It’s possible to get a mortgage with bad credit, although you’ll probably pay higher interest rates and you may need to come up with a larger deposit. There are mortgages designed for people with poor credit, and some lenders specialise in offering these.Bad credit mortgages work like any other mortgage, except that they accept people who had problems paying their debts in the past. … While it’s possible to take out a mortgage with as little as a 5% deposit if you have good credit, subprime lenders require 15% and upwards.