Everyone has a credit report, and it can usually be found with the bigger credit reference agencies of Experian and Equifax. Lenders will use this information to work out your credit score and ultimately whether they want to lend to you. Here at Meridian we specialise in trying to help everyone obtain a mortgage regardless of their credit score.
But what do you do if that score is not perfect?
Well, here is the good news, there are many high street and specialist lenders that show flexibility in their lending criteria. They are just as interested in your ability to pay in the future as they are in any issues that you may have had in the past. With access to these lenders, we can quickly tell you whether you meet their criteria, and even obtain you an agreement in principle that you can use.
Can I get a mortgage with a low credit score?
Matching your credit file with a lenders criteria is what we do. Many borrowers often give up their search when the first few lenders say no. It’s not always because they cannot be helped, its just that they may be speaking to the wrong ones.
Checking your eligibility with us will not only give you the confidence that a lender will say YES, but means that you have protected your credit file from a lender declining you for other lenders to see.
Speak to us if you have any of these on your credit file...
- Late payments
- Missed payments
- Defaulted credit account
- Country Court Judgement (CCJ)
- Debt Management Plan (DMP)
It is not always because you have missed a financial commitment that your score is low. Some clients find that a lack of a credit history means that their score isn’t high if they haven’t previously used credit.
Also speak to us if your credit file shows any history of...
- Recent and multiple credit searches
- New accounts being opened
- Recent financial activity such as an application for credit
- Incorrect information held or not showing on the electoral roll
- Your address history showing incorrectly
Many of these events can, and do, influence a new lender and whether they will offer you a mortgage. We will work with you to make sure we are speaking to the right lenders for the best chance of getting you accepted.
Your home may be repossessed if you do not keep up repayments on your mortgage
Follow our 3 simple steps to get the most suitable mortgage to meet your circumstances.
Search
We understand your situation and search the market for a deal for you.
Complete
We work together to submit your application and quickly complete the mortgage.