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Is There Help For First Time Home Buyers with Bad Credit? Yes, from the Bad Credit Mortgage Experts | Simply Adverse
It’s challenging enough trying to buy your own home, but if you’re a first time buyer with a low credit score it can seem like an impossible task. In addition to the stress of buying a house and getting a mortgage for the first time, you have the added worry of how your previous adverse credit will affect your chances of finding a first time buyer mortgage lender. However, there are people who can make the process easier with the right professional help and support.
Simply Adverse has a team of experienced brokers as well as relationships with the best mortgage lenders for first time buyers with bad credit. We will help guide you through the complicated waters of finding your first time buyer mortgage, even if you do have a poor credit history. Whether you’ve missed some credit card payments, have CCJs or even been previously made bankrupt, Simply Adverse can help you find a competitive mortgage for first home buyers with bad credit.
Why Choose Simply Adverse for Bad Credit First Time Buyer Mortgages?
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We are an experienced and qualified team of adverse credit mortgage brokers, authorised and regulated by the Financial Conduct Authority. As we work with mortgage applicants with bad credit on a daily basis, we know exactly where to go to find the most appropriate deal for your circumstances |
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We offer an end-to-end service, which includes an in-house underwriting service. This ensures that you submit the correct documentation and reduces possible mistakes by applicants. Simply Adverse knows that this is particularly important for first time buyers who don’t have the experience of making previous mortgage applications. We take away much of the stress of the application process. |
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Bad Credit & First Time Buyers
In general, people’s credit scores get better as they get older. This is down to a number of factors including higher wages and a more responsible attitude toward debt. As first time buyers tend to be younger – the average first time buyer in the UK is in their early 30s – it’s possible that if you are considering buying your first home you may not yet have your financial health exactly where you’d like it. If you have had problems with debt and credit in the past, for example if you’ve defaulted on a loan or entered into an IVA, you might find that fewer mortgage lenders are willing to consider your first time buyer mortgage application.
The problem with bad credit
When you are unlucky enough to have an issue with credit, such as being unable to keep up with loan repayments or falling behind with your electricity bill, these issues are recorded by a credit reference agency. The 3 credit reference agencies in the UK are Equifax, Experian and TransUnion, and they receive information from many different organisations including utility companies, banks and loan companies. Although the credit reference agencies get their information from slightly different sources, the overall picture – that is whether you have a ‘good’ or ‘bad’ credit score – is pretty consistent.
When a mortgage lender considers your application they will use the information held by these agencies as part of the assessment they make regarding whether you are likely to be able to keep up with your mortgage repayments. In short, if you have had problems in the past which have led to you having a poor credit history, then they may decline your application as they believe that this demonstrates that you will also have problems in the future. In short it can be difficult to get a bad credit mortgage for a first time buyer.
Can a first time buyer get a mortgage with bad credit?
It may be a little more complicated, but a first time buyer with bad credit can certainly find a mortgage; and finding a mortgage for bad credit first time buyers is also made easier when you use the services of a specialist adverse credit mortgage broker like Simply Adverse.
How likely you are to find a bad credit mortgage for your first house purchase can depend on how severe your adverse credit history is and when you had problems with bad credit. For example, missing a couple of credit card payments a few years ago is going to be of far less concern to a lender than persistent, recent problems managing your finances.
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Do lenders only look at my credit history?
When you apply for a mortgage, lenders will take into account a number of things about your personal financial situation, and that of your partner if you’re making a joint application for a first time buyer mortgage.
- Affordability – as well as your credit rating, lenders will look at how much money you have left at the end of every month, once you’ve paid all your essential outgoings.
If you have a lot of money left at the end of each month, this tells the lender that you will find it easier to meet your mortgage repayments than a first time buyer with lots of outgoings.
As soon as you are even considering buying your first home, take a look at how much you spend and cut back on anything that isn’t essential. If you do this early you will be able to demonstrate to a lender that you can afford to service a mortgage. It’s no good promising that you’ll cut back in the future.
- Deposits – When you’re thinking about buying your first home you’ll need to start thinking about how much you need to borrow, that is what size mortgage you want. Obviously, the larger your deposit the less you’ll need to borrow from the mortgage company. As you are borrowing less the risk to the mortgage lender is lower, and they will have more confidence that you will be able to pay back your first time buyer mortgage loan.
If you can, take the time to increase the size of the deposit you have available, which will make it more likely that you will find the best first time buyer with bad credit mortgage. It will also put more time between your application and any negative entries on your credit report. Again improving your chances of finding a great mortgage deal.
Don’t make things worse
With so many things to consider when you are looking for a bad credit mortgage for applicants with bad credit, it’s natural to get overwhelmed. However, even with lots going on it’s important that you remain on top of your finances even after you’ve decided to buy a house. As well as making sure you keep up with any credit commitments you already have, it’s important that you don’t do anything that could jeopardise your application. In particular avoid taking out any short term loans – sometimes known as payday loans – and make sure you don’t go overdrawn without authorisation.
Call 01245 330163 For A Free Quote
Lines Open: Mon-Fri 9am-9pm and Sat 9am-5pm. Alternatively request a call back at a time convenient to you.
It’s quick & easy. No credit check.
How Can Simply Adverse Help?
Talking to a mortgage broker with experience of mortgage applications for people with bad credit is always advantageous. Never more so when you are a first time buyer with no experience of buying your own home. Getting the keys to your first home should be an exciting experience, and Simply Adverse can ensure that you get all the excitement with none of the hassle.
If you’re a first time buyer with bad credit, speak to Simply Adverse.
Let us take the strain
Using Simply Adverse allows you to have more confidence that your application will be filed correctly. We’ll ensure your paperwork is in order and submit your application. We’ll also make sure that we use are close relationships with multiple lenders to apply to the one that’s most likely to accept your application
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Nothing to pay upfront We won’t charge you a penny until you’ve had a formal mortgage offer. That’s one less expense for you to think about until your absolutely ready to proceed. |
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Lots of lenders to choose from Simply Adverse work day-to-day with many different types of lenders, from high-street to specialist. As we’re whole-of-market brokers we’re not tied to a limited panel of lenders, giving you more options. |
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Take the first time buyer quiz Take our quiz to find out more about what could be available to you. |
Got Mortgage Questions?
If you’re not sure whether you are ready to speak to a mortgage broker yet, log onto our forum and take the first steps towards reaching your property goal.
Which Lenders Does Simply Adverse Work With?
When you’re looking for a first time buyer mortgage with a bad credit history, talking the Simply Adverse could give you access to many more lenders than other brokers. That’s because we have relationships with lenders across the board; not just high-street or specialist. When you could have problems finding a first time buyer mortgage due to credit problems, in the past, access to more lenders improves your chances of finding a deal.
We also have access to exclusive broker-only deals; deals that you just won’t find anywhere else.
To find out more about the lenders we work with, contact us any day of the week.
Simply Adverse: The Experts in Mortgages for Bad Credit First Time Buyers in the UK
Rather than worrying about whether you have to wave goodbye to your dream of owning your first property, talk to Simply Adverse. We’re fully CeMAP qualified, as well as being authorised and regulated by the Financial Conduct Authority.
Why contact anyone else?