Compare Bad Credit Mortgages
Bad Credit Specialists with Specialist Credit Repair Lenders
What Mortgage Options are There?
Getting a Remortgage with Bad Credit
Over the recent years, the Covid Pandemic and the cost-of-living crisis have impacted thousands of people’s finances, whether it’s missed payments, a drop in credit score, or other issues affecting their personal finances. All of these will impact the available options when it comes to looking at a mortgage.
Most High Street banks and lenders are unlikely to offer mortgage products to individuals who have had some sort of credit issues in the last 3 to 6 years, and it’s highly unlikely they will offer products to individuals who have had financial issues within the last 3 years.
At MortgageAdvisors.co.uk, we have expert advisors who work with specialist lenders to help people with less than perfect credit profiles arrange mortgages in a variety of circumstances. We review our cases manually, which is key when dealing with complex mortgage applications. Our experienced underwriters do not simply rely on computer systems to provide a yes or no answer. We will look at the overall application, ask any questions we need from you to build a complete picture of the application, and then present and discuss the circumstances in full with our lenders. We have helped many clients in the past who have been unsuccessful elsewhere by simply speaking to our clients and our lenders with a common-sense approach.
The level of income and equity an applicant has does play a part in what mortgages are available; however, mortgage options exist for complex credit profiles with several specialist lenders.
Can I Remortgage with County Court Judgments
(CCJ’s)?
Yes– We have options for clients who have registered CCJ’s recently or in the
past. Our lenders will ask the circumstances around the CCJ’s (not all, but some may insist we settle the CCJ out of the mortgage). But if we can
explain the reasoning, e.g.,a life event such as a loss of job or divorce, we do have options. Some current CCJ lending criteria:
· Some lenders ignore any CCJ over 12 months.
· Some lenders have an unlimited limit on CCJs balances.
· Some lenders will ignore CCJs linked to mobile phone providers, public utility companies, or anything with a small balance (less than £350).
.
Can I Remortgage with Defaults?
Yes – A default can be seen as less significant than a CCJ, but nonetheless, we still need to provide reasons as to why the issues occurred. Often, clients aren’t aware that sometimes a default has been registered. Communication companies such as mobile phone providers can be very quick to register defaults on sometimes very small amounts with individuals finding out when they try to apply for finance. But we also see individuals who may have lots of defaults on their credit profile that occur for a variety of reasons, such as health issues making them unable to work or unexpected bills affecting their finances. Some current default criteria:
· 4 Defaults in the last 12 months accepted.
· Mail Order or Communication Supplier Defaults Ignored.
· Any Defaults over 12 months old Ignored.
· Any default less than £3000 and registered in the last 12 months but settled before application ignored.
.
Can I get a Mortgage if I'm in or had an Individual Voluntary Arrangement (IVA)?
Yes and No. If you’re currently in an IVA, then it is very difficult to arrange a mortgage – one lender may consider but has very restrictive criteria – the IVA must have been paid for a minimum of 54 months, and this must be repaid from the proceeds of the mortgage. A settlement figure must be obtained from the Supervisor of the IVA, and confirmation obtained that they would have no interest in the security address once the settlement has been received. However, if you have settled an IVA, we may have some options – it will depend on how long ago you left the IVA
Can I get a mortgage if I have had payday loans ?
We have options if you have taken out payday loans. It will depend on the number taken and the reason used, but often if we can provide the lender with a valid reason like an unexpected vet bill or emergency car repair, subject to the rest of the application being okay, we do have options.
If you would like to speak to one of our team to discuss your circumstances, please feel free to give us a call or make an inquiry online.
Last Update 18/10/2023 – CH
When all the other brokers said it wasn’t possible to get a mortgage on two flats in a freehold property. They managed it.
Thank you guys.