Bad Credit mortgage calculator

Use calculator below

  • Bad Credit Specialists
  • Free Initial Advice
  • Exclusive Rates
  • Hundreds of 5 Star Reviews

Bad Credit mortgage calculator

Use calculator below

  • Bad Credit Specialists
  • Free Initial Advice
  • Exclusive Rates
  • Hundreds of 5 Star Reviews

Bad Credit Mortgage Calculator

Calculation results should not be considered as a quote. Make sure you read the separate Key Facts Illustration (KFI) or European Standard Information Sheet (ESIS) before making a decision.

Fill out a few details to see if you are eligible for Bad Credit Mortgage
Get Started

What is a “bad credit history”?

If you’ve set your heart on a house and are turned down for a mortgage because of a bad credit history, it can feel like the end of the world. But one rejection needn’t be the end of your dream of home ownership. The key is to understand what it all means.

There are a number of reasons why your credit history might raise a red flag to lenders; for example, if you have a history of missed or late payments on a credit card, or have a County Court Judgment (CCJ) against you, or even that you have previously had a house repossessed.

Most high street lenders use a scoring system to assess the risk of you not paying them back on time (or at all), and while the odd late payment might not be such a big deal, a pattern of such behaviour, or having been made bankrupt (for example), could tip the scales against you. Alternatively, you might be accepted, but charged higher fees and/or a higher rate of interest, both to mitigate the perceived additional risk and because lenders know borrowers with a poor credit rating don’t have as many options as those with no problems.

How does your credit score work?

Five key factors are taken into account to determine your credit score:

1. Your payment history – your record of paying your debts, including credit cards, personal loans, and mortgages.

2. The amount of debt you have currently – whether your credit cards are spent up to the limit and whether you currently have any outstanding loans.

3. The length of your credit history – a long and diverse credit history can be to your advantage, even if it is a little spotty in places. (If someone has never borrowed before and so has no credit history, they can be considered a higher risk as there is little data to work with when assessing them.)

4. The types of credit you have previously accessed – this will give an overview of how you have accessed and managed your credit in the past.

5. The number of credit searches made against you – a high number of searches might suggest you have been taking on more debt than you can handle. (If you request a copy of your credit report or a potential lender conducts a pre-approval check, this should not have a negative impact on your rating.)

Just Mortgage Brokers logo

Useful Links

About

Website by Focus.