Adverse Credit Mortgage Advice
Adverse credit mortgages have different conditions to mainstream mortgages, to allow people with a range of previous credit problems to buy a home. The term 'adverse credit' is used by lenders to describe borrowers who have a poor credit history; other terms include impaired, sub-prime, and non-conforming.
To be classified as 'adverse credit', you may have a history of missed payments, been subject to one or more County Court Judgements (CCJs), or even been declared bankrupt. But missing just a single payment on a financial agreement can cause you to have an Adverse Credit rating. Over 1 million people in the UK have their mortgage applications rejected every year due to having an Adverse Credit history and around 2 million people have had mortgage arrears at some point, so there is nothing unusual about this problem.
Adverse credit mortgage lenders generally charge higher interest and have lower loan-to-value rates than conventional mortgages. However, many adverse credit lenders may agree to lower their rate of interest in the future if borrowers make monthly repayments punctually.
Adverse credit mortgages are normally provided through specialist mortgage lenders, rather than the high street banks and building societies. A qualified mortgage adviser can greatly increase your chances of being accepted for an adverse credit mortgage, by helping you through the process and finding you the best deal for your circumstances.
Use the form on the right to receive no-obligation mortgage advice and find the best Adverse Credit mortgage deals.
These notes are offered as a general guide only and do not constitute legal or financial advice.
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THINK CAREFULLY BEFORE SECURING DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED AGAINST IT.
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