Mellow FinancialAdverse credit mortgages.
Credit problems are more common than you'd think. From a missed direct debit to defaults or a CCJ, we know life can throw challenges your way.
It needn't cost a fortune
A bad credit file doesn't always mean an expensive mortgage.
We work with lenders whose rates reflect how serious your credit issues are, so a small slip doesn't land you with a big price. Quite often we can get cases through at standard rates.
As part of our fact find, we'll ask you to download your credit file so we see exactly what lenders will see. Mistakes are common, and spotting them early means they can be fixed before you apply.
Most lenders ignore issues more than six years old, as they drop off your file, but all want to see nothing recent. Some of our lenders underwrite cases by hand rather than relying on a computer saying no.
What lenders may accept
Cases we can help with.
- CCJs and defaults
- Missed or late payments
- Debt management plans
- IVAs
- Discharged bankruptcy
- Low credit scores
Think carefully before securing debts against your home. Mortgages for people with credit problems may carry higher rates and fees.
Questions
Frequently asked.
What is an adverse credit mortgage?
A mortgage for people with a poor or limited credit history, such as missed payments, defaults, CCJs or bankruptcy.
Can I get a mortgage after bankruptcy?
Yes. Lenders look at how long ago it was and how things have improved since. You may need to wait a few years after discharge, though some specialist lenders will consider you sooner, usually with a bigger deposit or a higher rate.
Will I need a larger deposit?
Often. Depending on how serious the issues are, 15 to 30% is common. A larger deposit can also get you a better rate.
How does my credit score affect my options?
A low score or negative history can limit your choice, but specialist lenders are more flexible. We'll find the ones that fit your file.
How can I improve my chances?
Clear what you can, keep balances low, avoid new credit applications and save a larger deposit. We'll tell you what will make the biggest difference.