The top 4 lenders that do not credit score

Making the mortgage lending decision more personal

If you’ve got a low credit score, you will find it difficult to get a mortgage. The lower your score, the harder it will be. Fortunately, there are some specialist lenders who consider you to be more than a number on a credit file. These lenders do not credit score. In this article, you’ll learn about the top four.

Why might you have a low credit score?

You might have a low credit score because you have previously made financial mistakes. Or you may have run into financial difficulties because of illness or injury and missed a couple of payments on a loan or were late paying your utility bills. On the other hand, it could be poor because you have never had credit.

There are hundreds of reasons your credit score may be low. Many people find they have a low credit score through no fault of their own. Whatever the reason, a low credit score will hamper your chances of getting a mortgage, because your credit score is the most important factor on the list of criteria assessed by most lenders.

The best solution might be to apply to a lender that doesn’t credit score. Here are the lenders we consider to be the top four in this category:

1.  Magellan Homeloans

Magellan Homeloans specialise in lending to people who have difficulty accessing finance because of personal circumstances, employment status, or previous credit history. Their philosophy is that every situation is unique and more complex than can be shown on a credit file. They use 100% manual underwriting, and do not credit score – ever.

They really listen to your story, and offer a range of mortgages for a range of bad credit reasons, including:

  • Bankruptcy
  • IVAs
  • Debt management plans
  • CCJs
  • Missed payments and defaults

Magellan also offer several mortgage products with no penalties for early repayment, making it easier to switch your mortgage to a cheaper interest rate when your credit score does improve.

2.  Bluestone Mortgages

Bluestone treats every one of its customers as an individual. They seek to understand why you may have a poor credit score, and offer mortgages for a range of issues; these include CCJs and IVAs, and life events that have led to a poor credit score. They have a great record of helping people with complicated incomes, such as the self-employed and contractors.

Whether you are a first-time buyer, a home mover, a buy-to-let investor, or seeking to remortgage, Bluestone’s track record makes it a contender for your mortgage application – and they usually make a quick decision. A great, personalised service for home and property buyers.

3.  Pepper Money

Pepper Money’s underwriters examine applications on a case-by-case basis, and have one of the most generous affordability assessments available. They may also include benefits such as child tax credits and disability allowances when calculating your income. If your credit issues involve recent CCJs and completed debt management plans, Pepper could be the lender you need.

Their rates are among the best of those offered by specialist lenders, and their products are often among the best on comparison site While they charge a £135 non-refundable application fee, you benefit in other ways, including competitive interest rates, terms and conditions.

4.  Vida Homeloans

Vida prides itself on using a combination of human and technology resources when making its lending decisions. Their decision-making is among the fastest, and one of their specialist areas is lending to people whose credit history has been impaired by life events and debt management plans. They will allow up to three CCJs and two missed mortgage payments.

The Vida application process is 100% online, and through them we have processed a full application with a decision in principle within 30 minutes.

How do you get a mortgage when you have bad credit?

While these are who we currently consider the best mortgage lenders that don’t credit score, they are not the only ones available. Lenders regularly change their criteria and specific lending rules, and when we help a client get the mortgage they need, we search the whole market. You’ll also find that most specialist lenders will only work through a specialised mortgage broker.

Contact Mortgage Thoughts today, and let us help you. Whatever your credit score and your personal circumstances, we’ll work hard to find the best solution to your needs.

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