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Adverse Credit Mortgages

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Bad Credit Mortgages

If you have defaults, CCJs or a poor credit rating there are specialist providers out there who will be able to provide mortgages to bad credit applicants. Generally speaking, the rates and payments offered are higher than if you had perfect credit but with a high income or deposit it may be possible to find a competitive rate.

How to get a mortgage with bad credit

By finding a mortgage broker who specialises in bad credit you will greatly improve your chances of obtaining a decision in principle as they will be able to ensure you are getting the cheapest possible deal and best mortgage provider to suit your situation.

What issues do lenders look for?

The main aspects of bad credit are the specific type of the issue, (for example a default or CCJ) the amount of the issue in £’s or how many times you have missed a payment and when it was registered. The more time that has passed between the event occurring and applying for the mortgage, the better your chances of obtaining a mortgage will be.

If you are currently bankrupt you will be able to apply for a mortgage, however once you have been discharged there will be options available, although limited.

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Frequently Asked Questions

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.