Bad Credit First Time Buyer

The bad credit first time buyer’s guide to getting a mortgage

Worried About Bad Credit As A First Time Buyer? Here’s Why You Shouldn’t Be…

The prospect of applying for a mortgage as a first time buyer is daunting enough as it is, without throwing bad credit into the mix and it’s for good reason. A mortgage is probably one of the biggest financial commitments you’ll have during your lifetime.

If you’re a first time buyer and you’ve got bad credit, you may be under the illusion that obtaining a mortgage is well out of your reach. However, you’ll be pleased to hear that this isn’t the case and getting a mortgage with bad credit is achievable. You just need to go the right way about it and know where to look, otherwise, you could cause further damage to your credit score – something you want to avoid.

Bad Credit As A First Time Buyer

Getting bad credit isn’t exactly difficult to achieve, you may have missed some credit card payments due to being in a difficult financial situation, you may have had a County Court Judgement (CCJ) awarded against you, or you might have previously been made bankrupt – leaving you with a poor credit rating.

Everyone’s reason for having bad credit is different, but we understand that life is full of unexpected twists and turns and sometimes we can find ourselves in difficult situations that we never imagined we’d be in, which is where bad credit can accumulate.

However, we are not here to pass judgement, we are here to help you obtain a mortgage that’s best suited to your individual circumstances, regardless of whether you are deemed a bad credit first time buyer.

The First Steps – Bad Credit First Time Buyer

Firstly as a bad credit first time buyer, you’ll want to know whether you are eligible for obtaining a mortgage and the answer is yes. There are lenders out there that are willing to provide mortgages to people who may fail credit checks with other lenders.

Bad credit mortgages are also known as subprime or adverse credit mortgages and can help people like bad credit first time buyers with poor credit histories, get on the property ladder.

Bad credit mortgages follow the same format as standard mortgages, however, it’s important to consider that interest rates and charges will tend to be higher, as people with poor credit ratings are deemed to be a higher risk. But the good news is, after a few years of paying a bad credit mortgage on time, it should repair your credit rating sufficiently to be able to move to a standard mortgage at a lower rate.

Kiran
Kiran
2024-01-15
Cannot recommend Regal Finance enough! Matthew and Kirsti were amazing and completely took the stress out of the process. They were always available to answer questions and guide us through everything. I found they had access to a wider range of products than other advisors I had used in the past. I will be recommending Regal Finance Group to everyone I know!
L Fowler
L Fowler
2024-01-04
Matthew and his team have gone above and beyond to help us with our mortgage. As first time buyers we decided to seek advice from a mortgage advisor. After having an offer accepted on a house we needed some support with the mortgage fairly quickly and Matthew managed to fit us in out of usual hours to suit us. We had a very detailed call with him and all our questions were answered. From this point onwards Kirsti managed our application and the whole process was fast and effortless as they managed everything. We made the best decision using Regal finance. If you choose to go with Regal you’ll be in good hands.
Jamie Wells
Jamie Wells
2024-01-04
I can’t recommend regal finance group enough. Kirsti and Matthew have been amazing. They are so quick to respond and the advice they give has been so helpful. Don’t hesitate to get in contact if you need a mortgage. Thanks Jamie and Lauren
Sam Powell
Sam Powell
2023-12-07
Excellent service and company
Erion Andoni
Erion Andoni
2023-10-10
I recently had the pleasure of working with Rick to secure a mortgage for my new home and a buy-to-let mortgage for my existing property. Rick's assistance was truly invaluable throughout the entire process. Rick effortlessly guided me through both processes, making sure every detail was covered. His commitment to assist and his availability and willingness to answer my questions, no matter how small was exemplary. Rick's expertise in mortgages was impressive. He made a complex process seem straightforward. I wholeheartedly recommend Rick as a mortgage broker. He is not only skilled but also genuinely cares about his clients' success.
Yolanda
Yolanda
2023-09-27
I did my due dilligence looking at various brokers and was pleased to have received excellent help and direction from the Regal Finance Group. From the lead advisor to the administration team we were kept updated and communication was steady. Our situation was not an easy one for the team but they persevered and assisted us well.
Peter Nelson
Peter Nelson
2023-08-22
We've had a great experience with Regal Finance Group both getting our mortgage initially and now re-mortgaging a few years later. Particulalry during the current turbulent market we really appreciated how calm they made us feel by presenting our options clearly and answering all of our questions. We'd highly recommend them, they have really taken the stress out of mortages!
samantha sothcott
samantha sothcott
2023-08-02
Matthew and Kirsti at Regal Finance have been absolutely brilliant through a difficult remortgage. Always available to talk through anything and explain processes when needed. I would definitely recommend their services and thank them for their guidance.
amy evans
amy evans
2023-08-01
Kirsti and Matt were super helpful and always at the end of the phone to explain everything in detail to me. They saved us a lot of money and had great contacts to use and everyone worked together really well to get it over the line in time. Would highly recommend
izzy P
izzy P
2023-06-15
Can not recommend enough! Matthew and his team gave me the most amazing support throughout my process. Buying a property for the first time can be daunting and Matthew gave me fantastic advice and talked me through everything in as much detail as I needed.

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Things To Consider

As we’ve mentioned previously, a bad credit first time buyer is likely to face higher interest rates and will also most likely require a larger deposit in order to secure a mortgage, but there are still viable options available. You’ll also need to have a steady income and may need a larger deposit making up at least 15% or more of the property value – just so you are aware. Also, lenders usually don’t accept applications from people made bankrupt in the past six years, unless your credit file is now clear with no defaults showing.

It’s important to remember that obtaining a mortgage when you have bad credit isn’t going to be a walk in the park if you are taking on the task alone. In fact, it can be quite time consuming trying to sieve through all the lenders that are willing to provide you with a mortgage. It can also cause more harm than good, as the more mortgages you apply for and get knocked back for, the more it will damage your credit score. This is why it is important to approach us. We are experienced mortgage advisors, who have access to the wider mortgage market – so we can find the best solution for you.

How To Find Out Your Credit Score

Checking your credit score could save you the trouble of applying for a bad credit mortgage and having the rejected application show up on your profile to future credit and mortgage providers.

Regal finance offers credit checks, which not only saves you a lot of time because you won’t have to go to an external source, but it also ensures we are using accurate results.

How To Get A Bad Credit First Time Buyer Mortgage

Getting a bad credit first time buyer mortgage is no easy task, especially when you’re not 100% certain where you should be looking and what you should be looking for.

However, we aim to make the mortgage process as simple as possible for people, even if they’ve got bad credit.

We look past your credit score and have a wealth of experience in finding lenders that will provide mortgages to people like you, with less-straightforward circumstances. We’ll scour the market of hundreds of mortgage products to identify the most suitable one for your needs, so we can put you in touch with a lender and mortgage plan that’s right for you. Give us a call today.

Get A Mortgage With Regal in 3 Easy Steps

One

Step 1

Complete an enquiry form and an advisor will call you back.

Two

Step 2

Send us the documents we need.

Three

Step 3

Receive a Decision in Principle from one of our lending panel.

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