Impaired Credit

What is impaired credit?

Impaired credit history can be anything from a missed payment on a utility bill right through to bankruptcy, and all of them can have a negative impact on your ability to secure credit. As a general rule, relatively small credit problems such as a missed credit card payment won’t stop you from securing a mortgage. If, however, you’ve had more substantial issues such as a County Court Judgement (CCJ) against you in the previous six years, then you could struggle to find a lender who will accept you.

All is not lost, even people with patchy credit histories can and do secure mortgages with some lenders being more open to a wider range of credit histories than others. As an experienced mortgage advisor, I can conduct a thorough search of the mortgage market to find a lender who might be willing to consider your circumstances.

Why do I have impaired credit?

Many people only discover they have a problem with impaired credit when they come to apply for a mortgage and it can be for any number of reasons. A late credit card payment, a missed utility bill payment, or even issues relating to your address rather than how you’ve conducted your own financial affairs. For this reason it’s always advisable foryou to check your credit history prior to making an application. If you already know you have impaired credit but would still like to apply for a mortgage, then contact Pearl Mortgage Solutions for discreet and professional advice.

How to get a mortgage with impaired credit

If you know you have impaired credit, then there are a number of things you can do to increase your chances of a mortgage application being successful. Firstly, you should ensure your finances are in good order and are currently meeting all of your commitments. This will, in turn, help you to rebuild your credit score over time.

Any lender will take a keen interest in your bank statements, income and outgoings to see how you are now managing your money. You can also keep a regular check on your credit score by checking your file. If you have any outstanding debts these should be paid off. If you can show potential lenders that you’ve successfully managed credit your application is more likely to succeed.

Can I get a mortgage with no credit history?

Very few people have no credit history at all. If you have a current account and have appeared on the electoral register, then you’re likely to have some kind of credit history. You may, however, have a low credit score not because you’ve mismanaged your finances in the past, but because you’ve not accessed credit sources such as loans or credit cards.

If you have had issues with your credit in the past, we at Pearl Mortgage Solutions will help you to get mortgage ready and make sure you are in a better position for a mortgage application. Please contact us for further information.

Pearl Mortgage Solutions Ltd is an appointed Representative of PRIMIS Mortgage Network, A trading name of First Complete Limited. First Complete is authorised and regulated by the Financial Conduct Authority.

Registered Office : 290 Baldwins Lane, Hall Green, Birmingham, B28 0XB. Registered in England and Wales

Company Number: 10656314.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

Most Buy-to-Let mortgages are not regulated by the Financial Conduct Authority.

The guidance and/and or advice contained within this website is subject to the UK regulatory regime and is therefore primarily targeted at consumers in the UK.

At Pearl Mortgage Solutions Ltd, our mortgage fees range from £0 - £500 depending on the type of mortgage application, the complexity of your case and individual circumstances. We will discuss this with you at the earliest opportunity so you are fully aware.