Can I get a Right to Buy mortgage with Adverse Credit? 

If you have a low credit rating or any types of credit issues you might be wondering if you can get a mortgage with bad credit or Adverse Credit. There are ways of securing a Right to Buy mortgage with a rocky credit report but you need to be sure you can afford the repayments on your mortgage before you apply. 

You should pay off any debts that you owe if you can before approaching a lender. They want to know that you can borrow money and give it back so any unused accounts that could be dragging your score down need to be resolved. 

There are specialist lenders out there who deal with borrowers with Adverse Credit. If your credit can be explained and justified usually you will find you have more options than if you have simply borrowed and not given the money you owe back. 

You should seek the help of a mortgage broker who keeps an eye on the everchanging mortgage market for the best and most recent advice when it comes to specialist lenders. Credit problems can really impact a big decision like a mortgage so you need to do all that you can to improve your credit to heighten your chances of having your mortgage application accepted. 

How do I know if I have Adverse Credit? 

If you have had any debts or any County Court Judgements (CCJ’s) against your name, then it is likely your credit score would have taken a hit. Smaller payments such as a missed phone bill can even affect your credit score, so it is so important to keep up with your outgoings. 

You can check your credit score through sites such as Experian by giving them some personal information to find your credit file. It is worth checking your credit before approaching a lender as too many credit checks or rejections from mortgage lenders can drag your score down too. 

How do I improve my credit score? 

When you have a low credit score it can be quite daunting and stressful and you may be wondering what you can do to try and improve it. You need to start by getting your finances in check, make sure you have paid off any debts that you owe and that there are no mistakes on your file. 

Register yourself on the Electoral Register under the correct name and address to ensure that your details are correct and up to date. If you have lived in houses with housemates,

you could still be tied to their credit files so ensure you keep all your personal information up to date. 

Your credit is affected from utility bills to phone bills to pay day loans too. You should try and keep up with all of your outgoings and avoid payday loans and your overdraft as these can cause your credit score to go down drastically. 

Credit is fixed by clearing debts and giving it time, if you still; want to apply for a mortgage with Adversecredit then you should seek mortgage advice from a mortgage broker. It is more than likely you will need to approach a specialist lender in order to obtain a mortgage. 

Do I need a deposit for a Right to Buy mortgage? 

Right to Buy mortgages are obtained after living in a property under a housing association or the local council for three years or more. The idea behind a Right to Buy is that after a period of renting the property you have the option to purchase it at a discounted price. 

The way in which the mortgage works means you are already getting a discounted price so will not need a deposit; however, it can be useful to provide one. If you do have the revenue to provide a deposit it can help towards getting you even better rates as you will take a sum off of the mortgage loan amount. 

If you do have Adverse Credit and want to buy your home, it can be worth providing a deposit just to show your commitment to purchasing the property. Make sure to speak to your housing association or council for more details on what your options are in terms of purchasing your home. 

How can a Mortgage Broker from Spot On Mortgages help? 

Here at Spot On Mortgages we have access to the independent mortgage market meaning we can access mortgage deals that are not available through the high street lenders. We are authorised and regulated by the Financial Conduct Authority meaning we are qualified to give mortgage advice. 

As someone with Adverse Credit you might be wondering what your options are, speaking to one of our experts about your credit situation will help you get one step closer to securing a mortgage. 

Spot On Mortgages Ltd are an Appointed Representative of TenetLime Limited, which is authorised and regulated by the Financial conduct Authority. Contact our registered office today for an initial chat about how we can help you. 

We’re registered in England & Wales and our Principal is authorised by the Financial Conduct Authority. Contact our registered office today for an initial chat about how we can help you.

A mortgage is a loan secured against your home. Your home may be repossessed if you do not keep up repayments on your mortgage. 

Think carefully before securing other debts against your home.