Adverse Credit Mortgages
What does adverse credit mean?
How does it effect applying for a mortgage?
At Gloucester Mortgage Centre we appreciate and understand that getting a mortgage with bad or adverse credit can be challenging.
Especially if you have defaults, county court judgments (CCJs), individual voluntary arrangements (IVAs) or a bankruptcy in your credit history.
We are here to help though. With over 30 years of experience our expert advisors are here to help you navigate through your options and pair you with the mortgage that is right for your needs.
It is often possible to get a mortgage with a less-than-perfect credit history using our network of specialist mortgage lenders to find the right mortgage for you based on your circumstances.
Our expert mortgage advisors know how to help you get a mortgage based on your individual situation.
For more information or to arrange an appointment contact us on 0333 011 2520.
We are happy to help and offer a free initial consultation so what are you waiting for!
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Adverse Credit page
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.
Where to start? Research!
By getting to know you and your Credit Report together, we will analyse the information.
Matching the details on the report and your personal affordability to a range of lenders who can help.
This enables us to give you an idea of if we can get you a mortgage currently.
Initial Searches
Once we have all the information from yourself we'll go to our wide panel of lenders and combine your personal circumstances with their lending criteria.
By using a mortgage lender who we are confident that will lend based on your details, we'll apply for a decision in principle for you.
This also avoids negatively impacting your credit file by approaching lenders that aren't suitable.
Documents
Each lender will have their own required documents to further assess (underwrite) the mortgage.
These will be items like bank statements, identification, payslips, credit statements etc.
We'll help you to get prepared and know what to expect to send in.
Full Application
A decision in principle gives an indication of whether a mortgage lender will consider lending.
Once you are happy it is the right product for you we can take the next step of the mortgage to a full application.
We'll then submit the initial documents and based on underwriting the lender may ask for additional information
It's time to make your home ownership dreams a reality.
We are proud to offer independent, whole of market Mortgage Advice.
We working with many specialist lenders, banks & building societies to help secure you the best deal.
To book your free initial consultation and begin your mortgage application process please contact us to arrange an appointment at a time to suit you. This can be face to face or via video call.
We’re here to help!
Being a local, independent mortgage advisors we can give you the extra support that you need throughout the process of buying your first home and cut through the jargon to help make your buying process as simple as possible