Five ways to improve your chances of getting a mortgage with bad credit history

dailyrecord.co.uk:

Housing market conditions are surprisingly buoyant, despite the cost of living crisis, with 38 per cent of people actively moving or considering doing so, according to new figures.

Nationwide Building Society said the pace of annual house price growth slowed slightly to 12.1% in April, however, property values increased by 0.3% with the average house selling for £267,620 across the UK.

Nationwide said that housing market activity has remained solid with mortgage approvals continuing to run above pre-Covid levels and while some people may think having a bad credit history can stop them from ever getting on the property ladder, in reality, it’s one of the oldest myths as being approved for a mortgage is entirely possible.

The team at www.onlinemortgageadvisor.co.uk have shared how you can still get a mortgage with a lower credit score. If you want to avoid a bad credit score, having a basic understanding of what it looks like is the first step.A credit score is a calculation of how likely you are to use credit responsibly, meaning that high amounts of debt, declaring bankruptcy and defaulting on or missing payments can leave a mark on your file.Contrary to popular belief, your education, income and job title have no impact on your credit score.Bad credit can make it difficult to secure a mortgage as lenders might fear that you’ll struggle to pay the money back.There’s no denying that having a lower credit score is a disadvantage when it comes to getting a mortgage.As such, you need to make sure that your credit report is as accurate and up-to-date as possible.