The wrestle with bad credit becomes intense when you plan to apply for mortgage. Doubts and questions arise in abundance in your mind to know how you can qualify for a mortgage with bad credit. Your good income adds a big and positive factor in your affordability. After all repayment, capacity is an important aspect and ensures to a lender the efficiency of the timely loan instalments. This is what makes the mortgage loan companies consider your application and give an approval. The remaining hurdles that can come due to bad credit should also be removed.

We offer your mortgage deals beyond credit score status with specialised approach. We have bad credit mortgage deals on personalised pricing. Our aim is to bring you the most affordable choice, you help us know your financial behaviour better and we are sure to give you a solution.

At Shine Mortgages we offer funds with -

  • No upfront fee
  • No prepayment fee
  • No hidden charges
  • Same day approval decision

How Can We Help?

  • Talk to us

    We have a customer support round the clock. Communicate with us and know which type of mortgage you can qualify for. We will also ponder over the reasons for your poor credit history to update you how you can improve.

  • Put in the application

    You do not need to visit anywhere. Fill our form online to get the mortgage deal that suits your needs.

  • Know the cost of mortgage

    Use our mortgage calculator to know the total cost of your mortgage to compare our rates with others. We assure you our deals are most competitive to our buyers.


Reasons You May Have a Bad Credit History

If you are not in a rush, you have a chance to improve your credit score but before that, you need to know what exactly takes a toll on your credit rating.

  • Late payments
  • Unidentified borrowing
  • No credit history
  • Too many credit checks
  • Mistakes on your credit report
  • Falling into a serious debt

Ways to get rid of bad credit rating and improve approval chances on mortgage

It is not enough to just know the reasons of the bad credit rating. Sincere efforts for the improvement of credit rating are also important.

Below are some ways that can help you earn an upgrade in the credit rating.

The following ways are practical, workable and easy to implement and give assured and promising results.

Get registered on the electoral roll
Electoral roll is the first place where lenders check your name. It tells about who you are, what is your address and with whom you live. These basic details are important for the lenders. Having your name here show you as a responsible person.

Did you know?

If your bad credit situation is inconsistent you can get more mortgage loans amount and better relaxation in rates.

Do not miss repayments
Whether it is an electricity bill or a credit card due, do not keep the obligations pending. Pay them on time and get an improvement in credit rating. Delayed payments are the prime factor to cause a sharp fall in the credit rating.

Check your credit file on regularly
Credit reference agencies take your information from many sources and there may be some mistake on some aspects. It is necessary to ensure that the finance industry get an actual reflection of your financial behaviour. Credit files are the mirror image of that. In every 2 to 3 months, you should check your credit file as a wrong information can badly affect your credit rating. A wrong address, wrongly spelled name, anything can affect that. Either Check your credit records from free websites or take paid service.

Close unused bank accounts, store cards, credit cards and direct debits
Anything, which is no more in use, should not show in your financial records. A bank account, credit card etc. that is no more in use can degrade your credit rating. Close them NOW. They take huge claim from your affordability. The finance companies see such financial commitments due on your name and assume you less efficient to bear a new obligation.

Salary slip / income status and bank statements are important to prove repayment capacity.

Say good-bye to financial partners
Did you know the credit rating of your financial partner can affect your financial records? Their bad credit rating can affect your credit rating. If you and you partner have split up then make sure that no joint financial commitment exist. Otherwise, this may have a long-term impact on your finances.

The improvement in credit score is sure to leave its good impact. The credit reference agencies mark these changes in your credit record.

First time borrowers with bad credit and good income - Welcome
Despite bad credit and despite a no credit history Shine Mortgages provide funds. The procedures are rational and focus is basically on the financial efficiency of the applicant. No credit rating or borrowing history then can intrude or interrupt.

What to Do to Get a Mortgage with Bad Credit but with Good Income

  • Whittle down debts

    If you are dealing with multiple debts and outstanding credit card bills, try to settle them as quickly as possible. One of the prominent reasons for poor credit score is payment defaults. Your lender may consider your application despite the bad credit score if you show your efforts to settle your pending accounts. Try to make all your payments in full. Partial payments may reduce your debt but it does not improve your score.

  • Maintain steady outflows

    Your lender will also consider your income statement to examine your reimbursement capacity. They will check the ratio of your expenses over the few months. If you have steady outflows, getting a mortgage will not be difficult even if you have a poor credit score because it assures the lender that you have steady expenses.

  • Show job security

    If you receive your income from a stable full-time employment, your lender may be flexible to approve your application. In case of self-employed people, it can be a bit tough because of instability in inflows. However, if you show uniformity in your expenditure, the situation may be favourable.

  • Submit a bigger deposit

    Your lender will consider your income strength related to the money you want to borrow. You must have at least a 5% of deposit (a percentage of the value of your property that you are buying) to take out a mortgage. With larger deposit, you need to borrow less money and hence, the lender will not deny approving your application even if your credit history is less-than-perfect.

    Getting a mortgage with bad credit but with good income is not impossible. As a responsible lender, we aim to provide financial assistance to as many borrowers as we can. Do not let your poor credit rating keep you from applying for a mortgage. We will analyse your financial situation to provide you with bespoke mortgage deals.