Do You Have Bad Credit, CCJs or have been Bankrupt? Finding a mortgage if you have a poor credit history can be very difficult but is not impossible. Let´s look at the options available:
The level of your adverse credit will determine how much you can borrow so we have outlined below some general criteria lenders use but the good news is you can borrow up to 85% of a property's value even if you have adverse credit!
Arrears If they are from an unsecured loan (not secured on a property like amortgage) e.g. a car loan or credit card for example, some lenders willignore them when deciding if to lend only taking them into account ifthe arrears are on loans that are secured against a property (mortgageor second charge for example). The general rule is that you can have 1missed / late payment in the 1st year and no more than 3 missed / latepayments in 3 years.
Bankruptcy Up to 85% of a property's value if you have been discharged for 36 months. The next best is 70% afterbeing discharged for 1 year.
County Court Judgement (CCJ) All CCJ's registered over 2 years ago are ignored and they do nothave to be paid off. Otherwise to borrow 85% the most you can have inthe last 2 years is 1. To borrow 70% you cannot have had any in the last year but up to 5 thereafter.
Debt Management Plans (DMP) Up to 85% providing the plan has been maintained satisfactory.
Involuntary Arrangement (IVA) Up to 90% if your IVA is over 3 years old. Another will lend up to 70% even with the IVA still running!
Repossession the tricky one! Understandably lenders are wary of lending if youhave previously been repossessed but we work with a lender prepared to lend70% if the repossession was over a year ago.
Generally it is advised you check your credit file to ensure there is nothing onthere that might trip you up. Only use Equifax (www.equifax.co.uk) orExperian (www.experian.co.uk) as these are the main two the lenders use.
Finding a mortgage if you have a poor credit history is difficult and has to be approached very carefully because of the shortage of lenders in thismarket. Unlike standard mortgages where you have dozens of lenders tochoose from on the High Street, a refusal to lend with one of them would not be such an issue as you could try another. However with adversecredit mortgages there are only a handful to choose from and each hasvery different lending criteria so it is important the right lender isused when submitting an application for a mortgage.
Disclaimer
Every care is taken to ensure that the information on this site is accurate and up to date. However, we cannot accept any liability for error or omission with regards to the content of the site. We cannot be held liable for any loss or otherwise now or in the future that may arise from a property purchase. The sole aim of this website is to offer the visitor information concerning mortgages and its content should not be seen as financial, tax or investment advice. Please note that we are an information only service and do not provide financial or tax advice. The reader should not consider the information on this website as a solicitation in any respect to enter into any arrangement. We act as an introducer of business to the specialist mortgage companies. It is very important for you to note that we are do not offer advice regarding any products. We simply introduce you to the actual provider or broker. This website does not constitute an offer or solicitation to anyone in any jurisdiction, or to any person to whom it is unlawful in any other way to make such an offer or solicitation. The information on this site does not constitute advice. .
Broker specialising in mortgages for people with poor credit history. Includes details of the types of products they offer, contact details and an enquiry form.
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