Although mortgages for bad credit are not as freely available as they were before the credit crunch, lenders are coming to the market making it that bit easier. Each of these lenders offers a bespoke set of criteria for what they will and will not accept and just because one lender may decline you doesn’t mean another won’t be able to help also.
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It’s important you speak to our bad credit mortgage specialist, they have the knowledge and experience you need and they know which lenders will be best placed to accept your application. We can place mortgages for customers who have suffered;
- County Court Judgements (CCJ)
- Personal Loan and Credit Card Arrears
- Mortgage Arrears
- Discharged Bankrupts
- Discharged IVAs
- Debt Management Plans – even if you are still paying into the plan
- Previously Repossessed
or even a combination of these.
With a wealth of experience in the bad credit mortgage spanning 20 years you know, you will be in good hands. Our service doesn’t stop at just finding you the right mortgage, our customer service is second to none meaning you will be very well looked after once your mortgage has been agreed.
Upload your credit report and one of our bad credit mortgage specialists will carry out a free assessment usually within 4 hours, so you get to know pretty quickly what mortgage you can be accepted for. Get a free trial. cancel anytime.
You may already know that not all lenders will accept clients who have suffered past financial difficulties as it shows that at some point you encountered difficulties in paying your credit commitments. Unfortunately, there are some financial penalties for taking these types of mortgages which are usually reflected in the interest rate the lender charges for taking on the risk that the high street lenders will not. As long as you can afford the repayments these mortgages can be a useful way to get back into the mortgage market and start to repair your credit report. You are most likely to need a larger deposit as well.
The rate, fees charged and deposit you will need will depend on the severity of your financial difficulties, but to give you an idea check the list below and see where you might fit.
- Defaults or CCJ less than £500, registered more than 3 years ago and satisfied within 6 months – You may qualify for high street lenders.
- 1 CCJ or Default in the last 12 months for a value of less than £1,500 – you will have a good chance of obtaining a mortgage with a specialist lender.
- Multiple defaults or CCJ’s registered more than 2 years ago – you will have a good chance of obtaining a mortgage with a specialist lender.
- Bankruptcy – this will need to be discharged more than 3 years ago, a large deposit of about 35% of the purchase price will be required.
- Repossession – this will need to be more than 6 years ago, a large deposit of about 35% of the purchase price will be required.
- IVA – this will need to be discharged more than 6 years ago, a large deposit of about 35% of the purchase price will be required.
The above is not an exact list of criteria as each case is individually assessed and there are only a few lenders who operate in this market, call us, tell us about your credit history and we can usually give you a very good idea of what we can do for you very quickly.
For more information or to get a quote call on of our professional and experienced Mortgage Advisers on 01233 512012.
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