Bad Credit Mortgages

If you have bad or adverse credit we may be able to help you secure a mortgage.
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A MORTGAGE 4 YOU

Bad Credit Mortgages

 

Bad Credit Questions and Answers

Yes – We can help you even when you have just been discharged from bankruptcy.  After each anniversary following discharge the terms get better, until the 3rd year when you would be considered on High Street rates.

No – If you have CCJ’s that are more than 24 months old we have lenders that will ignore them, and if they are inside that period we have lenders that will consider an application even if you have a CCJ registered 7 months ago.

With some lenders CCJ’s of less than £300 will be ignored.

No – If you have credit defaults that are outside of 24 months we have lenders that will ignore them. Some lenders will ignore defaults registered for communication (mobile phones), some utilities and smaller sized defaults. We have lenders that will consider an application even if the default is registered 7 months ago

Yes – Ideally historical mortgage arrears, with none registered in the last 24 months.  However, on a low loan to value (generally a maximum of 75%) we have lenders who will consider an application as long as there have been no missed/late payments within the last 6 months.  Please be aware that we would need to see your credit file to see what the maximum status showed at any given time.

Yes – late or missed payments on unsecured credit are considered by many lenders, but we do need to see the credit file to check on the status of those late or missed payments.

Yes – If you have a discharged Debt Relief order we can help you.  After each anniversary following discharge the terms get better, until the 3rd year when you would be considered on High Street rates.

Discharged 1 year  70% LTV

Discharged 2 years 75% LTV

Discharged 3  years 75% to 90% LTV ( 95% LTV in Wales only )  on High Street Lending Terms

Discharged 4 years 95% LTV on High Street Lending Terms

Yes – Even though Pay Day loans are not good news for clients looking for a mortgage, as they are viewed as bad money management, some lenders will consider a mortgage as long as there have been none in the last 12 months.  There are lenders who will consider no Pay Day Loans within the last six months depending upon the amount of deposit that you have, a low loan to value is seen as a lower risk to the lender

Yes – As long as the IVA has been registered at least 12 months and has been satisfactorily conducted we have lenders who will consider this on a low loan to value, normally to a maximum of 70%

Yes 

As long as the DM plan has been active for at least 12 months and has been conducted on a satisfactory basis we can offer you a mortgage at 90% LTV subject to passing the affordability calculation. If the DM plan has been in force for three years we could consider a mortgage at 95% LTV.

Yes – subject to affordability based on your first years’ accounting information.

Yes – Many lenders no longer credit score and will lend based on manual underwriting  rather than a computer based decision.

Yes – Lenders currently work on affordability calculations which take into account your lifestyle costs so by completing a budget planner with us we can guide you on the amount of mortgage that may be available to you.

Yes – You can either seek consent to let from your current lender or remortgage the existing property onto a Buy to Let mortgage.

 

Yes – We have lenders who are willing to consider this, some would not require you to put a deposit in yourself, however this depends upon when, and what bad credit is registered.

Yes – We have a number of lenders who can help, even if you have bad credit registered on your credit file. If you are wondering can i get a mortgage on a low income the answer is yes.

Yes – We have a number of lenders who can help, even if you have bad credit registered on your credit file.

Yes – However these are generally based on your earned income/affordability rather than anticipated rental income and the maximum loan to value is normally 75%

Yes – There are new products being launched by many lenders on a regular basis, therefore please contact us on 03452 605506 to discuss these with you, for your own personal circumstances and needs.

 

Yes – Your credit profile can be improved by doing the following:

  • Appearing on the electoral roll.
  • Making sure that you never use more than 50% of your available credit limits.
  • Ensuring that you make payments on time for all credit commitments you have including utilities
  • Budgeting your finances and not living beyond your means

 

Yes – You should always obtain a copy of your credit file prior to considering a mortgage so that we can see how bad credit mortgage lenders may view you. You can obtain a copy of your credit file for a one off payment of £2 from:

www.experian.co.uk

www.Equifax.co.uk

www.callcredit.co.uk

There are a number of other providers who offer a free service but the level of information provided is not as in depth.

Yes you can with basically the same rules that apply on a mortgage to purchase a property, but you should seek advice before you proceed if you are looking to consolidate any of your unsecured debts within the new mortgage. Most lenders would be happy to consider the debt consolidation as it would improve your cash flow, which would then have a positive impact on affordability, but you are reducing the equity in your property and the short term debts would then become loan term debts. If you wish to consider the re-mortgage to solve these problems we would recommend that you factor into your affordability the ability to over pay your mortgage to reduce the mortgage term.

What factors may have a negative impact on my credit score?

Bad Credit Mortgage Products

Bad Credit Buy to Let Mortgages

On a very positive note we now have far more lenders who will accept a degree of historical bad or adverse credit in this very competitive market.

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Mortgage for Discharged Bankrupts

We offer a range of mortgage products for those who are discharged bankrupts. Even if you’ve only been discharged for a short period of time we can help.

Read More

Bad Credit Mortgages

If you have bad or adverse credit we may be able to help you secure a mortgage – from IVAs to CCJs, Discharged Bankruptcy and more – A Mortgage 4 You can say YES.

Read More

Mortgage with CCJs

Getting a mortgage with CCJ’S has become easier with the new specialist lenders who have come to the market looking to help clients who have had credit problems in the past.

Read More

MORTGAGES FOR DISCHARGED BANKRUPTS

Turned down elsewhere? We can help!

We specialise in finding mortgages for people with bad credit and people that have been discharged from bankruptcy. Arranging mortgages after bankruptcy faces significantly more challenges than standard mortgages but the key is to know who to approach in these types of situations and with many years’ of experience in this market, it has meant that we have formed relationships with just the sort of lenders who are happy to work in this area.

What can I do to improve my credit profile??

A MORTGAGE 4 YOU

What We Specialise In

A MORTGAGE 4 YOU

How do you know if you have adverse credit?

How do I access my credit file?

Factors That Could Impact Your Credit File & Lender Decision Making

What are poor & bad credit mortgages?

THINGS THAT MAY IMPACT YOUR CREDIT

Turned down elsewhere? We can help!

Your credit history however is the main factor when it comes to Bad Credit mortgages and any adverse credit on your file will remain there for six years paid or not.


What do our lenders do that is different apart from the underwriting, well if they are going to accept what is a higher perceived risk, they will balance this by asking for a higher deposit, normally 20/25 % of the purchase price or valuation and you may find that the interest rate margin is slightly higher.

Each of our lenders who accept mortgage applications with an element of bad/adverse credit will want to know exactly when the problem occurred and when it was satisfied. The only way in which you can answer those questions is to obtain a copy of your statutory credit file from Experian at a cost of £2 payable by credit or debit card. Please log onto Experian or Equifax.

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