Adverse Credit

These mortgages are also commonly known as sub-prime mortgages or impaired credit mortgages.

All lenders use credit scoring systems to assess the level of risk associated with lending money to individuals. Companies such as Experian and Equifax collect your payment history for every credit arrangement that you have entered into. They then give you a score and according to that score lenders then decide whether they are willing to advance you credit, and the rate that they are willing to lend at.

Factors that influence your credit score can seem harsh, but bear in mind that lenders are in business to make money for their shareholders.

By understanding what factors influence you credit score you can take appropriate steps to improve your score.

Factors influencing your credit:

Missed mortgage repayments; going overdrawn on your current account; late payments on your credit card; not being registered on the electoral roll; defaults; county court judgements; unpaid utility bills; cancelled mobile phone contracts (this is a particularly nasty sting in the tail for many consumers who change mobile phone contracts before their previous contract has expired); not having any existing credit agreements (this may seem extremely unfair, but as you have no history of repayment of debt this can have a negative impact on your credit rating); number of credit applications in the last six months.

If you do have a poor credit rating we can help you find a lender that will consider your case. In addition to finding you a mortgage, we will also give you guidance to help you repair your credit rating. Please call us on 0845 009 0064 for an initial no obligation discussion. Alternatively please fill in the short enquiry form on our contact us page and we will call you at the time that you specify. Please note that we do not sell your details on to anyone.

The typical APR for Impaired Credit Mortgages  or Remortgages is 8.3% APR.