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Getting a Mortgage as a First Time Buyer with Bad Credit
First time buyers with a low credit score, usually below about 600, may find it more difficult to get a mortgage, but it is still possible. The article explains what is considered bad credit, such as missed repayments, defaults, County Court Judgments, or bankruptcy, and how credit scores are created by UK agencies like Experian, Equifax, and TransUnion. It outlines ways to improve credit, including registering to vote, correcting any errors, paying bills on time, and reducing debt. It also highlights the value of using a specialist broker who deals with bad credit first time buyer mortgages. The article advises checking key details when comparing mortgages, such as the deposit amount, interest rate, mortgage term, and fees, and recommends getting an Agreement or Decision in Principle early to set realistic expectations and budgets. Finally, it notes that although fewer lenders may be willing to offer mortgages to those with bad credit, careful preparation and professional advice can still make buying a home achievable.
Steps to Improve a Bad Credit Score
Improving bad credit starts with checking your credit report and correcting any mistakes that may be lowering your score. Being registered on the electoral roll helps lenders confirm your identity and address, while paying all bills and debts on time gradually rebuilds trust. Reducing credit card balances and avoiding multiple new credit applications also support recovery. Saving regularly, keeping a steady income, and managing finances responsibly show lenders you can handle credit well. Over time, these consistent habits can significantly improve your credit rating and increase your chances of being approved for loans or mortgages in the future.
How to Improve Your Credit Score
Start by making sure you are registered on the electoral roll, as this helps lenders confirm your identity and address. Pay all bills and debts on time and keep credit card balances low. Avoid making several credit applications in a short period, as each one can reduce your score. Maintain a steady income and use manageable credit, such as a low-limit credit building card, to show that you can make repayments reliably. While new accounts may improve your profile within a few weeks, any defaults, County Court Judgments, or bankruptcies can stay on your record for up to six years.