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Bad credit and mortgages: Why you don’t need to wait for your score to improve before applying

Paul Coss - Co-founder and Chief Customer Officer 30th June 2022

Credit scores - those pesky three-digit numbers can be a source of stress and anxiety for many people, especially if your number’s low.  

Life happens, and you can find yourself with damaged credit for any number of reasons - job loss, illness, or even just a tough couple of months. 

It’s a common trope that people with poor credit can’t get - and don’t deserve to get - a mortgage. But that’s wrong. If you have an adverse credit history and can afford to get a mortgage, it's definitely possible. You just need the help of a specialist.

You’ll need a different type of mortgage provider

The first port of call when looking for a mortgage is usually your high street bank. These big lenders can offer good deals at tempting rates, but they also have very rigid criteria for lending, so if your situation differs at all from the norm then you might struggle to be considered. 

So many of our customers wrongly believe that a “no” from one mortgage lender means it’ll be a “no” from all of them. In fact, there’s a whole market out there dedicated to lending to people who wouldn’t qualify for a mortgage on the high street. We call them specialist lenders

Specialist lenders are regulated in exactly the same way as the high street banks - adhering to strict guidelines set out by the Financial Conduct Authority and the Mortgage Market Review.

All lenders, whether high street or specialist, will thoroughly ‘stress test’ your ability to pay. They’ll look at hypothetical situations and see if you could still pay your mortgage if something unexpected happened. And as specialists use human underwriters, they’ll be looking even more closely to make sure you’re safe to lend to. 

Specialist lenders require carefully crafted applications, which is why you can only get access to most of them by working with a specialist mortgage broker - like us! Want to explore your options? Make a quick enquiry and one of our experts will call you back as soon as possible.

You don’t need to wait

Specialist mortgage lenders are kind of a go-between; a bridge to help you onto the property ladder now, rather than having to wait until the high street banks will consider you. Think of it this way, if you can afford a mortgage right now but your credit score is bad, you probably won’t qualify for a high street mortgage. But another two years down the line, your credit will improve (if you keep up the good habits) and you’ll have more options open to you. 

Not everyone has the option of waiting for their credit score to improve, which is why specialist lenders provide that opportunity to build a roadmap back to the high street, and get you on the property ladder sooner. 

Because of this shorter relationship, and their more tailored and personalised service, specialist lenders rates are usually slightly higher than the mainstream banks. But that doesn’t mean you can’t get a competitive deal. Working with Haysto will not only give you access to lenders you wouldn't have on your own, but our Mortgage Experts also have great relationships with them. They’ll know which mortgage fits your needs and can put together a fab application. Make an enquiry to find out your options. 

You could get a mortgage now

The application process for a bad credit mortgage isn’t that different from a regular mortgage. You’ll still have to provide documentation to prove your income and show your outgoings. 

Mortgage lenders will use your credit history to get a picture of your current financial situation, and predict how you might manage your finances going forward once you have a mortgage. Some of the specialist mortgage lenders for bad credit (such as Bluestone) don’t do credit scoring - they instead look at your individual situation to work out how much you can afford. 

If you’ve had any credit blips in the past, it’s always helpful if you can show a lender you’ve made progress with your financial situation. Keeping on top of your regular payments and budgeting will really help your application. Read more about getting a mortgage with bad credit

The high street banks can make you feel like a bad person for having a bad credit, and countless eligible people are wrongly told they can’t get a mortgage. But bad credit isn’t the end of the road, and we’re here to help you on your journey to homeownership. 


Our Mortgage Experts are fully-qualified with experience in bad credit, self-employed and complex mortgages. They have a proven track record of getting mortgages for people who’ve been rejected elsewhere.

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