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Adverse Credit Mortgages

An Adverse Credit Mortgage is a type of loan designed to help people with a history of poor credit They are available to those who have had problems managing their finances in the past, such as having County Court Judgments (CCJs) or mortgage defaults.

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Do you meet the essential criteria?

Adverse credit mortgages are not for everyone and can come with more stringent criteria than other types of mortgages.

Any type of poor credit mortgage generally requires borrowers to pay a higher interest rate and deposit than other types of mortgages.

Before applying, it is important to consider your current financial situation and understand the risks associated with taking out this kind of loan.

It is also important to ensure you can afford the repayments before taking out the loan. They can also have higher fees associated with them, so make sure to read the terms and conditions carefully before signing anything.

How can a specialist broker help?

It is possible to find a bad credit mortgage from a variety of lenders, but do your research and ensure you are getting the best deal for your situation. They may require more paperwork than other types of mortgages, so it is important to be prepared and understand what information you need to provide.

Taking out a mortgage of any kind should not be done lightly - it is essential that you understand the risks and consider your financial situation before proceeding.

An adverse credit mortgage may offer an opportunity for those with a history of poor credit to own their own home, however there are some risks which should be considered carefully before taking out any loan.

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Which lenders offer Adverse Credit Mortgages?

There may be some traditional high street lenders who are prepared to consider applications from people with low credit scores or to look at circumstances such as mortgages after bankruptcy. But if you have a history of adverse credit, you may need a more specialist lender, at least initially.

After a period of making regular and timely payments, and showing that you’re a reliable borrower, you may then be able to remortgage to a better deal.

More niche lenders can be harder to find and research on your own. For this sort of mortgage, we believe it makes sense to go to a specialist broker with experience of securing mortgages after defaults, mortgages after an IVA, or whatever your personal situation may be. They will fully understand the market and know the best lenders to approach.

Know all the risks before you apply

Adverse Credit Mortgages do come with some risks, which are important to know before completing an application.


Higher interest rate

The main issue with Adverse Credit Mortgages is that they often have higher interest rates than standard mortgages. This means you may end up paying more for your mortgage over the long term, and if you are unable to make those higher payments, then you could be at risk of defaulting on your loan.


Bigger deposit, lower LTV

The lender may also require a larger deposit or down payment and offer a lower loan-to-value ratio, so you’ll need to have more money saved before you can make an application.

Unfortunately, this can be a bit of a chicken and egg situation – if you’ve had financial issues in the past that have led to a poor credit rating, you’re less likely to have significant savings behind you.

If you find yourself in such circumstances, it may be a good idea to chat to a broker or financial advisor about your options. There may be ways you can leverage financial support from family members for example, through a guarantor mortgage or gifted deposit.


Future finance issues

Additionally, it may be difficult to refinance or modify in the future due to the high risk associated with them. It is important to weigh all of these risks carefully before you take the plunge.

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Do your research & chat to an expert

By being aware of the potential risks associated with adverse credit mortgages, you can make sure that it’s the right choice for you and that you find the best deal for your situation.

Take the time to do your research and understand your situation, as this could help ensure you make an informed decision.

Seeking advice from a broker who has experience securing Bad Credit Mortgages could also help ensure you find the best deal for your situation. But, once armed with the right information, there is no reason why you shouldn’t be able to attain the dream of owning your own home.

Ready to talk? Speak to an expert today: 0800 077 8980

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