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Adverse Credit Mortgages

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Adverse Credit Mortgages

Mortgages for individuals who have had credit hiccups

Just because your credit is bad, doesn’t mean your mortgage has to be…

Conventional mortgages tend to require borrowers to comply with strict eligibility criteria and meet affordability assessments. However, it is a common misconception those with a bad credit history cannot get mortgage approval. It is important to seek the advice of a specialist mortgage broker who can direct you to flexible providers who may offer a suitable mortgage product. Both mainstream lenders and specialists now offer loans for people with poor credit and can take your background into consideration when exploring your options. Do not let your missed bill payments, late payments, or debt management plans deter you from finding a mortgage.

Adverse/Impaired or Bad Credit as some may say can be a revolving door of rejection for most people until they meet with us. It’s never a no, on some occasions it’s a ‘not right now’. We will always strive to provide and deliver the best possible outcome subject to your needs and circumstances with a great understanding of the specialist lending market and criteria we’re proud to have been able to help so many of our clients that didn’t think it was possible.

    Derbyshire Mortgages & Protection Ltd will be the controller of the personal data you provide. We will use your information to contact you and respond to your enquiry. Your data will only be shared where necessary to respond to your request. For more information, please read our Policy.

    FAQ

    1. What is an Adverse Credit Mortgage, and who is it suitable for?
    An Adverse Credit Mortgage is designed for individuals with a less-than-perfect credit history. It’s suitable for those who have had issues like late payments, defaults, or CCJs and wish to purchase a property.
    2. What factors do lenders consider when offering Adverse Credit Mortgages?
    Lenders assess various factors, including the type and severity of adverse credit, the length of time since the issues occurred, and your current financial situation.
    3. Can I get an Adverse Credit Mortgage with a low credit score?
    While a low credit score can make it more challenging to secure a mortgage, it’s not impossible. Lenders may offer options with higher interest rates or request a larger deposit.
    4. Are there specialist lenders who cater to Adverse Credit Mortgages?
    Yes, there are specialist lenders who specifically provide mortgages for individuals with adverse credit histories. A mortgage advisor can help connect you with these lenders.

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    There may be a fee for arranging a mortgage and the precise amount will depend on your current circumstances and complexity of your mortgage needs. For purchases this will typically be £595, remortgages £399 and £199 for product transfers. Complex cases such as adverse, buy to lets and debt consolidation will typically be £695.

    Your home may be repossessed if you do not keep up repayments on your mortgage.

    Your property may be repossessed if you do not keep up repayments on your mortgage.
    Not all Buy to Let Mortgages are regulated by the Financial Conduct Authority.

    You may have to pay an early repayment charge to your existing lender if you remortgage.

    Think carefully before securing other debts against your home. The overall cost of repayment of other debts might be more when added to your mortgage.

    The cost of this insurance depends on several factors, such as your age, where you live and your occupation. As a result, the cost you will pay is based on your own circumstances.

    As with all insurance policies, conditions and exclusions will apply.

    Derbyshire Mortgages & Protection Ltd is an Appointed Representative of Stonebridge Mortgage Solutions Limited, which is authorised and regulated by the Financial Conduct Authority. We are entered on the Financial Services Register under firm reference number 982876. Registered Office: 4 Lime Tree Close, Tibshelf, Alfreton, Derbyshire, DE55 5RF. Registered Company Number: 12631487. Registered in England and Wales.
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