Having a less-than-perfect credit history doesn't mean you can't get a mortgage. Specialist lenders consider a wide range of adverse credit issues — the key is knowing which lenders to approach and how to present your case.
Types of Adverse Credit
Adverse credit covers a range of issues including late payments, defaults, CCJs, IVAs, debt management plans, bankruptcy, and repossessions. Each type has different implications for mortgage applications.
What Lenders Look At
- • Severity — missed payments are viewed differently to bankruptcies.
- • Age — issues from 3+ years ago are viewed more favourably.
- • Amount — small defaults are treated differently to large ones.
- • Explanation — lenders want to understand the circumstances.
Why Use a Specialist Broker
A specialist adverse credit broker knows which lenders are most likely to approve your application. This saves time, avoids unnecessary credit searches that could further damage your score, and maximises your chances of the best available rate.