Adverse credit mortgages could be the answer to owning your own home if you have not had credit before or you have a negative credit history.

The Covid-19 pandemic has shown us just how much the global economy can be affected. If you are experiencing finance issues or have experienced these in the past, we can help you with the mortgage process. Our lenders use credit reference agencies such as Experian, Equifax and Transunion to help decide whether your mortgage will be accepted. Why not sign up to a credit report and see what they can see too?

Things to check on your credit file:

  • Make sure that you have correctly disclosed your address history, a lot of reference agencies rely on you to input your data correctly. Check for linked addresses and see if there is anything you have missed.
  • As debts like defaults can be bought by third party collection agencies, they sometimes aren’t updated correctly. Check for any errors on your report so that you’re putting yourself in the best position to get a mortgage.

Our advisors consider a number of factors and carry out research when assessing customers with potential credit issues. If you have any further questions, our team would be happy to help.

Some mainstream lenders offer mortgages to people with a slightly lower credit score or minor credit issues. There are also sub-prime lenders who specialise in adverse credit mortgages.

Adverse credit mortgages often come at a higher interest rate. A lot of people will take their mortgage for longer or a smaller mortgage to keep their mortgage payment affordable. You can then work on improving your credit file so that when your mortgage deal comes to an end, we can look at remortgaging you to a mainstream lender to get you the best mortgage deal going forwards.

If you are concerned about your credit you can download a credit report from Experian. This will detail all of your credit over the last 6 years and any negative impacts on your credit score. Additionally your mortgage advisor will look at your credit report to establish your options for a mortgage.

Adverse credit mortgages