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    Bad Credit Mortgage Advice Bad Credit Mortgage Broker

What is a Bad Credit Mortgage?

Bad credit mortgages or Adverse Credit Mortgages are simply mortgages that do not meet standard “high street” lender criteria. This could be caused by a number of different issues including:

  • Missed mortgage payments
  • Bankruptcy
  • Individual voluntary arrangements
  • Defaults
  • County court judgements
  • Property repossessions
  • Debt management plans

The good news is many lenders will accept certain credit issues and we know the lender’s criteria to match you with the best lender. We are a bad credit mortgage brokers with many years experience in aiding our clients with finding a new mortgage that fully meets their needs even when other lenders have previously declined their applications.

Get Your Bad Credit Mortgage Quote NOW!

You voluntarily choose to provide personal details to us via this website. Personal information will be treated as confidential by us and held in accordance with the Data Protection Act 1998. You agree that such personal information may be used to provide you with details of services and products in writing, by email or by telephone.

Get in touch today!

Call:  01604 328 091

Whether you have missed or had late payments, incurred defaults, county court judgements or been made bankrupt or had an IVA, please call us today to see how we can help you secure your poor credit mortgage or remortgage.

NO MORTGAGE NO FEE GUARANTEE

We are so confident we can secure you a mortgage if your application is declined it won’t cost you a penny!

BAD CREDIT MORTGAGE EXPERTS

We specialise in helping clients with Bad Credit, this expertise ensure you only receive the very best advice!

WHOLE OF MARKET

We have access to the whole of the market, this includes all of the specialist bad credit lenders

EXCLUSIVE DEALS

At Plus Financial Solutions we have access to exclusive deals you can’t get direct from the lenders, we have the best deals on the market!

NO LENGTHY APPOINTMENTS

No call centres, instead we provide simple, fast and expert advice, all from the comfort of your own home.

BAD CREDIT MORTGAGES

At Plus Financial Solutions we specialise in helping customers who have had credit issues in the past. We believe everyone deserves the best advice and help when choosing what mortgage is right for them. Our mission is to help you find the best mortgage regardless of your circumstances or previous credit history. We can help secure your new bad credit remortgage or purchase mortgage.

In today’s climate it can be hard to find a lender to help when you have a less than perfect credit score, we are experts in helping clients with averse credit and can help you find the right lender for your needs.

Clear

Your adviser will provide you with a full illustration and personally answer any questions.

Professional

We provide mortgage advice from a qualified FCA regulated adviser to ensure you only receive the best advice.

SIMPLE

Fast efficient remortgage service in 3 simple steps. We search the whole of the market to find you the best deal.

Struggling to get a mortgage?

We love helping our clients secure mortgages, whether you are a first-time buyer, remortgaging, moving home, a contractor, self-employed or retired we will search the whole of the market to ensure you get the very best mortgage for your circumstances. Expert bad credit mortgage advice is on hand to make sure you find the best deal to suit your needs and requirements.

Even when other brokers have not been able to help you, we can, because we are an expert broker in bad credit mortgages and will do everything we can to help you secure a bad credit mortgage.  We understand the difficulties that life can bring which can result in poor credit history, we are not here to judge you, we are here to help!

Complex Income?

In today’s changing world we know it can be difficult to find a lender that will use all of the income you have available. With mortgage lending now based on your ability to demonstrate you can fully afford your bad credit remortgage or new bad credit mortgage, it has never been more important to find a lender that will take a detailed look at all of the income you have available. We can help by finding you a lender that will consider the following types of income:

  • Employed income after 1 month employment
  • Contractors
  • Self employed with only one years accounts
  • Child benefit
  • Maintenance
  • Child tax credits
  • Working tax credits
  • Pension
  • 2nd Jobs
  • bonus / commission
  • overtime

The good news is many lenders will accept certain credit issues and we know the lenders criteria to match you to the best lender. We have many years experience in aiding our clients with finding a new bad credit mortgage that fully meets their needs even when other lenders have previously declined their applications.

Find out how much you can borrow today!

You voluntarily choose to provide personal details to us via this website. Personal information will be treated as confidential by us and held in accordance with the Data Protection Act 1998. You agree that such personal information may be used to provide you with details of services and products in writing, by email or by telephone.

Poor Credit History?

Sometimes just having a low or poor credit score or history can be enough to make it difficult to remortgage or take out a new bad credit mortgage with a typical high street lender. This can be caused by a number of issues including:

  • Little or no credit history
  • Lots of recent credit searches
  • Missed payment on unsecured or secured credit
  • High levels of existing revolving credit
  • Not on the electoral register

We understand the challenges our clients face when they have a poor credit history. We have bad credit mortgage lenders available who will look at your credit report and make a decision based on your individual circumstances, payment history and not just your credit “score”. We will use our bad credit mortgage expertise to match you with the best lender for your individual circumstances.

What is Adverse Credit?

Adverse and bad credit are more a less the same, these terms simply refer to having some form of credit issue that is causing someone to have a lower than average credit report. The result of having bad or adverse credit means it may be difficult to obtain credit, including a mortgage.

There is no such thing as a single credit ‘score’ or ‘rating’ that lenders will use when making a decision on whether to lend to you or not.  Each lender will carry out its own assessment to decide whether or not they will lend to you.

Bad Credit Mortgage Advice Bad Credit Mortgage Broker

Why you might have a bad credit score?

If you don’t meet the terms and conditions of your credit agreement, details of these events will appear on your credit report. For example, making loan repayments late, or missing them altogether, will hinder your ability to borrow in future.

Other factors like being declared bankrupt, entering into an Individual Voluntary Arrangement (IVA) or having a County Court Judgement (CCJ) made against you will seriously affect your credit merit.

Surprisingly to some that even just paying the minimum repayments on a credit/store card (even if these payments are made on time) can have an adverse effect on your credit report, as it can lead lenders to assume you are struggling to clear your debts.

How can I improve my bad/poor/adverse credit rating?

There are some things you can do, which could improve your credit rating and possibly increase your chances of being approved for a bad credit mortgage.

For expert advise regarding your credit file please contact us.

But here are a few simple steps that could help in the meantime.

  • Make sure you’re on the electoral roll.
  • Pay your bills on time and in full.
  • Close any credit accounts you don’t use.
  • Consider applying for a credit builder credit card to improve your credit rating.
  • Sustainable borrowing with a guarantor loan can also improve your credit score.
  • Check your credit report regularly to make sure that all the information is correct. If you notice any errors, contact the relevant lender and ask for them to be corrected.

Unfortunately doing all of these things is no guarantee that your credit score will have improved enough to be approved for a bad-credit mortgage. It takes time for your credit score to improve if you have been rejected multiple times or missed multiple repayments.

Each mortgage provider will have their own criteria for eligibility, luckily here at Plus Financial Solutions we have expert advisors with years of experience in bad credit mortgages who are waiting to help.

HOW TO OBTAIN YOUR NODDLE CREDIT REPORT?

If you have bad credit and need to apply for a mortgage it is important you check your credit report. At Plus Financial we always require a copy of your credit report before we can offer advice on a bad credit mortgage.

One free way to obtain a copy of your report is via www.noddle.com. Noddle offers a completely free credit score and report, allowing you to sign in a check the details whenever you need to.  Checking your report regularly can also help to you prevent fraud on you accounts.

To obtain your report simply follow these simple steps:

  1. Go to www.noddle.co.uk
  2. Click sign up
  3. Answer few basic security questions and set up account
  4. Click on full credit report
Bad Credit Mortgage Advice Bad Credit Mortgage Broker

Have you had a mortgage refused/declined elsewhere?

If you have been declined for a mortgage with another lender it doesn’t mean that you will not be able to get a mortgage with a different lender. All lenders have their own criteria and method of assessing each mortgage application.

There is no such thing as a single credit ‘score’ or ‘rating’ that lenders will use when making a decision on whether to lend to you or not.  Each lender will carry out its own assessment to decide whether or not they will lend to you.

We understand the challenges our clients face when they have a poor credit history. We have bad credit mortgage lenders available who will look at your credit report and make a decision based on your individual circumstances, payment history and not just your credit “score”. We will use our bad credit mortgage expertise to match you with the best lender for your individual circumstances

We don’t carry out unnecessary credit checks that could harm your credit rating, we make sure we have fully understood your credit history and have matched you to an appropriate lender, we will then provide you with a full quotation with that lender for you to review and ask any questions.  Only once you are happy and have all questions answered will we proceed to an agreement in principle with that lender.

My Partner Has Bad Credit: Can We Still Buy A House?

Can We Still Buy A House?

You have always paid all your bills on time.

You have a perfect credit score.

Your partner, on the other hand, has a bad credit rating, whether that is because of some financial mistakes in the past, or that they’re currently working to correct, your dearest’s credit score is not something to get excited about.

Can we still buy a house together when my partner has bad credit???

You don’t have to give up on your dreams of a new home, even if your spouse has adverse credit.  Have a look at the following tips on how to get a mortgage with bad credit and tips for building up your bad credit score.

Understand why your partner’s credit score is low

There are some things you can do, which could improve your credit rating and possibly increase your chances of being approved for a bad credit mortgage.

But here are a few simple steps that could help in the meantime.

  • Make sure you’re on the electoral roll.
  • Pay your bills on time and in full.
  • Close any credit accounts you don’t use.
  • Consider applying for a credit builder credit card to improve your credit rating.
  • Sustainable borrowing with a guarantor loan can also improve your credit score.
  • Check your credit report regularly to make sure that all the information is correct. If you notice any errors, contact the relevant lender and ask for them to be corrected.

Unfortunately doing all of these things is no guarantee that your credit score will have improved enough to be approved for a bad credit mortgage. It takes time for your credit score to improve if you have been rejected multiple times or missed multiple repayments.

Each mortgage provider will have their own criteria for eligibility, luckily here at Plus Financial Solutions, we have expert advisors with years of experience in bad credit mortgages who are waiting to help.

Joint or Single application?

If your partner has bad credit this could affect your ability to get a mortgage together.

If you’re not sure whether you should apply for a mortgage together, here’s what to consider.

When you apply for a mortgage, your partner’s and your credit scores and history are taken into account. If you have good credit but your spouse’s credit is not perfect, you might find your mortgage application being declined or coming with a higher interest rate.

Although many couples find they need the income of two people on a mortgage, some lenders allow individuals to get a mortgage on their own. This can be a good option for couples that would not otherwise qualify for a mortgage together.

If you’re unable to qualify for a mortgage on your own, or your partner wants to be on the mortgage, you’ll need to work toward improving your credit scores.

How to get a Mortgage with Bad Credit but Good Income

Even if you are earning a good income your credit history is one of the most significant things a lender looks at when considering your application for a mortgage.  Bad credit can make it difficult to get approved for a mortgage, regardless of the income you have.  The reason for this is that lenders consider people with bad credit to be a higher risk.

However, it may still be possible to qualify for a mortgage and purchase a home even if you have a bad credit history.

At Plus Financial Solutions we specialize in helping customers who have had credit issues in the past. We believe everyone deserves the best advice and help when choosing what mortgage is right for them. Our mission is to help you find the best mortgage regardless of your circumstances or previous credit history. We can help secure your new bad credit remortgage or purchase mortgage.

In today’s climate, it can be hard to find a lender to help when you have a less than perfect credit score, we are experts in helping clients with adverse credit and can help you find the right lender for your needs.

How to buy a house with bad credit and no money down

SHARED OWNERSHIP MORTGAGES

Having a bad or poor credit report can make finding a mortgage very challenging, especially if you are buying a shared ownership property. At Plus Financial Solutions we are specialists in helping our clients obtain mortgages on shared ownership properties. We even have lenders available that will lend up to 100% of the share purchase price, so you may be able to buy without a deposit.

A bad credit rating can be caused by a number of different reasons including:

  • Missed mortgage payments
  • Bankruptcy
  • Individual voluntary arrangements
  • Defaults
  • County court judgements
  • Property repossessions
  • Debt management plans

The good news is many lenders will accept certain credit issues and we know the lender’s criteria to match you with the best lender. We have many years experience in aiding our clients with finding a new mortgage that fully meets their needs even when other lenders have previously declined their applications.

Get in touch today!

Call:  01604 328 091

Whether you have missed or had late payments, incurred defaults, county court judgments or been made bankrupt or had an IVA, please call us today to see how we can help you secure your bad credit mortgage or remortgage.

Plus Financial solutions can help you obtain a bad credit mortgage even if you have a poor credit history, CCJ’s, Defaults, Mortgage Arrears or even been bankrupt, to apply for your bad credit mortgage simply click on the link which best suits your needs or continue reading below:

Bad Credit Mortgage Purchase

Bad Credit Remortgage

Bad Credit Mortgage Help to Buy

Bad Credit Mortgage Right to Buy

Bad Credit Mortgage First Time Buyer

Bad Credit Mortgage Shared Ownership

Bad Credit Mortgages

PURCHASES

Having a bad or poor credit report can make finding a mortgage very challenging, especially if you are buying a new property. At Plus Financial Solutions we are specialists in helping our clients obtain mortgages on their dream properties. We have lenders that will lend up to 90% of the purchase price even if you have previously had CCJ’s, Defaults, or missed payments. This means you may be able to buy with just a 10% deposit even with a poor credit history.

A bad credit rating can be caused by a number of different reasons including:

  • Missed mortgage payments
  • Bankruptcy
  • Individual voluntary arrangements
  • Defaults
  • County court judgements
  • Property repossessions
  • Debt management plans

The good news is many lender will accept certain credit issues and we know the lenders criteria to match you to the best lender. We have many years experience in aiding our clients with finding a new mortgage that fully meets their needs even when other lenders have previously declined their applications.

REMORTGAGE

Do you have bad credit? Finding it hard to Remortgage your property? We can help. At Plus Financial we specialise in helping out clients remortgage whatever their credit profile.Having a bad or poor credit report can make finding a mortgage very challenging, even a simple remortgage application can become difficult.  We can help your find a great mortgage,  whether it be a straightforward remortgage, raise funds for home improvements, debt consolidation, and capital raising. We have lenders that will lend up to 90% of the current property value even if you have previously had CCJ’s, Defaults, or missed payments. Many of the mortgage deals we have available come with no upfront fees and no legal fees.

Below are just some of the reasons our client seek to  remortgage:

  • To obtain a better interest rate
  • To secure a manage fixed interest rate
  • To raise capital for home improvements
  • Debt Consolidation
  • Mortgage term ending
  • Interest only to repayment
  • adding or removing someone from the property

We can help you remortgage with bad credit. We can typically accept the following credit issues:

  • County Court Judgements and Defaults 3 months after the latest Judgement
  • Mortgage Arrears up to a status 3 in the last 12 months
  • Payday loans
  • Bankruptcy 24 months after being discharged
  • IVA’s 12 months after being satisfied
  • Missed Payments unlimited
HELP TO BUY

The government Help to Buy Scheme can be a great way for first-time buyers and home movers to purchase a property with either a smaller deposit or equity loan. Visit the link below to find out more about the help to buy schemes currently available:

www.helptobuy.gov.uk

Having bad credit can make it very difficult to obtain a mortgage especially if you are using one of the help to buy schemes. The good news is Plus Financial Solutions can help, we have many lenders who will consider poor/bad credit including a history of defaults, CCJ’s and missed payments. A poor credit can be caused by any of the following:

  • Missed mortgage payments
  • Bankruptcy
  • Individual voluntary arrangements
  • Defaults
  • County court judgments
  • Property repossessions
  • Debt management plans

The good news is many lenders will accept certain credit issues and we know the lender’s criteria to match you to the best deals. We have many years experience in aiding our clients with finding a new mortgage that fully meets their needs even when other lenders have previously declined their applications.

To avoid disappointment we strongly recommend you obtain an agreement in principle before making an offer on a property.

RIGHT TO BUY MORTGAGE

The Right to Buy Scheme can be a great way for a council tenant to get onto the housing ladder by taking advantage of the discounts offered on the purchase price of the property. What is even better is we have lenders available who lend up to 100% of the discount price allowing you to buy without needing a deposit. Having bad credit can make it very difficult to obtain a mortgage especially if you are using a right to buy discount. The good news is Plus Financial Solutions can help, we have many lenders who will consider poor/bad credit including a history of defaults, CCJ’s and missed payments.

  • Missed mortgage payments
  • Bankruptcy
  • Individual voluntary arrangements
  • Defaults
  • County court judgements
  • Property repossessions
  • Debt management plans

The good news is many lender will accept certain credit issues and we know the lenders criteria to match you to the best lender. We have many years experience in aiding our clients with finding a new mortgage that fully meets their needs even when other lenders have previously declined their applications.

FIRST TIME BUYERS MORTGAGE

Obtaining your first mortgage can be a daunting task, especially if you have bad credit. We at Plus Financial Solutions can help, we will work out the best lender to suit your needs. we have many lenders who will consider poor/bad credit including a history of defaults, CCJ’s and missed payments. A poor credit can be caused by any of the following:

  • Missed mortgage payments
  • Bankruptcy
  • Individual voluntary arrangements
  • Defaults
  • County court judgements
  • Property repossessions
  • Debt management plans

We have lenders who will accept certain credit issues and we know the lender’s criteria to match you to the best deals. We have many years experience in aiding our clients with finding a new mortgage that fully meets their needs even when other lenders have previously declined their applications.

To avoid disappointment we strongly recommend you obtain an agreement in principle before making an offer on a property.

SHARED OWNERSHIP MORTGAGES

Having a bad or poor credit report can make finding a mortgage very challenging, especially if you are buying a shared ownership property. At Plus Financial Solutions we are specialists in helping our clients obtain mortgages on shared ownership properties. We even have lenders available that will lend up to 100% of the share purchase price, so you may be able to buy without a deposit.

A bad credit rating can be caused by a number of different reasons including:

  • Missed mortgage payments
  • Bankruptcy
  • Individual voluntary arrangements
  • Defaults
  • County court judgements
  • Property repossessions
  • Debt management plans

The good news is many lender will accept certain credit issues and we know the lenders criteria to match you to the best lender. We have many years experience in aiding our clients with finding a new mortgage that fully meets their needs even when other lenders have previously declined their applications.

Bad Credit Mortgage Criteria

Are you looking for a mortgage but have a bad credit history? Having a bad credit history can make obtaining a mortgage on your property real challenge, with most high street lenders unwilling to consider anything other than a perfect credit history. A bad credit history can be a caused by any number of issues including the following:

  • CCJ’s
  • Mortgage Arrears
  • Defaults
  • Missed Payments
  • High Levels of Unsecured Credit
  • Too Many Credit Searches
  • Bankruptcy
  • IVA’s
  • Debt Management Plans
  • Property Repossession

The Good news is at Plus Financial Solutions we are experts in helping our clients get the mortgage they need, we have access to specialist mortgage lenders who will consider people with bad credit.

What credit issues will lenders potentially accept?

Un-secured (finance that’s isn’t secured against your home, example credit cards, personal loans etc)

0-12 months1-2 years2-3 years3-4 years4+ years
Late paymentsYes (If under 4 late)Yes (If under 4 late)Yes (Any number)Yes (Any number)Yes (Any number)
CCJ’sYes (If under £1000)Yes (if under £2500)Yes (Any value)Yes (Any value)Yes (Any value)
DefaultsYes (If under £1500)Yes (any value)Yes (Any value)Yes (Any value)Yes (Any value)
Debt MGMTYesYesYesYesYes
IVAUnlikelyPossible with 25% depositPossible with 20% depositPossible with 20% depositPossible with 20% deposit
BankruptcyPossible with 25% depositPossible with 25% depositPossible with 20% depositYes with 10-15% depositYes with 10% deposit

Secured (finance that is secured on your home, example a mortgage or a secured loan)

0-12 months1-2 years2-3 years3-4 years4+ years
Late payments1 (if only issue)1/2 (if only issue)Yes (any number)Yes (any number)Yes (any number)
CCJ’sUnlikelyMaybe (if good LTV)Maybe (if good LTV)Yes (any value)Yes (any value)
DefaultsUnlikelyMaybe (if good LTV)Maybe (if good LTV)Yes (any value)Yes (any value)
RepossessionsUnlikelyUnlikelyMaybe (if good LTV)YesYes

Bad Credit Mortgage with Defaults

Applying for a mortgage with Defaults showing on your credit history can make obtaining a new mortgage every difficult, most high street lenders will not allow defaults in the last 6 years. At Plus Financial solutions we have lenders that will accept defaults within certain parameters.

WHAT IS A DEFAULT?

A default notice is a formal letter which is usually sent after three to six missed payments. They can only be issued for debts that are regulated by the Consumer Credit Act. Essentially when relating to a debt it means that you have failed to make repayment according to the contract and the debt is now in default. A default will be noted on your credit file with a date of the default and information showing any outstanding balance or settlement date.

WHAT DEFAULTS WILL OUR LENDERS ACCEPT?

DEFAULTS WITHIN THE LAST 3 MONTHS:

No lenders available

DEFAULTS WITHIN LAST 2 YEARS:

Up to 85% of the property value, up to 5 defaults with no limit

DEFAULTS OVER 2 YEARS:

Up to 85% of the property value, unlimited defaults to any amount

DEFAULTS OVER 3 YEARS:

Up to  90% of the property value, unlimited defaults and amount

DEFAULTS OVER 4 YEARS:

Up to 95% of property value, no limits on amount or size

Bad Credit Mortgage with County Court Judgements

Applying for a mortgage with CCJ’s showing on your credit history can make obtaining a new mortgage every difficult, most high street lenders will not allow defaults in the last 6 years. At Plus Financial solutions we have lenders that will accept CCJs within certain parameters.

WHAT IS A COUNTY COURT JUDGEMENT?

CCJ is a judgment that a county court issues when someone has failed to pay money that they owe. CCJs are a simple way for creditors to claim the money they’re entitled to. Lenders will be able to see the date the CCJ was registered along with the amount of the judgement and information on any balance outstanding.

WHAT LEVEL OF CCJ’S WILL OUR LENDERS ACCEPT?

CCJ’s within the last 3 months:

No lenders available

CCJ’s within last 2 years:

Up to 85% of the property value, up to 5 CCJs with no limit

CCJ’s over 2 years:

Up to 85% of the property value, unlimited CCJ’s to any amount

CCJ’s over 3 years:

Up to  90% of the property value, unlimited CCJ’s and amount

CCJ’s over 4 years:

Up to 95% of property value, no limits on amount or size

Bad Credit Mortgage after Bankruptcy

Obtaining a mortgage after being bankrupt can be difficult, sometimes feeling impossible with most high street lenders unwilling to consider an application if you have been bankrupt within the last 6 years.  At Plus Financial solutions we have lenders that will consider the application after as little as 1 year after the discharge date.

WHAT IS BANKRUPTCY?

Bankruptcy is a legal status of a person or other entity that cannot repay debts to creditors. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the debtor.

WHEN CAN I APPLY FOR A MORTGAGE AFTER BEING BANKRUPT?

Discharged over 1 year ago:

Up to 50% of the property value

Discharged over 2 years ago:

up to 70% of the property value

Discharged over 3 years ago:

Up to 75% of the property value

Discharged over 4 years ago:

Up to  85% of the property value

Bad Credit Mortgage with an IVA

Obtaining a mortgage after being in an IVA can be difficult, sometimes feeling impossible with most high street lenders unwilling to consider an application if you have entered into an IVA within the last 6 years.  At Plus Financial solutions we have lenders that will consider application after as little as 1 year after the discharge date. We even have a lender that will consider while in the IVA up to 50% of the property value.

WHAT ARE IVA’S?

An Individual Voluntary Arrangement ( IVA ) is an agreement with your creditors to pay all or part of your debts. You agree to make regular payments to an insolvency practitioner, who will divide this money between your creditors. An IVA can give you more control of your assets than bankruptcy.

WHEN CAN I APPLY FOR A MORTGAGE AFTER AN IVA?

 Started within the last 12 months with good conduct:

Up to 50% of the property value

Satisfied over 2 years ago:

up to 70% of the property value

Satisfied over 3 years ago:

Up to 75% of the property value

Satisfied over 3 years ago:

Up to 85% of the property value

Bad Credit Mortgage after Property Repossession

Obtaining a mortgage after being after having a property repossessed can be difficult, sometimes feeling impossible with most high street lenders unwilling to consider an application after having a property repossessed within the last 6 years.  At Plus Financial solutions we have lenders that will consider applications even if you have had a property repossessed in the past.

HOW LONG AFTER HAVING A PROPERTY REPOSSESSED CAN YOU APPLY FOR A MORTGAGE?

We currently have lenders who will consider an application 12 months after you had a property repossessed assuming all related debts have been cleared. Typically you would need at least a 25% deposit to be considered. After 3 years we have lenders that will potentially lender up to 85% of the property value assuming no other bad credit in the last 3 years.

Bad Credit Mortgage with a Debt Management Plan

BAD CREDIT MORTGAGE WHEN IN A DEBT MANAGEMENT PLAN

Obtaining a mortgage after entering a debt management plan can be difficult, sometimes feeling impossible with most high street lenders unwilling to consider an application after if you have been in a debt management plan within the last 6 years.  At Plus Financial solutions we have lenders that will consider applications even are currently in a debt management plan.

HOW LONG AFTER ENTERING A DEBT MANAGEMENT PLAN CAN YOU APPLY FOR A MORTGAGE?

We currently have lenders who will consider an application 12 months after you have entered the debt management plan, assuming you have made at least the last 12 months payments on time and not suffered any additional credit issues. Typically you would need at least a 15% deposit to be considered.

Bad Credit Mortgage with Mortgage Arrears

Applying for a mortgage with missed mortgage payments showing on your credit history can make obtaining a new mortgage every difficult, most high street lenders will not allow missed mortgage payments in the last 2 years minimum. At Plus Financial solutions we have lenders that will accept mortgage arrears within certain parameters.

WHAT ARE MORTGAGE ARREARS?

An account is said to be in arrears if the debt, liability, or obligation expected is overdue. If one or more payments have been missed in transactions where regular payments are contractually required, such as a mortgage. A missed mortgage payment will show as a 1 on your credit report. Missed 2 an a row and it will show as a 2, and so on. Any mortgage arrears within the last 12 months will make it difficult to find a new lender.

WHAT LEVEL OF MORTGAGE ARREARS WILL LENDERS ACCEPT?

 Arrears within the last 6 months:

No lenders available

Arrears within the last 12 months:

Up to 85% of the property value, up to 1 missed payment

Arrears within the last 2 years:

Up to 85% of the property value with up to a status 2 (2 missed payments in a row). Or up to 75% of the property value with unlimited arrears

Arrears over 3 years ago:

Up to  90% of the property value, unlimited arrears

CCJ’s over 4 years:

Up to 95% of property value, unlimited arrears

Bad Credit Mortgage with Unsecured Arrears

Applying for a mortgage with missed mortgage payments showing on your credit history can make obtaining a new mortgage every difficult, most high street lenders will not accept lots of missed payment on unsecured credit showing on your credit report. At Plus Financial solutions we have lenders that will accept missed payments within certain parameters.

WHAT ARE MISSED PAYMENT ON UNSECURED CREDIT?

An account is said to be in arrears if the debt, liability, or obligation expected is overdue. If one or more payments have been missed in transactions where regular payments are contractually required, such as a loan or credit card. A missed payment will show as a 1 on your credit report. Missed 2 an a row and it will show as a 2, and so on. Any unsecured arrears within the last 6 months may make it difficult to find a new lender.

WHAT LEVEL OF MORTGAGE ARREARS WILL LENDERS ACCEPT?

More than 2 missed payments within the last 6 months:

No lenders available

Missed payments within the last 12 months but over 6 months:

Up to 85% of the property value subject to a credit check

Missed payments within the last 2 years but over 12 months:

Up to 85% of the property value with unlimited missed unsecured missed payments

Missed payments over 3 years ago:

Up to  90% of the property value, unlimited missed payments

Missed payments over 4 years:

Up to 95% of property value, unlimited missed payment

CONTACT US TODAY ON 01604 328091 TO SEE HOW WE CAN HELP YOU SECURE A MORTGAGE WITH ANY BAD CREDIT ISSUEs, WE CAN HELP!

The Application Process

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Don’t delay contact us today

Please contact us anytime, by phone on 01604 328091 or by email at info@plus-fs.co.uk or you can simply click here to get in touch with us.

Bad Credit Mortgage Advice Bad Credit Mortgage Broker

Pre-Qualification

Your qualified advisor will discuss with you your situation in more detail either over the phone or via e-mail and advise of any additional information/documentation that is required to carry out a thorough search of the market.

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Recommendations

Following their research, your adviser will e-mail you a full tailored mortgage quotation for your specific needs. This will include details of rates and any associated fees that may apply.

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Obtain a Mortgage Agreement in Principle

When a lender provides an agreement in principle (AIP) it confirms the amount they are prepared to lend you, subject to final checks. If you’ve got this stage, it generally means your credit check and other initial application assessments are acceptable, and this puts you in a stronger position when it comes to putting in an offer on a property

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Submitting your Application

The Mortgage lender will start to process your mortgage application based on the information you have provided. While this is often an automated process in modern banks and building societies, more complex applications may be referred to an underwriter for review. At this stage of the process, you may be required to pay a non-refundable administration fee or booking fee. Valuation fees may also be collected at this point, unless covered by the lender as part of the mortgage deal.

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Underwriting of your mortgage application

The time for underwriting an application can vary significantly from one lender to another and can depend on the complexity of the application. During this point the lender verifies the documentation you have provided against the information on the application.

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The Mortgage Offer

Once the application is fully approved, the lender will send you and your solicitor a formal mortgage offer confirming the loan amount, monthly repayments, details of the mortgage product (including any fees).

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Offer/Pre-Completion

Now you have the comfort that your mortgage is formally approved, your adviser will discuss with you your possible insurance needs and make any recommendations and arrangements for you.

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Completion

Once your solicitor has finalised the essential legal matters and all parties are ready, you can look to arrange your actual completion date. The solicitor will then make the necessary arrangements to request the funds from the lender.

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Follow on

We will continue to look after you even after the mortgage has completed, we will continue to ensure that you have the correct advice for any future requirements over the lifetime of your mortgage.

GET YOUR BAD CREDIT REMORTGAGE TODAY!

Summary
Provider Name
Plus Financial Solutions, Telephone No.01604 328091
Area
United Kingdom
Description
Bad credit mortgage broker. Find out how much you could borrow today with Plus Financial Solutions. All circumstances considered.