Expert First Time Home Buyers with Bad Credit Advice & Products

Getting the keys to your own home for the first time is an incredible feeling, especially after all the hard work that will have gone into obtaining the mortgage to buy your first property. Every first-time buyer will need to go through the same process of saving up a reasonable deposit, working to put yourself into a position of having a sufficient regular income to set aside the budget for your monthly repayments, and getting your finances organised in the initial stage so you can confidently approach a lender and show them that you are a reliable borrower. When you are trying to do all of this with bad credit it can seem all the more daunting and unattainable, but this is not the case.

If you are a first-time buyer looking to apply for your first mortgage with bad credit, you may need some extra help and knowledge to support your application and convince a lender that you are a reliable borrower. Speaking to one of our specialist advisers at Finance Advice Centre will help you get all the guidance you need in finding the right lender for your circumstances and the most suitable mortgage product, as well as helping you through the application process itself. With the help of our team on your side the chances of your application getting accepted could increase significantly.

For a first-time home buyer with bad credit, everything will come down to your exact circumstances including, your income, outgoings, property value, the nature of the bad credit, how much you are looking to borrow from the lender, and how much you can afford to pay back in monthly repayments. Maybe you have had to deal with missed payments or a CCJ, or you might have a bad credit score from simply having little to no credit history at all.

Achieving a successful mortgage application under these circumstances can be difficult, and success is certainly not guaranteed, but our advisers have helped several first-time buyers get the bad credit mortgage they need to get their feet onto the property ladder. Our team has extensive experience and can offer you a tailored service of personalised advice and guidance on the steps you can take to improve your credit status, and frame your application in the most positive way possible.

Specialist providers are considerably more flexible with their lending criteria than their high street counterparts and will take a lot more information into account than just the figures on a credit report, or the instance of bad credit when looking at your application. They will make their decision on whether or not to offer you a mortgage mostly based on the severity of the bad credit event, the amount involved in the debt, and the amount of deposit the applicant is able to put down, as well as putting more weight on how your financial situation is currently.

Trying to navigate the mortgage market and weigh up all the possible options that are open to you can take up a lot of time, energy, and stress even when you have a good credit history. Adding the element of bad credit into the mix makes things more complex as many of the traditional routes to a mortgage could become unavailable to you. It is frustrating to not be able to find the right solution and continually find yourself hitting dead ends.

This is where professional advice from an expert adviser at Finance Advice Centre providing an outside perspective can be really beneficial. We can suggest and connect you with lenders that operate in the bad credit sector of the market and can cater specifically to people who fall outside of the mainstream criteria. 

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.