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Originally Posted On: https://www.mortgagekey.co.uk/bad-credit-mortgages
Worried about a Bad Credit Rating or had previous mortgage issues?
We’ve helped hundreds of customers who have had a bad credit rating or have previously had payment problems such as missed mortgage payments, defaults on credit cards & loans, CCJ’s, and customers who have been bankrupt. We are a specialist bad credit mortgage broker based in the UK who has years of experience in dealing with customers who have had bad credit problems.
We have bad credit mortgage advisers available who can advise on how to get a mortgage with bad credit whatever your circumstances, whether you are a first-time buyer looking for a first-time buyer bad credit mortgage or whether you are looking for a bad credit remortgage.
How to get a mortgage with bad credit but good income?
Bad Credit Mortgages are complicated and are a minefield that’s why you are in the right place. We are a specialist bad credit mortgage broker who has an array of bad credit mortgage advisers available. Bad credit mortgage lenders like customers who have a large deposit and good income, although this would depend on the severity of the bad credit, you could have a good income and a large deposit however, you could also have multiple defaults and CCJ’s and been bankrupt which would make it harder but not impossible.
There are different grades of income when considering bad credit mortgages first of all you could look at a customer who is looking for a bad credit mortgage who has five times their income, this would be hard enough without any bad credit however there are different types of bad credit if you have light bad credit so for example, one or two historic defaults which are satisfied with low balances which are more than three years old then you could probably get a bad credit mortgage at four and half times income, I would expect 15% to 20% deposit in this case, in today’s current climate I feel this would be the maximum you could achieve. If your credit rating was worse than this for example perhaps defaults and CCJ’s not satisfied, recent credit issues, and larger balances then this could cause a problem especially if you have a low deposit or a high loan to value although this isn’t impossible, however the lenders would be stricter on affordability taking this into account you would potentially be looking at three to four times your income depending on your circumstances.
Some lenders when considering bad credit mortgages when you have a good income will look at affordability rather than an income ratio and in these instances, this can be really helpful these lenders tend to have a higher interest rate, however they are able to look at your situation with a bespoke approach. As a bad credit mortgage broker, we will access your situation and recommend a bad credit mortgage lender based on your circumstances and needs.
If you feel this has been helpful, please feel free to call one of our bad credit mortgage advisers who will be available to help you.