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Your credit score plays an important role in determining whether a lender will accept your mortgage application, but it’s not the only factor they consider.
Lenders will also look at your income, your outgoings, the type of deal you’re applying for and the amount of money you want to borrow. If first-time buyers can get these elements of their application in order, they should be able to secure approval for a decent mortgage, even if they have a bad credit score.
If you are struggling to get a mortgage via the traditional methods you could speak to a specialist lender. They can provide the expertise on a particular area of lending where you’re looking for assistance.
No matter how close you are to applying for a mortgage, it’s worth taking steps to improve your credit score. This will improve your chances of being approved for a better mortgage, as well as other financial products in the future. Learn more about and check your credit score here.
Here are some steps you can take to improve your credit score.
The more money you borrow from your mortgage lender, the higher your credit score typically needs to be. Thankfully, there are plenty of ways for first-time buyers to borrow less money from their lender, potentially allowing them to be approved for a mortgage in spite of a bad credit score.
Here are some of the most commonly-used methods.
Mortgage providers tend to be more comfortable lending to applicants with bad credit if they can provide a guarantor. Your guarantor will need to have a good credit score and enough capital to cover your mortgage payments if you fall behind on them.
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