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Specialist Mortgages for:

Adverse Credit

Adverse credit mortgages are designed for individuals with a less-than-perfect credit history. These mortgages offer an opportunity to secure lending, even if you’ve experienced missed payments, defaults, or County Court Judgments (CCJs).

Application Process:

  1. Review Your Credit Report: Before applying, check your credit file to understand what issues may arise. Correct any errors that could affect your application.

  2. Consult a Specialist Lender: Look for lenders who specialise in adverse credit. A broker can help match you with suitable lenders.

  3. Submit Your Application: You’ll need to provide full details of your credit history, income, and outgoings. Be prepared to explain the reasons for any credit issues.

  4. Affordability Assessment: The lender will assess whether you can afford the mortgage repayments based on your current financial situation.

  5. Credit Risk Evaluation: The lender will evaluate how recent and severe your credit issues are. Older or minor problems may be viewed more leniently.

  6. Receive Your Mortgage Offer: Once the lender has reviewed your case, they will offer terms based on your risk profile.

Factors Lenders Consider:

  • Credit History: Lenders will look at the severity and recency of adverse credit issues, such as defaults, CCJs, or bankruptcy.

  • Affordability: Your current income and outgoings are crucial, especially as adverse credit may lead to higher interest rates.

  • Deposit Size: A larger deposit (usually 15-30%) may be required to offset the risk of lending to someone with a poor credit score.

  • Income Stability: Lenders favour applicants with stable employment and consistent income, even with a poor credit score.
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Top Tips

  • Improve Your Credit: Take steps to improve your credit score, such as paying off debts and registering on the electoral roll.

  • Save a Larger Deposit: A bigger deposit reduces the lender’s risk and increases your chances of approval.

  • Use a Broker: A broker can guide you to specialist lenders more likely to approve your application and get you better terms.

Mortgage repayment calculator

Work out your repayment

£

10%

1%

5.25%

£1421

Monthly Payment

Principal & Interest £1421

Monthly Taxes £1421

These results are for a repayment mortgage and are only intended as a guide. Make sure you obtain accurate figures from your lender before committing to any mortgage. Your home may be repossessed if you do not keep up repayments on a mortgage.

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If you’re getting on the property ladder, a Liverpool Mortgages can help you navigate the house buying process.
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