Low Credit Score Mortgages

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Low Credit Score Mortgages

Having a low credit rating or even no credit rating can really impact your chances of getting a mortgage. A low or no credit rating can occur for many reasons, from being young to never being on the electoral roll or having lots of credit agreements.

We’ve worked with many clients with low or no credit scores to get a mortgage to buy their first home or move into a larger property. Our approach is to see you as a person, not just a set of criteria for lenders to say no to.

We offer jargon-free advice that’s to the point, and we won’t string you along or make promises we can’t keep. We also offer:

  • Access to the whole of the market to help you find the right lender
  • An easily accessible city-centre office in Nottingham
  • A flexible contact and meeting times to suit you

We don’t judge your financial past, so get in touch to see whether we can help you achieve your dream home.

What Is a Low Credit Score?

A low credit score is seen differently to a bad credit score. It simply means that you haven’t built up a lot of credit on your credit file. If you’ve never had a credit card or loan, have a pay-as-you-go phone, or pay for your utilities using cash or prepaid cards, you may not have built up your credit score enough for lenders to get an idea of your repayment patterns.

A good credit score is often built up by using credit responsibly, so if you’ve never been keen on having credit, this can work against you when it comes to applying for a mortgage.

Getting a Mortgage with a Low / No Credit Score

The good news is that there are lenders who will accept applicants with low / no credit scores. But if you want to start building a good credit rating, you can do this in several ways:

  • Get a low-interest credit card and pay off your balance in full each month
  • Avoid making too many credit applications in a short period of time
  • Pay all bills on time
  • Go on the electoral roll for your address

You don’t have to undertake the above actions before making a mortgage application, as we can help you find out straight away whether you’re eligible for a mortgage with low / no credit.

Get in touch to see how we can help you.

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