Adverse Credit Mortgage
If you are trying to find a mortgage but are aware that you have had problems in the past with your credit history then you may need to apply for an adverse credit mortgage.
What does adverse credit mean?
Adverse credit, often referred to as bad credit, is a term used to describe a poor credit history. It can result from missed payments, defaults, CCJs (County Court Judgments), bankruptcies, or even being declined for credit too many times. If you’ve experienced any of these, you might think getting a mortgage is out of reach. However, that’s not necessarily the case. There are specific adverse mortgage lenders that specialise in mortgage lending to people with a poor credit history. Please be aware that your mortgage options may be more limited than if you have a good credit score, and that interest rates may be higher if you have a bad credit rating, but adverse credit mortgages are available.
Can you get a mortgage with adverse credit?
The good news is that having adverse credit doesn’t automatically disqualify you from getting a mortgage. While high-street lenders may be less willing to approve your application, specialist lenders exist who understand the challenges you face and offer products tailored to those with less-than-perfect credit. If you make your repayments on time, they will count towards your credit history as a positive, and slowly you will become more creditworthy. Our adverse mortgage advisors will use their skills to search the market and give you an honest appraisal of your options. We won’t entice you with unobtainable rates that are advertised on comparison websites, but we will use our knowledge of the mortgage market to try and find the best deal for your circumstances.
How we can help
At Your Mortgage Shop, we understand that life doesn’t always go as planned. That’s why we’re dedicated to helping you find the right mortgage, no matter your credit history. We work with a wide range of lenders who specialise in adverse credit mortgages, and we’ll guide you through the process, ensuring you have the best chance of approval.
If you’d like to talk to us about getting an adverse credit mortgage, fill out the form below. Otherwise, give us a call and speak directly to an adverse mortgage advisor on 0115 962 0777 or 0115 955 2323. Alternatively, visit one of our Nottingham branches in Arnold or Mapperley.
Adverse Credit FAQs
There are adverse mortgage lenders that are available who focus on helping people who may have a variety of different credit challenges. Your Mortgage Shop has strong connections with said lenders and this allows us to match you with the best provider that is suited to your specific financial background and personal needs.
Adverse credit mortgages do have higher interest rates due to the increased risk, however, our adverse mortgage advisors will help to negotiate superior rates by connecting you with a variety of relevant lenders. Here at Your Mortgage Shop, we aim to find you a solution that best fits your budget and allows you to achieve your dream home.
We understand that adverse credit doesn’t define your future. Our adverse mortgage advisors will guide you in enhancing your credit profile, presenting your application effectively, and recommending lenders more likely to approve applicants with bad credit histories.
For an adverse credit mortgage, lenders typically require documents like recent payslips, proof of income, bank statements, and credit history details. Our adverse mortgage advisors will guide you through the documentation process and give you the best chance of approval with adverse mortgage lenders.
The waiting period depends on the type of credit issue, with some lenders requiring a set period after events like bankruptcies or defaults. Our adverse mortgage advisors can review your situation and recommend the best time to apply, connecting you with lenders most likely to consider your application favourably.
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