Adverse Credit Mortgage

Many people are declined by mortgage lenders due to “credit bureau information” and then find that they are given no information as to why they have been declined. When in search of answers customers are often referred to a credit reference agency such as Experian or Equifax. Adverse credit can range from something as simple as a missed credit card payment all the way through to an IVA or Bankruptcy.  Some lenders still have “blanket criteria” and if you have ANY form of adverse credit they will automatically decline an application.

As a mortgage is secured against your home/property it may be repossessed if you do not keep up the repayments.

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Frequently Asked Questions

With help from our specialist advisers, you can get access to a potential mortgage with minimal fuss. Our specialist mortgage advisers will always request that you obtain a copy of your most recent credit file and will be happy to review this for you to advise you what mortgage options are available now or in the future.

They will also work with you to establish if anything on your credit file is incorrect and could be amended to improve your chances of securing the right mortgage for you.

In many adverse credit cases, where the issues are from over 3 years ago, competitive interest rates can still be obtained.

Adverse credit such as CCJ’s, Defaults and poor payment history on loans or credit cards will stay on your credit file for 6 years and will affect your credit score during this time. Other factors such as amount of credit outstanding, lack of credit or many changes of address can also lower your credit score.
Some mortgage lenders will take a sympathetic attitude towards this. If you have historic adverse credit and can demonstrate that you have been able to maintain your finances since this, some mortgage providers will consider an application where the adverse credit was due to a “lifetime event” such as a divorce, illness or loss of job.

Some key contributing factors to a bad credit score are:

  • Not being registered to vote on the Electoral Roll
  • Previous court records, such as IVA’s, CCJ’s and Bankruptcy
  • Payment history specifically missed / late payments
  • Frequent credit applications, especially if they’ve been declined
  • Payday Loan information
  • How much you owe, and how much you are currently repaying

An experienced mortgage adviser will look for mortgage lenders who are aware of these limitations and use their specialist lending knowledge to help overcome the following when assessing an adverse credit application involving:

  • low credit score
  • CCJ’s or Defaults over 2 years old
  • discharged bankruptcy
  • IVA’s
  • Debt management plans
  • Missed payments on loans, credit cards or mortgages

Our specialist advisers will help determine exactly your options, however the following scenarios are all able to be taken into consideration by some or all of the mortgage lenders we can advise on.

  • Getting a mortgage if you’ve had CCJ’s
  • Getting a mortgage with defaulted or late payments
  • Getting a mortgage with a low credit score
  • Getting a mortgage after an IVA
  • Getting a mortgage after a bankruptcy