Adverse Credit Mortgages
If you’ve been turned down for a mortgage due to a poor or low credit score. We could help. Our relationships with a wide range of mortgage lenders mean we can help you even if you have County Court Judgements (CCJs), defaults, missed payments, a Debt Management Plan, or have been previously bankrupt.
- We have access to 1,000’s of mortgages from all the specialist lenders, which means we will be able to find the best deal for you.
- We have over 35 years of experience and the expertise to help those declined by the “High Street Lenders”.
- As well as help you get a mortgage, we may even help you reduce your monthly outgoings.
Book a free mortgage consultation now
Think carefully about securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage or other debt secured on it.
ADVERSE CREDIT HISTORY
When it comes to taking a mortgage, most lenders have taken a very strict view as to who they consider to be worthy of a mortgage. They prefer to deal only with those who have faultless credit histories and adequate deposits. However, money and credit problems, including a low credit score, can affect anybody at any time due to several reasons. Having just gone through one of the most turbulent and prolonged financial crises globally in modern times, it’s hardly surprising that a lot of people have been affected by the recession. People can get into financial difficulties through absolutely no fault of their own, and even if they were not blameless, they would like the opportunities to sort things out.
There is some good news. There are some specialised lenders in the marketplace that are very willing to provide mortgages for people with adverse credit situations. The deals that they can offer are unlikely to match those of a standard mortgage. These lenders were previously known as either “sub-prime” or “non-conforming”. They will, however, almost certainly charge higher rates.
Why choose us?
While these lenders want to separate the standard mortgages from the adverse ones, the deals that they are now offering are less harsh than in previous years. There would be a good chance that after a few years of having a good payment record, a standard mortgage may be achievable.
All applications are underwritten on an individual basis and quite often, manually, so you will be treated as individuals. The interest rate applied is set according to the risk the underwriter and lender believe is posed. There is usually an Early Redemption Charge applicable with an adverse credit mortgage, but these should go after three years.
Please be aware that a mortgage may not be available in all cases, but we will certainly try to help, so why not get in touch to see if we can help you, TODAY.
Book a free mortgage consultation now
Think carefully about securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage or other debt secured on it.
Frequently Asked Questions
What is adverse credit?
‘Adverse credit’ refers to a history of financial difficulties, such as missed payments, defaults, County Court Judgements (CCJs), or a previous bankruptcy. It can make getting a mortgage from a traditional ‘High Street’ lender difficult.
Can I get a mortgage with bad credit?
Yes, it is possible. While many mainstream lenders have strict criteria, there are specialist lenders in the market who are willing to consider your application even with a poor credit history.
Will an adverse credit mortgage cost me more?
An adverse credit mortgage will almost certainly have a higher interest rate than a standard mortgage. However, deals are less harsh than in previous years, and after a good payment record, you may be able to switch to a standard mortgage later.
Will a CCJ, default, or missed payment prevent me from getting a mortgage?
Not necessarily. Specialist lenders will look at your individual circumstances, including the age and value of the CCJ, default, or missed payment, to assess your application.
Why should I use a mortgage broker if I have adverse credit?
A mortgage broker has access to a wide range of specialist lenders who don’t deal directly with the public. We can help you navigate the market and find the most suitable deal for your specific circumstances.
