Getting a Mortgage in Scotland with an Adverse Credit Profile

Am I able to get a mortgage in Scotland if I have bad credit?.. If you are looking for a mortgage in Scotland (or across northern UK), whether you have bad credit or not, you are in the right place to get your mortgage approved. You may have found that certain lenders are not willing to lend due to adverse credit, a bad credit profile / low credit score, or just based on your location within Scotland - without even considering the other merits of your application.

Fortunately, if you choose First Choice you have probably taken a big step to taking out a mortgage in Scotland, even if you have unfortunately acquired some poor credit. Vitally - we do not rely just on your credit score and have direct access to a wide selection of mortgage products which specialise in providing mortgages for those in Scotland, including those consumers who have incurred bad credit. Hopefully our figures speak for themselves; we were established over 30 years ago and thousands of our clients have already obtained the mortgage they wanted - a lot of them in Scotland.

Credit status is not the only element that dictates whether you get a good deal on a mortgage - having a deposit and a regular income are major positives when looking at a mortgage or remortgage in Scotland and can offset many credit concerns. Our mortgage team will ensure you fit with these and other lending criteria whilst getting your mortgage completed swiftly and smoothly. Get the facts and figures for your scenario today. Even if you require a mortgage in Scotland and have some bad credit call us on 0800 298 3000 (freephone) or use our mobile friendly number 0333 003 1505 . Alternatively fill in our short no credit check On Line Enquiry Form and we will work around your time frames.

Your team will focus on getting the right mortgage completed for you if you currently live in, or are planning a move to, Scotland.

Adverse Mortgage Providers For Scotland

It is sometimes the case that once you have taken out a previous mortgage you may go through times of financial difficulty and unfortunately could have got some adverse credit on your credit file. If you have finished a discount or fixed rate period and are looking to remortgage before you drop onto a higher lenders standard variable rate you may find that your current mortgage provider will not allow this. This is not uncommon, particularly after recent rules brought about after the Mortgage Market Review (MMR) and subsequently the mortgage credit directive (MCD). If this is the case it is well worth contacting an experienced company like ourselves who have dealt with a number of Scotland mortgages for bad credit and who have ties to specialist lenders for people looking for a mortgage in Scotland with bad credit. Our understanding advisers are more than happy to help with your possible mortgage application, to get us working on a free quote for you, fill in the short online form starting at the top right of the page.

What Constitutes Bad Credit?

Having any previous adverse credit history, will negatively affect your credit file. The thing is, whilst you think you may have bad credit, it may not be quite as bad as you think. The main culprits that could lead to a poor credit file are not keeping up with the terms of credit agreements you have in place. Doing this a number of times could lead to more severe consequences like; defaults, CCJs or even bankruptcy in some cases. The first port of call is to establish what your credit file is like, you could do this by asking your creditors for a recent statement, or an easier way is to get a credit search done. Click on the link to carry out your credit search for a one off fee of £2.00 small admininstration charge (we do not receive any of this) https://www.econsumer.equifax.co.uk/consumer/uk/order.ehtml?prod_cd=UKSCR

Once you have this in place, feel free to give us a call on 0333 003 1505 (mobile friendly) or 0800 298 3000 (freephone), don`t worry if you do not understand the entries, one of our experienced advisers would be happy to talk you through it if you wish and try to help you. You may even find that your credit file isn`t quite as bad as you may have thought and as no two mortgage lenders are likely to be exactly the same with their credit scoring - you could even find your mortgage application still going on the high street. This information is particularly important with Scotland mortgages and other locations for bad credit as it opens up the number of providers that we might be able to place you with.

Housing & Mortgage Market In Scotland

With the uncertainty of the Scottish referendum now in the past the Scottish housing market may have witnessed a substantial increase in house prices and with the union staying together there was no feared potential outpouring of mortgage and remortgage providers or banks leaving Scotland for south of the border. The important point to bear in mind is that this means there are still a whole host of mortgage providers who are willing to lend in Scotland on mortgages.

With the increase in house prices your property may well be worth more than you originally anticipated which could translate to more equity. If you were looking to move house this increase in equity could equal a bigger deposit towards your onward purchase. Alternatively you may be looking to borrow some money using your equity for some important home renovations. To work out your current loan to value (LTV) based on the equity you have head over to our loan to value calculator. Scotland mortgages for bad credit are available for house purchases and remortgages but it can depend on a number of other factors. The best course of action is to contact the office to speak to an adviser, experienced in dealing with bad credit mortgages in Scotland who will be able to give you an idea and you can see if that new house purchase or remortgage is closer than you think.



`Do I Need A Bigger Deposit If You Have Bad Credit?`

`What Is A Bad Credit Score?` ,

`How Do I Get A Mortgage In Scotland?`,

`Which Bank Is Best For Mortgages In Scotland?`,

What Deposit Do I Need If I Have Bad Credit?

Your credit profile may impact on the loan to value you are being offered for your mortgage or remortgage. So you may need a slightly larger deposit of around 10% if buying a home. First Choice Finance do also have lenders remortgages available up to 90% loan to value if you do have an adverse credit profile with fairly recent bad credit. This can still enable you to unlock the majority of the equity in your property. Talk to a member of our mortgage team to see what mortgage offers we have available for you to choose from.

What Credit Score Do I Need For A Mortgage?

Our clients have taken out mortgages with credit scores as low as 340. Although your credit score is an important part of getting a mortgage, many lenders have there own specific lending criteria that will examine different parts of your credit profile and not base the approval on score alone. As mortgage advisers we have many different mortgage products from lots of different banks and specialist mortgage providers, so we will look at your enquiry to find a mortgage or remortgage that meets your individual requirements.

Mortgage Advice For Scottish Home Buyers / Owners

The mortgage advice process in Scotland is the same as that for the rest of the United Kingdom. Having 30 years experience as a Mortgage Broker we have accrued a large number of mortgage lenders who are happy to lend to Scottish home buyers / owners - even if they have bad credit. Enquire online or call our friendly mortgage team and we can start working on a mortgage or remortgage best suited to your needs.

Which Bank Offers The Best Mortgage Plans?

The answer to this varies greatly depending on your personal circumstances, if you have a bad credit rating and need a large mortgage the best mortgage rate may differ greatly compared someone looking for a small mortgage amount without poor credit. However many specialist lenders not on the high street have risen to take on clients who want a large mortgage with bad credit - and they offer competitive mortgage plans. Here at First Choice Finance we have an extensive panel of mortgage lenders and we will search to find the best mortgage for your individual circumstance from the many banks and our specialist mortgage providers

Cheshire Mortgage Corporation & Scotland

With a little bit of research you will have probably come to the conclusion that not all mortgage lenders are willing to provide Scotland mortgages for bad credit. Some lenders, like Aldermore Bank or Precise Mortgages for example, will provide mortgages in Scotland but only in certain locations. However, Cheshire Mortgage Corporation in particular, will provide mortgages across the vast majority of Scotland provided you fit with all other criteria. Cheshire Mortgage Corporation have some decent interest rates for the previous adverse credit that they will consider. As they are more amenable to bad credit mortgage applications their rates are higher than prime bank based mortgage lenders. To give you a snapshot of their criteria (this changes regularly so please check with our mortgage advice team for the latest status) you may still be accepted for a mortgage even if you have accrued your bad credit in the last 12 months, this includes defaults and CCJs depending on the value and even missed mortgage payments. To save time and possible stress worrying about if there are any options for you or not, to see if you could get a mortgage from our lender panel call the office and speak to one of our advisers who will be able to narrow our possible options down. Call on 0800 298 3000 freephone or 0333 003 1505 which is included in mobile plan minutes.

How Do I Get A Mortgage In Scotland?

What Is The Process Of Buying A House In Scotland?

Will I Need A Bigger Deposit If I Have A Poor Credit Rating?

What Lenders Specialise In Mortgages & Remortgages In Scotland?

What Are The Mortgage Options For First Time Buyers In Scotland?

How Do I Get A Mortgage In Scotland?

The process of getting approved for a mortgage in Scotland is very similar to that of arranging a mortgage throughout the UK, with the same credit checks, loan to value calculations and affordability checks. First Choice Finance offer no nonsense, honest mortgage advice and have a large selection of mortgage lenders available for Scottish home owners.

What Is The Process Of Buying A House In Scotland?

The process for buying a property in Scotland does differ to that of buying a house across the border in England. Many house sellers use a sealed bid system of biding for a property and any house purchase offer that is accepted is much more binding than that throughout the rest of the UK on all parties. Because of this it is always a good idea to speak to a mortgage adviser before your start your search for a property to fully understand what mortgage amount you can afford and what the possible repayments may be.

Will I Need A Bigger Deposit If I Have A Poor Credit Rating?

Possibly - you may need a bigger deposit if you have an adverse credit rating. Credit scoring can usually be one factor used when applying for a mortgage, loan or other finance product, if you have a lower credit score you may not qualify for some of the larger loan to value mortgage products. Before you let anyone "pull" your credit report, it is best to look at the credit rating yourself using one of the online credit check facilities such as Equifax. When you enquire online to First Choice we will discuss your specific circumstances and only when we think you will be approved will we ask carry out the credit check for your decision in principle, also know as a `D.I.P.`.

What Lenders Specialise In Mortgages & Remortgages In Scotland?

First Choice Finance have numerous specialist mortgage lenders offering special deals for home buyers or people remortgaging in Scotland as well as a number of UK based banks and building societies who will happily lend on Scottish properties up to a maximum of 95% LTV (loan to value). There are lenders for Scottish residents with good, average as well as poor credit profiles. Lenders are competing for your business and so often offer some excellent mortgage and remortgage deals.

What Are The Mortgage Options For First Time Buyers In Scotland?

You will have access to a number of first time buyer mortgages, as well as access to possible schemes offered by the government such as the help to buy scheme in the future. First Choice Finance have a long history of helping First Time Buyers in Scotland and have a whole host of mortgage options available - don`t rush into anything, speak to one of our advisers who will be happy to discuss the different options with you before you decide to go ahead.

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. Security is required on immovable property.

Late repayment can cause you serious money problems. For help, go to moneyhelper.org.uk

Established In 1988. Company Registration Number 2316399. Authorised & Regulated By The Financial Conduct Authority (FCA). Firm Reference Number 302981. Mortgages & Homeowner Secured Loans Are Secured On Your Home. We Advice Upon & Arrange Mortgages & Loans. We Are Not A Lender.

First Choice Finance is a trading style of First Choice Funding Limited of 54, Wybersley Road, High Lane, Stockport, SK6 8HB. Copyright protected.