Bad credit equals poor credit rating. This also means that, if you have both, you will have difficulty in getting approved loans for various purposes, such as mortgage loans. Lenders are hesitant to approve loans made by a person with bad credit, because there is no security that the loan would be paid on time.

Despite this, some of the lending companies and banks still make adjustments and grant loans to certain individuals who have bad credit. This is a privilege limited to few, though, because getting approved is difficult in cases of bad credit.

Below are some tips for those with bad credit who want to get approved for mortgage loans. These tips are based on the Telegraph UK:

• Try negotiating with banks and building societies that you have previously dealt. If you have a good relationship with these financial institutions, it is still more probably that they would grant you a mortgage loan. Keep in mind that the criteria for loan approvals vary, depending on the requirements of financial providers. There is a large probability that if a lender rejects you, other mortgage lenders may still grant your loan based on their set standards and conditions.
  
  
• Deposit as big an amount as possible. The worse your credit rating is, the smaller the mortgage you would be offered. On the other hand, if you have big deposit, that's mean lesser risk for the lender, which may eventually trigger them to grant you your loan. As a tip, experts recommend putting down at least 25 percent on your deposit.
  
  
• Try companies specializing in bad credit mortgage loans or mortgages for people with poor credit ratings if mainstream lenders do not grant your loans. You must take note that these companies may charge you with higher mortgage interest rates and other corresponding fees.
  
  
• Fix your credit as much as you can before making a loan. Try to pay for your bad credit before taking another loan so that lenders would have more confidence that you are not running away from your responsibility and that you would be willing to compromise with them in order to pay for your loans. It also helps to show that you have a good paying job which could cover your mortgage thus, increasing your chances of you getting approved loan.
  
  
• Be honest. If could greatly help if you would be honest to your lender that you indeed have bad credit. Loans will be easier to negotiate if you are transparent about your credit. This establishes your credibility to the lender and reflects well on your character.
  
  
• Consider government programs. Evaluate the offered loans by the government for housing programs such as the Federal Housing Administration (FHA) loan and the Veteran's Administration (VA) loans which have more flexible credit requirements compared to the other loan programs.
  
  
• Look for a co-signer. Look for someone in the family or friends who have good credit to co-sign your loan.
  
  
• Limit your loan applications. If your record includes repeated failed applications, this could cause damage to your credit rating. You should review your credit information first before applying for mortgages.
  
  
• Be prepared for additional fees. Having bad credit affects loan application, and reflects the higher mortgage cost that you need to pay.
  
  
• Seek professional advice. If you still have difficulty in getting your loans approved despite the measures already discussed above, it may be time for you to seek the help of professional financial advisors. Mortgage advisers could search for mortgage offers that would make it easier for you to secure a loan.