Adverse Credit Mortgages
Missed payments or more serious credit problems can affect mortgage availability, but a credit score alone does not describe your whole situation. Lenders may consider what happened, when it happened, the amount involved and whether it has been resolved.
We’ll look at those details alongside your current income, commitments and deposit. Specialist options may be available from the lenders accessible to us, but a higher rate or larger deposit may be needed and acceptance cannot be guaranteed.
Late payments, defaults, county court judgments, mortgage arrears and formal insolvency arrangements can be assessed differently. Be clear about the type and amount of each issue so the discussion is based on the actual record, not a general label.
The timing and pattern of credit problems can matter. An isolated older event is not the same as current missed payments, but each lender sets its own criteria. There is no single waiting period that guarantees a mortgage.
Your present income, spending and debts still need to support the mortgage. Explain what has changed and whether arrangements are settled or ongoing. A bigger deposit does not remove affordability checks or guarantee that the lender will accept the application.
Check your credit records before relying on an initial borrowing estimate. If an entry is wrong, raise it with the relevant provider or credit reference agency; do not simply leave it out of an application. Keep details of balances, dates and any repayment arrangements so an adviser can understand the issue accurately.
The decision is not only whether a lender might lend today. It also matters whether the available rate, deposit and monthly commitment are right for your current budget. If debts or arrears are still difficult to manage, speaking to your existing lenders and getting free debt advice may be the better first step. A mortgage should not be treated as a guaranteed solution to ongoing financial pressure.
We’ll start with your circumstances and what you need from a mortgage, so we can explore the options available to you.
We’ll compare suitable deals from the lenders available to us and explain the repayments, fees and other costs.
If you decide to go ahead, we’ll guide you through your mortgage application and the information your lender needs.
No. Credit scores shown to you are not a mortgage offer. Lenders use their own checks alongside income, spending, debts, deposit and property information. A high score does not override other criteria, just as a lower score does not explain every detail of your circumstances.
It is better to understand relevant criteria and the type of credit check before making applications. Repeated applications can leave records on your credit file. Give your adviser the full picture so the discussion can focus on appropriate routes rather than speculative applications.
Bring your credit records and details of the issues you know about, together with income, expenditure and deposit information. Dates and settlement details are useful. You do not need to guess what a lender will accept; the purpose is to establish the facts first.
Your home may be repossessed if you do not keep up repayments on your mortgage.
