Having bad credit or no credit history can make it more challenging to get a mortgage, but it is not impossible. Lenders consider many factors when evaluating mortgage applications, including credit score, income, employment history, and debt-to-income ratio.
If you have bad credit, you may still be able to qualify for a mortgage by working on improving your credit score and demonstrating financial responsibility. This can include paying bills on time, reducing debt, and addressing any errors on your credit report.
If you have no credit history, there are alternative ways to establish credit such as applying for a secured credit card or becoming an authorised user on someone else's credit card.
It may also be helpful to work with a mortgage broker who specialises in working with borrowers with less-than-perfect credit. They can help guide you through the process and connect you with lenders who may be more willing to work with your specific situation.
While getting a mortgage with bad credit or no credit history may require some additional effort and potentially higher interest rates, it is still possible to achieve your goal of homeownership.