Bad Credit Mortgages
If you have been struggling to get a mortgage due to a poor credit rating, late payment history or county court judgments in your name then a special mortgage called a sub-prime mortgage could be for you.
These types of mortgage are often referred to as:
- Bad Credit Mortgages
- Non Status Mortgages
- Sub-Prime Mortgages
- Adverse Credit Mortgages
- Credit Repair Mortgages
- Non Conforming Mortgages
Here at Mortgage Guardian we strongly believe that the Mortgage Adviser who arranges the mortgage for you should be doing these types of Mortgages on a regular basis. There are several mortgage lenders offering adverse credit mortgages and they all have different lending criteria and have a preferred type of customer.
Some lenders have a strict criteria that you have to fit into whilst others will look at your case on an individual basis. Your Mortgage Adviser will be able to advise specifically on this once your adviser knows your current circumstances.
Everything depends on the severity of the case, the amounts involved and how long ago it happened.
A late payment is not as bad as a county court judgement (CCJ) and Bankruptcy is more severe still but this does not necessarily exclude you from getting a mortgage. The types of severity considered by Adverse Lenders are as follows;
- County Court Judgments
- Individual Voluntary Arrangements (IVA)
- Missed Mortgage Payments
- Late / Missed Credit Payments
- Debt Management Schemes
Low Credit Score and No History is a separate issue.
A missed payment for a small amount is not as serious as a county court judgement for a high amount, and that may not be as bad in the eyes of a new lender as a bankruptcy or repossession. It is up to your Specialist Adviser to get you the mortgage and best terms possible for your circumstances.
Additionally the amount you wish to borrow and the deposit you have or equity has a bearing. Your new lender may not be a high risk lender and the higher the deposit the better terms you may get.
When a lender sets out its criteria they are generally not looking for customers who have recently had bad credit unless it is just a late payment. If the bad credit is more severe then lenders are a little more welcoming if it is well and truly in the past.
A good level of income and a big deposit can make you look more attractive to a lender but other factors such as age, assets and type of application also have a bearing.
Whatever your circumstances are please give us a call or fill out our general enquiry form and we will do our very best for you. We may ask you to get an experian report to give us a clearer indication of the exact nature of the credit issues you had, how much the debt was and whether it is still outstanding.
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