Mortgages
Adverse credit mortgages
If you have missed a payment(s) on a financial commitment, or if a default or county court judgement is registered on your credit file it may still be possible to obtain a mortgage.
Adverse credit mortgages
If you have missed a payment(s) on a financial commitment, or if a default or county court judgement is registered on your credit file it may still be possible to obtain a mortgage. If not, we will steer you in the right direction and confirm what steps are required to ensure a mortgage can be arranged in the future. We are trained to offer a way forward in all circumstances.
The first step is often to acquire a copy of your full credit report from experian.co.uk, this confirms the last 6 years credit history and really helps us match you to the right lender.
Life events such as illness, relationship breakdown, job loss etc
All these things can cause financial pressure and have a negative impact on our finances.
If you have any missed payments on any financial commitment, or a default, County Court Judgement (CCJ), are in a Debt Management Plan (DMP) or Individual Voluntary Arrangement (IVA), or have been made bankrupt in the past a mortgage lender may class you as having bad or adverse credit.
You can still borrow via a mortgage given this scenario, lenders do understand that this is an event and they will give you the opportunity to move forward.
Expect to pay a higher rate of interest and / or fees initially, and the amount of borrowing available may be a little lower. However, within a couple of years there is every chance we can remortgage you to a high street lender and obtain improved terms.
Lenders will want to know the number of missed payments, defaults, CCJ’s etc, they will also ask the date that the event occurred, the amount of the default, CCJ etc and if the debt is satisfied or unsatisfied at present, to obtain all of this information it is well worth obtaining a copy of your credit file, and the best source to obtain your credit report is www.checkmyfile.com.
Next steps
Once you have this information your next step is then to contact us and we will use this information together with your borrowing requirements, and income details to place your enquiry and make a mortgage recommendation to you. Obtaining a mortgage recommendation will not cost you anything, if we choose to charge you a fee, that fee will only be charged once your mortgage is offered.
The older the missed payment, default etc is the better, and credit reports only supply data for the latest six years so anything which happened over six years ago is very unlikely to have any impact.
Pay day loans can be accepted where the account was closed over 12 months ago.
Repossessions can also be accepted where the event occurred more than 6 years ago.
Please get in touch and lets get you moving.
The first step is often to acquire a copy of your full credit report from experian.co.uk, this confirms the last 6 years credit history and really helps us match you to the right lender.
Your home may be repossessed if you do not keep up repayments on your mortgage
Genius Mortgage Advice
Why choose us?
We take the time to understand your requirements, find a way forward whatever the circumstances, and then stay the course until your mortgage is offered, and the transaction has completed.
We want to develop relationships with borrowers that last as long as your mortgage term, and are as wide as to include family and friends.