Expert Advice On Help To Buy Bad Credit Mortgages & Suitable Deals For You
We’ve helped over 10,000 people find their mortgage. We’re good at it! Enquire for FREE, no-obligation advice & quotes. No initial credit check.
Expert service
Highly Rated
No credit search conducted
Working with leading lenders ...
We work with high street and other lenders so you’ll get access to some the most suitable deals that you may be able to apply for.
Satisfaction guaranteed
Whether you’re looking for Mortgage Advice, Loan Advice or Insurance Advice or any other financial product or service, we can help you…
“Did a great job helping us with our mortgage. I would recommend!”
So ... how can we help?
Buying a financial product such as a mortgage can be the biggest decision made in our lives. It is for this reason that impartial advice is critical from qualified advisors.
Help to buy mortgage with bad credit
A lot of potential buyers assume that a Help to Buy Mortgage is unavailable to them because they have bad credit, but in reality this might not be the case. For many people getting a Help to Buy mortgage with bad credit can be possible, even if you have been previously turned down by other lenders.
If you need help exploring your options when it comes to bad credit mortgages get in touch with Finance Advice Centre. Our team can find the most suitable deals and lenders for your situation to give you the best possible chance of getting accepted for a mortgage to get the home you want.
Our approach - and how we do it
Enquire
We love speaking with our clients. Either give us a call or fill in one of our contact forms. Remember, we love a challenge!
Discuss
One of our advisors will then find out what you’re looking to do, discuss your options and answer any questions you may have.
Relax
Your advisor will find the most suitable option for you and help arrange things. You then sit back and relax while we do the rest.
Why use us?
From the information you provide to us, our experts will search the market and find the most suitable products for you – even if you have bad credit! If you are happy with the product on offer, we will handle all the necessary paperwork for you, including any relevant applications, to ensure that everything runs smoothly for you.
Quick service
From just a few minutes completing some basic information, we will quickly search for suitable financial products for you.
Expert advice
We’ve helped thousands of customers secure financial products and service so you know that you are in capable hands.
Reduced stress & time saving
Choosing the right financial product is time consuming and can be stressful, so remove much of this by putting it in the hands of one of our financial experts.
Reliable service
Whatever type of financial product or service you are looking for, our service is reliable and always matched to your own personal circumstances.
What is Help to Buy?
The Help to Buy scheme is an initiative that the government has set up to stimulate the struggling housing market and help first time buyers and existing property owners to buy newly built properties. The scheme offers an equity loan where the government lends the borrowers money to purchase their new home. The property must be no more than £600,000 and allows the borrowing of 20% of the purchase price (up to 40% in London) with no interest for the first five years, if putting down a minimum of 5% deposit.
Payments on the government loan will only start after five years and the borrower will only pay the interest. The 20% government loan will reduce the initial mortgage repayments substantially. When reaching the end of the mortgage term or if the property is sold, the government loan needs to be repaid in full.
How does it work in practice?
If you are looking to buy a new build property that costs £250,000, the Help to Buy scheme would provide an equity loan of £50,000 (20%) and you would need to provide £12,500 (5%) which would mean your total deposit is £62,500 (25%). Then you would need to apply for a Help to Buy mortgage for the remaining balance of £187,500 (75%).
Ready to assist you find an adverse credit mortgage
Choosing a financial product or service, such as a mortgage, remortgage, loan or insurance can be daunting and your choice is a decision you need to get right. For this reason, it is vital that you get impartial advice from competent and qualified advisors. Whether you are a first-time buyer, looking to remortgage, hoping to remortgage or even buy a property to let, needing a loan or insurance this is where our advisers excel.
Be reassured that our aim is to guarantee reliable financial advice appropriate to any individual that makes contact with us. Through our network of contacts, we have access to thousands of financial products, from mortgages to loans to insurance, so we are confident that we’ll find one to suit you.
Is it possible to get a Help to Buy Equity Loan with bad credit?
Having a bad credit history can affect your chances of being approved for a Help to Buy mortgage and the lender will want to assess your creditworthiness as well as your affordability when they are considering your application.
The credit checks are applicable to your mortgage and not the equity loan itself. To qualify for a Help to Buy Equity Loan you need to be:
- Aged 18 or over
- A UK resident
- A first-time buyer
Are there Help to Buy mortgage lenders that will accept bad credit?
In short yes. Nowadays there are more and more specialist lenders in the industry who are more open to lending to borrowers with adverse credit, as well as people who are self-employed or have a more complicated income.
Some lenders will accept Help to Buy mortgage applications with negative bad credit events in their history. These events could include:
- Repossession
- Bankruptcy
- IVA
- DMP mortgages
- Mortgage with a CCJ
- Mortgage with defaults
- Mortgage arrears
- Mortgage with late payments
- Mortgage with a low credit score
Also, keep in mind that mortgage lenders will have different views on bad credit. Therefore, some lenders might
be better suited to you than others. For example, certain lenders might be more lenient when it comes to having a CCJ, whereas other lenders could be more suitable if you have defaults.
How can bad credit affect how much you can borrow on a Help to Buy mortgage?
Bad credit might impact your maximum affordability as lenders will view a history of missed payments or other forms of bad credit as a risk. Typically, a lot of lenders will cap their loans at 3-4x your income, although some might consider loaning 5x your income under the right circumstances. For people with bad credit however, the majority of lenders are likely to cap the loan at smaller multiples of your income, so your monthly mortgage repayments are lower and so easier to manage.
Why is it beneficial to speak to an adviser before applying for Help to Buy mortgages with bad credit?
A high-quality mortgage adviser with extensive experience, like our team at Finance Advice Centre is invaluable, particularly if you have bad credit and need advice on which lenders may give you the best chance of approval for a Help to Buy mortgage.
Many mainstream lenders lack the specialist knowledge needed to effectively assess your Help to Buy mortgage application but there are a lot of specialist lenders on the market that can help. If you have questions about Help to Buy with bad credit and are looking for an expert to provide the best advice get in touch with us today.
As a mortgage is secured against your property, it may be repossessed if you do not keep up the mortgage repayments. Think carefully before securing other debts against your home.
See what our customers think ...
Emma Griffiths
I would highly recommend the mortgage advice service Alice Hale was amazing throughout she is a credit to your organisation and helped us secure our dream home
Emma Weaver
We had a long journey buying our first home together and recent pandemic events didn’t help matters. Every step of the way, our advisor Steve was supportive, positive and we had every confidence in him. He was able to arrange a good deal for us and we were able to move into our dream house this autumn.
Joanne Widdowson
I used George from the finance advice centre to get my mortgage, and he was nothing but amazing! Talked me through every step, always easy to get hold of ! And got me a brilliant product I would highly recommend him, just brilliant 5 stars from me
What a Fantastic Service from start to finish. Great customer support from Ben Patten & Joe Frayne, superb product knowledge and exceptionally responsive to emails/calls, we can 100% recommend the Finance Advice Centre Ltd , they got us a great deal on a mortgage with suited life insurance, especially during this very difficult Covid 19 time ……
From start to finish, Greig and Emily were very helpful with our mortgage application. The advice Greig gave us was very clear and informed. They were always available either by phone or email to answer any questions we had. The whole process was made a lot easier because of the work they did. Would thoroughly recommend
Let us do the work of finding your mortgage
We’ll put you in touch with impartial advice from an expert mortgage advisor who will help secure you the most suitable mortgage products available.