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.

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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


Step 1

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


Step 2

Send us the documents we need.


Step 3

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

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