so

until next time

mortgage Chane are bringing you the best

tools and tips for first-time buyers

until next time keep smashing it and

we'll see you in the next video