In the past people with a bad credit record would have the door firmly slammed in their face if they tried to apply for a standard mortgage or remortgage from a high street lender.

If you had any previous financial problems which resulted in County Court Judgments (CCJs), defaults, mortgage arrears, bad debts, or have been declared bankrupt, there would be very few the options available to you.

Today there are an increasing number of mortgages for people with bad credit rating. Traditional lenders are certainly more willing to lend to people with poor credit history than in the past and a number of specialist lenders cater specifically for what is known as the sub prime or adverse credit market. The rate of interest you'll be charged will vary depending on your level of debt and perceived risk.

Blacklist myth

Contrary to popular belief, there is no such thing as a "credit blacklist". If you have a particularly bad credit score you might find yourself being rejected for a mortgage from a high street bank, however, each lender has their own methodology, procedures and lending criteria meaning one might turn you down, while another will accept your application.

Lenders sympathetic to individuals with impaired credit

A broker will be able to assess your case and will know which lender might be sympathetic to your circumstances. A lot of it will depend on how bad your credit history is and how much deposit you have available.