Can I get a bad credit mortgage from a high street bank?

March 27, 2021
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Our customers often ask us about the chances of securing a mortgage with bad credit from a high street bank. You might be wondering if you have any chance of securing a mortgage with past credit problems, particularly from a high street lender.

Missed payments, defaults and CCJs will often present an issue for mortgage applicants. High street lenders in particular are more likely to reject applications from those with bad credit. But we all know that past behaviour isn’t always a reflection of your current circumstances, so should bad credit really hold you back?

Often it’s a case of finding the right lender. Since the 2008 credit crunch, lenders have been forced to tighten their lending criteria. And the big high street lenders are the ones hit the hardest by these regulations. While smaller lenders might be willing to take on some risk, larger high street lenders are more likely to reject all but the most straightforward applicants.

As frustrating as this is, it doesn’t mean that it's the end of the road for your mortgage application. Even with bad credit, some lenders will consider the bigger picture. It all depends on the severity of the issues, how long ago they happened, and what you have done to rectify the situation.

In general, we can help:

  • CCJ and defaults over 2 years old
  • First time and next time buyers
  • Buy to let applicants
  • Missed credit card payments or loan payments in the last 24 months, with no more than 2 missed payments.
  • Minimum deposit of 15%

Securing a mortgage is a complex process and lenders will want to look at the whole picture. Often, it’s easier to secure a mortgage if you can get your application in front of the right lender. This is where Niche Mortgage Info can help. We have experience working with bad credit applicants to help them get on the property ladder and put their bad credit history behind them.

In the case of more severe debt problems such as an IVA or bankruptcy, you can expect lenders to want to see the following:

  • Minimum 30% deposit
  • Discharged IVA or bankruptcy over 3 years old

As you can see, even the most severe debt problem won’t necessarily hold you back from securing a mortgage. Get in touch with Niche Mortgage Info today or explore our extensive bad credit mortgage guides to learn how you can get on the property ladder with bad credit.

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