Adverse Credit Mortgage Lenders
Securing a mortgage from a traditional lender can be a long and laborious process. This is because traditional lenders such as high street banks will take an in-depth review of an applicant’s credit rating. The majority of lenders available on the high street will not provide mortgages for those with adverse credit.
It may be beneficial to contact a mortgage broker to explore your financial options and get a mortgage from an adverse credit mortgage lender.At Fair Mortgages, we pride ourselves on our strong links with private banks, specialist lenders, family offices and wealth managers. We work with lenders who take a holistic approach to an applicant’s application and prioritise whether the applicant can afford the mortgage repayments, not on their credit history. We can arrange mortgages for those with adverse credit.
Adverse Credit
Adverse credit can be caused by the following:
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A County Court Judgment
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Any bankruptcy proceedings
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A late payment of a utility bill
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Entering into an Individual Voluntary Arrangement (IVA) with your creditors
As such, there are a number of small changes you can make to significantly improve your credit rating.
Adverse Credit Mortgage Lenders
A mortgage from an adverse credit mortgage lender is similar to a mortgage from a traditional lender. You may be able to borrow the amount you need and make monthly repayments for an agreed period of time.
It is important to note that in order to secure a mortgage with a private lender you will require a larger deposit than with a normal mortgage. The majority of private lenders will ask for a deposit between 25% and 30% of the property value.
Before a private lender grants a mortgage, they will usually require:
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Proof of income: A number of pay slips will be requested
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Bank statements: You will need to provide a certain amount of bank statements to prove you can afford the monthly repayments.
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Three years accounts: If you are self-employed, private lenders will request at least three years’ worth of accounts.
Our Adverse Credit Mortgage Service
At Fair Mortgages, our independent mortgage broker service offers:
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Access to the whole market – we can compare most UK lenders who will deal with bad credit ratings.
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Credit repair mortgages – we can source mortgages that will provide the money you need and help you rebuild your credit rating.
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Finance within a short period of time – contact us today and we can secure the funding you need swiftly.
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Financial solutions for raising additional funding on top of an existing mortgage – If you have an existing mortgage that does not cater for your needs, we can help.
In order to assist you, we may need a copy of your credit rating report. You can acquire this through credit rating agencies such as Experian.
How to get a Mortgage from a Private Lender
If you have previously had bad credit but need a mortgage, call our mortgage team to discuss your situation or use our Callback form.