Having bad credit can make getting a good mortgage deal a little trickier, add in being self-employed as well and you may feel like the mortgage lenders are against you.It may mean that you have to jump through a few more hoops and do a bit more preparation, but as a self-employed business owner you are well practiced in that department!
Having bad credit can make getting a good mortgage deal a little trickier, add in being self-employed as well and you may feel like the mortgage lenders are against you.
It may mean that you have to jump through a few more hoops and do a bit more preparation, but as a self-employed business owner you are well practiced in that department!
To secure a mortgage with bad credit, you need to ensure that you spend some time improving your credit rating as best you can. This is worth the time and energy: you could benefit from a much better deal if you spend time focusing on this.
If you have been declared bankrupt, have had CCJs taken out against you, or you have missed payments on your bills, this will negatively affect your credit rating and mortgage lenders may not want to lend you as much and will also do so with a higher rate.
If you are self-employed and struggling with bad credit, then you need to speak to a professional mortgage adviser who specialises in this. The mortgage advisers at Active Mortgages offer you just that: they’re experts in securing mortgages for clients with poor credit history.
The self-employed mortgage experts at Active Mortgages will guide your through the process and find the best deal for you. Online mortgage calculators and standard normal advisers will not have the experience we do helping self-employed applicants with bad credit and you could end up with demoralising rejections and a lot of (valuable) time wasted.
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Trust our team to find the perfect mortgage for your budget and lifestyle.
Trust our team to find the perfect mortgage for your budget and lifestyle.
Yes, it is possible to get a mortgage with bad credit, although it may be more challenging. Lenders might offer less favourable terms and higher interest rates. Improving your credit rating before applying can help you secure a better deal.
To improve your chances, focus on enhancing your credit rating by paying down debts, correcting any errors on your credit report, and making timely payments. It is also beneficial to seek advice from a mortgage professional who specialises in bad credit cases.
A mortgage adviser, especially one experienced in dealing with bad credit and self-employed clients, can provide valuable guidance. They can help you understand your options, find lenders willing to work with your situation, and assist in securing the best possible mortgage deal.
If you’ve been declared bankrupt or have had County Court Judgements (CCJs) against you, these will negatively impact your credit rating. It’s advisable to consult with a professional mortgage adviser who can help navigate these challenges and find suitable mortgage options.
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