Do you think you’ve blown your chances of ever owning your own home? Perhaps you or a partner have debt, poor credit history or have been through bankruptcy. These days there are many reasons as to why people struggle with their finances. However, it’s not all doom and gloom on the housing front when it comes to those with adverse credit applying for a mortgage.

It is true that over the last decade, mortgage companies have significantly raised the criteria levels needed to get a good mortgage deal. Gone are the days of the Northern Rock scandals where anyone seemed to be able to apply and get, a mortgage without showing much evidence of the relevant income.

These days, whereas it’s true that you will need to show evidence of your ability to keep up with payments and you’re likely to have to pay a higher deposit and higher rate on your mortgage, it is possible to get a mortgage if you’ve had bad credit in the past.

Before considering what sort of deal you can get, the first question to answer honestly is whether your finances are back on track. It’s one thing to be able to get a mortgage but an entirely different matter ensuring you are stable enough to fulfil the commitment of allowing for a regular monthly payment. Interestingly there have been several campaigns aimed at recognising rental payments when it comes to mortgage applications. If you’ve been on time every month with your rent then this shows you are likely to be able to do the same with your mortgage payments.

The next thing to do is to check your credit file and work at getting your credit score to an optimum level. As well as using the credit file agencies, there are free online accounts, such as Clearscore, that monitor your credit rating and show how you compare in your local area. Check that all the information on your report is correct. These will also show that you are on the electoral roll and if you’ve paid your bills on time, all factors considered on a mortgage application.

If you’ve shown a clear pattern of being consistently responsible with your finances, the amount you will be able to borrow will be determined by your regular income and the deposit you can raise. In truth, there is no such thing as ‘bad-credit mortgages’ but there are specific lenders who are willing, for a higher deposit and interest rate, to lend to those who have repaired their credit history.

If you would like further details on these lenders and the relevant criteria required, why not have a chat to an adviser who will be able to discuss confidentially your particular circumstances?