Adverse Credit Mortgages
It’s a common misconception that someone with bad credit or a poor credit score simply can’t get a mortgage. This line of thought is understandable, yet it isn’t necessarily the case. Below is a little information from our trusted mortgage advisers on how adverse credit mortgages make entering the property market more accessible.
What is an adverse credit mortgage?
The thing about credit scores is that they can take a long time to fix when they start to drop into what lenders consider to be “bad credit”. Even if you now earn a much higher wage than before and always pay your bills on time, certain situations from your past can continue to damage your credit profile for up to six years.
Whilst a history of good credit is of course beneficial, adverse credit mortgages (also called bad credit mortgages) are there for people with a poor credit score or low credit rating.
How do adverse credit mortgages work?
Lenders that provide adverse credit mortgages tend to charge higher interest rates. However, if you now have a steady income and a healthy deposit, our proactive mortgage advisers will help you to find the best deal. Together we’ll explore your options in order to find a lender that specialises in adverse credit mortgages and has an attractive deal available.
How to prepare for an adverse credit mortgage application
Our mortgage advisers want to make your application run as smoothly as possible, so here are a few actions that we recommend you follow prior to applying for an adverse credit mortgage:
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