First time buyer advice & deals for those with bad credit

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First time buyer with bad credit?

Many people wanting to buy their first home are concerned that as a first time home buyer with bad credit they won’t be able to get a mortgage to pay for their new home. The good news is that this is not true. Although bad credit could make getting a mortgage a little trickier, there are a lot of lenders who are more willing to be flexible now and who can offer different types of mortgages for those struggling with a bad credit score. A lot of lesser-known lenders specialise in bad credit mortgages and with Finance Advice Centre’s access to the whole of the market, we can find lenders to suit all mortgage needs.

There are a few things that any lender will need to consider before offering you a loan and you will need to be up-front about these details with your advisor so they can find the best deals. No matter what caused your bad credit, whether it was a missed payment, a default, or a CCJ, your lender will need to know:

  • When did the bad debt happen? How long ago was it?
  • How much was it for?
  • What was it for? (A mobile phone missed payment may not count, but a missed car payment could have a greater influence)
  • Have there been attempts to settle the debt
  • How much are you able to put down as a deposit?
  • What is your current income?

Where to start?

Get advice from a financial mortgage advisor who specialises in bad credit mortgages. We have experience and expertise in complex and different cases and can find the best lenders for your circumstances. We can also advise you on how to manage your credit while you are planning to apply for a mortgage and buy your first home.

You can still take advantage of a number of first time home buyer programs with bad credit. Your advisor can help you understand each one, your eligibility, and how to use them.

What types of mortgages are available to first time buyers?

Help to Buy Equity Loan
This is a great loan for people with bad credit. It helps people with small deposits or limited affordability to purchase their home by offering a 20% equity loan when the buyer provides a 5% deposit.

Shared Ownership
Another good way of getting onto the property ladder is to get a shared ownership property. Shared ownership works by letting you purchase a share of the house while renting the other portion. As your credit score grows and you become more financially secure you can “staircase” and purchase the remaining share of the property. 100% mortgages are available for shared ownership, meaning you won’t need to put down any deposit at all.

Help to Buy
There are different types of Help to Buy schemes available. Although these require you to put away savings, they can offer great returns, and if you are only just starting out in your house search then your advisor will be able to help you choose a scheme and use it as best as you can. This can be especially helpful if you have bad credit from a few years back but are more financially stable and able to build up a bigger deposit.

Why use us?

From the information you provide to us, our experts will search the market and find the most suitable products for you. 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.

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 best option for you and help arrange things. You then sit back and relax while we do the rest.

See what our customers think ...

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 ……

Ian Stamp

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

Ross Nightingale

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 best mortgage deals available.