Adverse credit mortgage and remortgages for buyers with a poor credit history
It is always a worry when you have had credit problems in the past, perhaps a county court judgement, (CCJ) against you and your concern is how this will affect you if you are looking to perhaps borrow to purchase a house or flat for the first time, move home, or to transfer your mortgage for a better deal with a different lender.
Don't let this be a problem for you. Use this website to help find the most suitable mortgage product, whatever your circumstances as well as getting friendly, impartial help and advice from our specialist mortgage advisors.
Through our relationship with leading mortgage specialists, they have access to many semi-exclusive deals, backed by our expert knowledge to find you the right product at the right price. You can take advantage of this expertise, for FREE! So, sit back and relax - complete a short enquiry form and let our mortgage advisors search through the thousands of products available and get the best one for you.
If you are new to the property market then we have put together a useful collection of information for you below. However you may know exactly what you have in mind and would like to have an adverse credit mortgage expert offer you a Free, No Obligation, Quotation. Then all you need do is click the house below for the appropriate short form depending on your mortgage requirements. You will then be contacted by email or telephone and be provided with your FREE quote.
Information for Mortgages for those with adverse credit.
What constitutes Adverse Credit
You are deemed to have adverse credit otherwise known as poor or bad credit if you have one of the following:-
County Court Judgements (CCJ), Bankruptcy, Mortgage arrears or any late payments on other credit arrangements such as credit cards and loans.
Below we have explained what these mean.
Do I need a deposit - I am buying for the first time?
Yes, if you have adverse credit lenders will require a deposit of 5%. There is however one lender that does not require a deposit, but you credit must have been clean for the last two years. Obviously, if you have no bad credit, we are able to find lenders that can lend upto 120% of the value of the property.
Can I borrow more than the value of the property?
Yes, in some circumstances you can borrow up to 120% of the value of the property. You must be aware of this since this would cause you a problem if you wished to sell the property soon after the mortgage started, as the outstanding loan would be more than the property value. However, most 100% mortgages are not short term, therefore giving you the borrower time to start to repay the loan, and if the property increases in value, this creates equity in the property.
What if I have existing debts?
As mentioned above some lenders will allow you to borrow up to 120% of the property value - this allows you to repay debts, pay stamp duty, legal fees and other costs. It also allows you arrange for any home improvements that may be necessary.
How long does bad credit stay on my credit file?
CCJs, Bankruptcies and Defaults will stay on your report for 6 years, late payments will remain for 2-3 years depending on the credit agency.
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