Here at Haystoun Financial Services Ltd we can source mortgages for people with a poor credit rating.
Perhaps you've missed a few credit card payments, had a County Court Judgment awarded against you or have previously been made bankrupt.
What is an adverse credit mortgage?
Strictly speaking adverse credit mortgages don't exist - they are the same as standard mortgages and are simply mortgages a lender will offer to people who may fail credit checks with other lenders.
Adverse credit mortgages are also known as sub-prime mortgages or bad credit mortgages and can help people with poor credit histories get on the property ladder.
Interest rates and charges tend to be higher as people with poor credit ratings are deemed to be a higher risk.
But after a few years of paying an adverse credit mortgage on time it should 'repair' your credit rating sufficiently to be able to move to a standard mortgage at a lower rate.
Can you get a mortgage with poor credit?
Interest rates on adverse credit mortgages are higher than standard mortgages and you will probably need a larger deposit, but there are still options available.
They won't work in conjunction with any government scheme such as Help to Buy or Shared Ownership and usually don't accept applications from people made bankrupt in the past six years – unless your credit file is now clear with no defaults showing.
Applicants will still need a steady income and possibly may need a larger than typical deposit making up at least 15% or more of the property value.
How do I know if I have adverse credit?
Credit scores can be harmed by a number of reasons but there are some clear causes why you might have a poor credit rating.
how we can help you
Check out all the mortgage options available to you and how our experts can help you. If you don't know where to begin with your mortgage search, then here is a great place to start.
Give us a call, tell us a bit about yourself and arrange a face to face meeting. With our help, we can make the whole mortgage process as clear and straightforward as possible.
Whether you're buying your first house, remortgaging, moving house or investing in a buy-to-let property, we'll be able to find the right mortgage for your circumstances.
All Under One Roof
We are directly authorised and regulated by the Financial Conduct Authority (FCA) for General Insurance, Private Medical Insurance, Pure Protection, Equity Release and Mortgage business. You can check our details and regulatory permissions via the Financial Services Register at https://register.fca.org.uk/.Our FCA reference number is 845592. Haystoun Financial Services Ltd of 19D Eastgate, Peebles, EH45 8AD trades as a Limited Company. Our Company Number is: SC588219
Haystoun Financial & Property Services is a family run business based in Peebles in the Scottish Borders. We offer mortgage, insurance and protection advice services, as well as full letting agency services.
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