Haysto Thanks for nothing illustration

Thanks for nothing

We’re campaigning for high-street banks to offer more support to the mortgage customers they reject. Over 50% of our customers have previously been turned down by their own bank or a mortgage broker. And with 45% of would-be homeowners giving up after being rejected, we decided that’s not OK.

We're shining a light on the specialist lenders you probably haven’t heard of. They're the ones who step in when the high street steps away, and look for the story behind the numbers.

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TURNED DOWN FOR A MORTGAGE BY YOUR OWN BANK?

When you’ve been a loyal customer for years, only to be rejected when you really need them. Don't speak to a bank. Speak to a specialist.

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HAVING TO EXPLAIN YOUR LIFE TO AN ABSOLUTE BANKER?

We all make mistakes. But when it comes to mortgage applications, some stick around longer than others. When you need someone to listen, not judge. Don't speak to a bank. Speak to a specialist.

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TRUSTED TO PAY YOUR LANDLORD’S MORTGAGE, NOT TRUSTED TO PAY YOUR OWN?

Let’s end Generation Rent. You could be eligible for a mortgage, even if your bank’s turned you down. Don't speak to a bank. Speak to a specialist.

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TRUSTED TO RUN A BUSINESS, BUT NOT TRUSTED TO PAY A MORTGAGE?

If you're self-employed, getting a mortgage shouldn't feel impossible. Most high street banks don't like incomes that aren't straightforward. But we do. Don't speak to a bank. Speak to a specialist.

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FED UP WITH THE NO-bots?

Sometimes you just need to explain the story behind the numbers. Banks deal with numbers, we deal with people. Don't speak to a bank. Speak to a specialist.

Got Questions

Can I get a mortgage with bad credit?

Having bad credit doesn't mean you can't get a mortgage. It can make things harder than if you had a perfect score, but it doesn't make homeownership impossible.

Most big banks and mortgage lenders probably won't lend to you if you have a Poor or Very Poor credit rating, but there's specialist mortgage companies who will be willing to consider you. While you may be able to get a mortgage with a low credit score, you may have to pay a higher interest rate or be asked to put down a bigger deposit. 

Over half of the mortgages for people with bad credit aren't directly available to you as a borrower, they're only available through specialist lenders who work with bad credit brokers. These lenders view each application on a case-by-case basis. 

Always be prepared to discuss and explain your credit history with your mortgage broker who’ll explain the situation to lenders when they’re making an application for you. A lot of mainstream lenders don’t accept people with bad credit, but it just means you need to find the right, specialist lender instead.

Depending on your specific situation, you might find that your interest rate is higher and that you’re asked to put down a larger deposit when buying your home. But speaking to a specialist mortgage broker who can find you a specialist lender means you’re likely to find the right mortgage for you.

Read more about mortgages for bad credit.

Can I get a mortgage if I’m self-employed?

Getting a mortgage as a self-employed person can be more difficult because you have to prove you have a reliable, regular and stable income. But you still absolutely have the same right to get a great mortgage deal like everyone else. It can just be trickier to get all your paperwork together, that’s all. 

You can get a great deal and great rates. If you’re self-employed and want to know how much you could borrow on a mortgage, then use our Self-Employed Mortgage Calculator. 

Being self-employed can fall into many different categories; freelancer, contractor, sole trader or maybe even a company director. There’s a few different factors to consider depending what kind of self-employed category you’re in. But lenders will categorise you as self-employed if it’s your main source of income, or you own more than 20 to 25% of a business. 

Can I get a mortgage with a small deposit?

It’s possible to get a mortgage with a small deposit, but it will depend on your individual circumstance and what your Loan to Value ratio (LTV) is.

LTV tells you what percentage of your mortgage is a loan, compared to how much the property you’re buying is worth. For instance, if you have a 10% deposit, then you’ll need a 90% LTV mortgage. If you have a 15% deposit, then you’ll need an 85% LTV mortgage and so on.

Your LTV directly impacts which mortgage rates you’ll get. Generally, the higher your LTV then the higher your interest rate will be. This is because there’s more of a risk to lenders when you borrow a lot of money. They’re investing in your property, and there’s a risk that your home could decrease in value, making for a bad investment. 

Getting a mortgage with a small deposit is definitely possible, but you’ll have fewer options than if you had a bigger deposit. If you need a mortgage but don’t have a lot of money to put down upfront, it’s a good idea to work with a specialist mortgage broker.

There's also a few government-backed schemes specifically for people with a small deposit, such as Help to Buy and Shared Ownership. Read more about these schemes.

Can I get a mortgage on low income?

Yes, it's definitely possible to get a mortgage even if you have a low income. It's harder, but not impossible. 

Different lenders have their own criteria. The type of mortgage you're getting and how much you want to borrow will also determine whether you get accepted. 

Mortgage companies will carry out an affordability check to see if you can manage the repayments without getting into financial difficulty. They won't want to risk missed payments - or worse, repossession.

As part of your mortgage application, they’ll examine your total budget and the size of the mortgage you want. They’ll also factor in how you'd manage if your circumstances changed or if interest rates were to rise.

You may be worried about passing a mortgage lender's affordability checks. Some big banks and high street lenders might turn you down if you have a low or complex income. In this case, you'll need a specialist mortgage broker who knows the market and which lenders will be most likely to accept you. A broker will make your application look as good as possible to potential mortgage companies. If you need a mortgage but are worried about getting accepted with a low income, make an enquiry here.

Isn’t specialist lending the same as subprime?

The mere mention of subprime mortgages can be a worry for many. The mortgage crisis of 2008 is still a fresh memory, when unregulated subprime mortgages were a big factor in the housing crash. 

Today’s specialist mortgage market is much less risky and has way better regulation than before the crash. Gone are the flippant attitudes of the old subprime mortgage lenders. 

The mortgage process is much more in-depth than before, and your affordability will always be thoroughly checked. That means lenders are way more responsible than they once were, and will only give you a mortgage if they’re certain you’ll be fine paying it back. That’s good for you, and good for them!

Why do I need a mortgage broker?

If your situation isn’t straightforward, then your best chance of being accepted for a mortgage is by applying to a specialist lender. 

However, most specialist lenders aren’t available directly to you as a borrower -  they won’t come up in your online searches and your bank won’t tell you about them. These lenders are only available through mortgage brokers.

On top of this, a broker lives and breathes the mortgage market, so they’ll be able to get you the right mortgage at the right price.

See our top 6 reasons to use a mortgage broker.

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