Bad Credit Mortgage Broker

Ready to get mortgage advice for bad credit? Get matched with a specialised bad credit broker to secure the best possible rate

Do you have any adverse credit that you know of?

Home Bad Credit Mortgages Bad Credit Mortgage Broker
Pete Mugleston

Author: Pete Mugleston

Mortgage Advisor, MD

Jon Nixon

Reviewer: Jon Nixon

Director of Distribution

Updated: March 18, 2024

How we reviewed this article:

Our experts continuously monitor changes in the financial space and work closely with qualified mortgage advisors for factual verification.

August 17, 2023

We’ll cover everything you need to know about what a mortgage broker can assist with, how much this advice will cost, and how we can match you to a mortgage broker who specialises in bad credit.

What is a “bad credit” mortgage broker?

They are mortgage advisors who offer the same general services as regular brokers, but they specialise in helping customers who have bad credit.

Some of the services they can provide include securing exclusive deals for borrowers with adverse credit, bespoke advice about building and repairing your credit and access to specialist lenders.

Bad credit mortgages can be more complex than regular mortgages. Using the services of an advisor who specialises in this area can make all the difference to your applicant being successful.

Maximise your chance of approval with a broker who's a specialist in bad credit mortgages

Get Started Phone Icon 0808 189 2301

What credit problems can they help you with?

The types of credit issues that mortgage applicants face can be extremely varied, which is why it’s so helpful to use an expert broker. Ideally, one who has plenty of in-depth knowledge about various forms of bad credit.

Here are some examples of common adverse credit issues that specialised mortgage brokers can assist with:

How we can help you find a bad credit mortgage advisor

If you’d like to have a chat with a mortgage advisor who specialises in bad credit, just make an enquiry. We’ll quickly assess your needs and circumstances and set up a free, no-obligation call with the advisor who is best placed to help you.

It can be difficult to find mortgage brokers who are adverse credit specialists, but luckily for you, our broker-matching service is simple, fast and free. We will quickly assess your particular credit issue. Then, we’ll pair you up with a broker who has plenty of experience securing mortgages for clients who have faced similar obstacles.

Using the services of a skilled mortgage broker is the best way to boost your chances of success. They will have existing relationships with appropriate lenders, meaning they can introduce you to a suitable UK lender from day one.

Why is it important to use a mortgage broker if you have bad credit?

If you apply for a mortgage without the help of a broker, you might be rejected by a lender because of your bad credit. This would mean further damaging your credit profile and jeopardising any future applications for finance.

Even if you are approved, there is no guarantee you won’t end up with a high interest rate as many lenders raise theirs to offset the risk when bad credit is involved.

The good news, however, is that brokers who specialise in bad credit have the knowledge, experience and relationships with mortgage lenders to boost your chances of first-time approval, and they can also help you secure the best deal that you qualify for.

Will the mortgage broker do a credit check?

The brokers themselves won’t carry out a credit check, but you can download all your credit reports. This way you can discuss them with your broker and they can help spot any mistakes or instruct you on areas to improve your score or rebuild your credit. And in doing so, make you a more attractive mortgage applicant to lenders.

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How much do they cost?

The costs of using specialised mortgage brokers for someone with poor credit history could be lower than you might imagine. The typical broker fee range tends to be 1%-3% of the amount you’re borrowing. And often, the cost of the fee is comfortably covered by the savings your broker can get with competitive mortgage rates.

The fee range can fluctuate depending on your personal circumstances and how complex your credit issues are. But, you can be sure that it’s money well spent. Significant credit problems can prevent some applicants from getting a mortgage altogether. So, it’s worth viewing this as a necessary step toward homeownership.

The major benefit of using one of the brokers that we work with is that they all use our fair-fee policy. This means that you’ll only be charged a fee if they can secure a mortgage you’re happy with. Or, if an upfront fee is charged, this will be refunded should they fail to get your ideal mortgage deal.

When will you have to pay

Your mortgage broker’s fee will be payable once you have completed the purchase and you’re in the property. If you fail to get a mortgage through us but go on to be approved elsewhere, we will give you £100 back as part of our mortgage guarantee.

We're so confident in our service, we guarantee it.

We know it's important for you to have complete confidence in our service, and trust that you're getting the best chance of mortgage approval at the best available rate. We guarantee to get your mortgage approved where others can't - or we'll give you £100*

Happy approved couple

Are there any fee-free bad credit mortgage brokers?

Yes, certain adverse credit mortgage brokers will receive their commissions from the lender once the mortgage is set up, rather than charge you a fee. However, this could lead to a situation where some brokers are more likely to recommend from a smaller pool of mortgage lenders and not from across the entire market.

This is not necessarily in your best interest. If you have bad credit, your choice of lenders will already be limited. So you want to make sure you have access to a whole-of-market broker who can review every possible route to a mortgage.

How a broker can help you remortgage with bad credit

Your finances and credit history may look different now from what they did when you originally got yourself a mortgage.

If you’re hoping to remortgage with bad credit, a skilled advisor can assist you with any adverse credit hurdles that stand in the way of remortgaging:

Matthew's Story

Online Mortgage Advisor made this happen

Due to some adverse credit from my Uni days I thought we were going to be renting forever but now we have our perfect three bedroom house near Merseyside. Online Mortgage Advisor made this happen and I couldn’t recommend them enough to anyone that’s had adverse credit history like me.

Read the full story
Matthew Hill

Get matched with a specialist bad credit mortgage broker

If you have adverse credit, it’s well worth dealing with a specialist in this area. Ideally, one who understands the specific credit issue that applies to your situation. This insider knowledge will allow them to find you exclusive deals with lenders that you can’t get anywhere else.

Our free, broker-matching service means that we can quickly assess your circumstances and then pair you up with an expert advisor. One with plenty of first-hand experience arranging mortgages for applicants with bad credit.

Just call 0808 189 2301 or make an enquiry.

We’ll set up a free, no-obligation chat between you and a mortgage broker that has sufficient experience working with someone who’s had bad credit issues in the past.

Maximise your chance of approval with a broker who's a specialist in bad credit mortgages

Get Started Phone Icon 0808 189 2301

FAQs

We can, but it’s not often necessary to use a mortgage broker near you. This will limit your selection and reduce the odds of finding a bad credit expert who can get the results you’re looking for. Most lenders operate on a national basis. So, you want an advisor with the proper experience and contacts to explore your full range of borrowing options.

There’s no such product as a ‘bad credit mortgage’, but there are lenders willing to offer mortgages to applicants with adverse credit. The best way to see all the potential options is to discuss your situation with a specialist advisor.

There is no ‘blacklist’ as such in the UK, but most bad credit on your records, including bankruptcy, gets wiped from credit reference agencies (CRAs) after 6 years. If you need to arrange a mortgage whilst your reports are still showing credit issues, there will still be options to explore such as putting down a larger deposit or even using a guarantor.

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About the author

Pete, an expert in all things mortgages, cut his teeth right in the middle of the credit crunch. With plenty of people needing help and few mortgage providers lending, Pete found great success in going the extra mile to find mortgages for people whom many others considered lost causes. The experience he gained, coupled with his love of helping people reach their goals, led him to establish Online Mortgage Advisor, with one clear vision – to help as many customers as possible get the right advice, regardless of need or background.

Pete’s presence in the industry as the ‘go-to’ for specialist finance continues to grow, and he is regularly cited in and writes for both local and national press, as well as trade publications, with a regular column in Mortgage Introducer and being the exclusive mortgage expert for LOVEMoney. Pete also writes for Online Mortgage Advisor of course!

Read more about Pete

Pete Mugleston

Mortgage Advisor, MD

Maximise your chances of approval, whatever your situation - Find your perfect bad credit broker