Have you missed payments in the past? Have you had a parking fine and subsequently been slapped with a CCJ? Maybe you’ve fallen behind on loan payments and incurred a default? If you’ve been declined with your bank, don’t worry – there are plenty of lenders out there that will consider these issues, some are even high street lenders. The rates on offer may not be as bad as you think, it’s always worth a no obligation chat with one of our adverse mortgage advisers in Leeds.
The first step is to get hold of your credit report. We can spend time understanding what credit ‘blips’ are on your file and then recommend suitable mortgage lenders. Helping clients who have had a less than perfect credit history is what we do every day, so reaching out to our expert mortgage advisors in Leeds is the first step to obtaining your mortgage.
Lenders will look at how recently you have missed payments, how many payments you have missed and what you missed payments on. Generally speaking a lender will look more favourably on a missed payment on a mobile phone bill than they will a loan.
A default is incurred when you fail to meet your monthly payments. Lenders look at how recently the default was incurred, how much it was for, whether or not it has been repaid and what the default was for, as some lenders can even discount a default depending on the amount and provider.
County court judgements. Lenders look at when it was incurred, how much it was for and whether or not it has been repaid.
Lenders need these to be discharged, some will specify an amount of time between discharge and application.
Must be discharged before application and some lenders may want a few years between discharge and application. Some lenders may not even accept an application from a discharged bankrupt person.
If cleared before an application then that’s a big bonus, however there are lenders that can accept application from people with active debt management plans.
Whatever the issue, we encourage you to get in contact with our expert advisers to fully understand what options are available to you.
Yes, it’s best to seek advice form a specialist broker like Wakefield Mortgage Services. You have more chance the more deposit you have, although it may be possible with as little as 5%
Many lenders tend to look at the last 6 years, as this is the maximum amount of time that credit issues stay on your file. Even if you have adverse credit in this time, it’s still worth speaking to an adviser at Wakefield Mortgage services to see what your options are.
Yes, the more equity that is available in your property the better the product and better your chances will be.
There are lenders that will consider ex-bankrupt applicants. Get in touch with an adviser today to see what your options are.
