I’ve lost count how many times people have asked me this question over the years. Thankfully my answer has always been the same. That answer is yes!
Plenty of lenders exist who cater for those with less than perfect credit scores and it’s your own individual circumstances which will dictate whether you can get a mortgage. To give you a bit more detail, let’s look at how credit scoring works …
That score that you’ve seen on such websites like Experian, Equifax, Clear score etc. is a rating that these firms themselves apply to you. Keeping up with repayments and having a good track record of managing debts will improve this score. Missing payments and defaulting on debts for example will reduce this score. It’s important to remember that these companies are not the ones who decide whether to lend or not.
When you apply to a lender for a mortgage, they look at a lot more than just your credit score. They look at your income, how long you’ve been in your job, how much deposit you have, how recent any credit issues were and much more. This is all then collated into a score of their own. Every lender has their own way of calculating this and they can differ greatly between firms.
What’s even better is that there are a lot of lenders out there who do not even credit score! … All decisions are made by human underwriters who look at each case individually and with common sense. None of this computer says yes, computer says no stuff!
For these types of lenders, they’re more concerned with what caused any adverse credit, if it’s all been rectified, how long ago it was and the likelihood of it happening again. Every lender has a different criteria and what one firm may not consider could be just what another firm is looking for.
If you’ve been declined for a mortgage somewhere already, don’t give up hope. I have helped scores of people who thought they’d never own their own home become homeowners and I am more than willing to see what options could be out there for you!