What is an adverse credit mortgage?

What is Adverse Credit?
‍
Adverse credit can be anything from a missed payment, those with defaults registered against them, County Court Judgement’s, IVA’s and DMP’s through to Bankruptcy.
Even having no credit at all can be a barrier to getting a mortgage sometimes, but we can help there too!

‍

What is an adverse credit mortgage?

In principle there is no difference between a standard mortgage and an adverse mortgage. They are the same style of product.
The difference is the lenders involved are more lenient than others, and as we work with many specialist lenders in this area, we can help you!
How severe and recent the negative items within your credit past are will impact the lenders that will be able to lend for your specific circumstances and the products they have availaible to you.

‍

Will I pay more?

In general, yes.
When compared to a high street lender and someone with better credit the monthly payments will be higher.
This is because the to the lender themselves there is more risk attached to lending the money, so the interest they charge is at a higher percentage.

‍

What is my Credit Report and why is it important?

Your credit report contains all relevent information relating to your finacial footprint.
This is what the lenders look at when deciding where you fit in there products criterea.
With this information we will go onto let you know if a mortgage is possible, the kind of deposit needed and rates fit with your situation.
If we cant help now, we can support you with what you need to know to get mortgage ready.
When, based on your current credit file information and lenders would consider you.

‍

‍

‍