badcreditexpert

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 the only issue)1/2 (if the 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

 

Get in touch today to see how we can help

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