Bad Credit Mortgage Calculator

Use calculator below

  • Bad Credit Specialists
  • Free, no obligation initial consultation
  • Exclusive Rates
  • Hundreds of 5 Star Reviews

Bad Credit Mortgage Calculator

Use calculator below

  • Bad Credit Specialists
  • Free, no obligation initial consultation
  • Exclusive Rates
  • Hundreds of 5 Star Reviews
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Author: Carl Shave - CEO and co-founder
Last updated: 14 Jul 2024

What does a bad credit calculator do?

The first step of any mortgage journey is to establish if you’re able to obtain a mortgage based on your circumstances. This is even more important if you have a bad credit history.

A Bad Credit Mortgage Calculator can be used to give you an indication of your chances. By answering a few simple questions about yourself, the calculator will give you an answer as to what your prospects are.

There are no guarantees and ultimately you will still be advised to seek advice. However, using a calculator is a very good place to start.

How does the Bad Credit Mortgage Calculator work?

Many individual mortgage calculators for bad credit aren’t designed to give you an indication of how much you can borrow. But instead, they give you an indication of your ability to obtain a mortgage.

However, some, such as the one on our site, will combine both aspects in one process. By filling out some simple questions about your situation, our calculator can give you an accurate guide of what you could borrow.

Not only will it tell you your borrowing capabilities, but it will also give you an idea of your chance of success.

Be advised that these results are to be used as a guide and we still highly recommend you speak to a bad credit mortgage advisor. They will be able to use their knowledge to obtain an accurate assessment for you.

What information is required for our Bad Credit Mortgage Calculator?

If you’re interested in using any bad credit mortgage calculator in the UK, then to obtain the most accurate result you’ll need the following:

  • The valuation or purchase price of the property.
  • An indication of how much you may need to borrow.
  • What your annual income is (for each applicant, if there is more than one).
  • Information about your credit history. If you obtain a copy of your credit report in advance, this will ensure accurate information.
  • Your credit score. Each credit agency has their own scoring system, so ensure you know what agency gave you what score.

How much I can borrow with bad credit?

When looking to obtain a bad credit mortgage there are a range of factors that need to be considered:

The first factor that will affect your borrowing is the type of credit issue. Essentially, the more severe the issue, the less you can borrow. In some cases, the issue may be so severe that you will be rejected. For example, a few missed phone payments wont carry the same weight as bankruptcy or repossession.

Another factor that will influence your borrowing is the time since the event occurred. Typically, bad credit events are removed from your credit file after 6 years. So, past this point your chances will be made much easier.

However, more recent events can have a large impact. Trying to apply within 6 months of a serious credit event will be much harder than applying after 4 years, for instance.

One final factor that plays a part is your efforts to repair your credit in the present day. If lenders can see you have taken steps to improve your credit score they may be more willing to lend you more. Our complete guide has some top tips on how to do this.

If you want to explore your bad credit options, reach out today!