How to get a Mortgage with Adverse Credit
The general consensus for understanding if you can obtain a mortgage with “adverse credit” is by applying this simple method.
Maybe you are wondering how to get a mortgage with adverse credit ?
If you have had a maximum of four defaults within the last 24 months, and none within the last 6 months, then you will be able to obtain a mortgage.
Deposit: You will need a minimum of a 10% deposit.
DMPs: (Debt Management Plan) – As long as they have been running satisfactorily for at least 12 months then we are good to go.
There are one or two lenders that will look at more adverse credit, but we try and stay away from this option as the rates are much higher.
At Mortgage Chain we are Mortgage Brokers for First Time Buyers and helping our clients with adverse credit is all part of our specialist service.
If you have had more than four defaults within the last 24 months, work out when they will be over 24 months old.
If you are wondering how to get a mortgage with adverse credit, and would like a free credit file assessment, with information on your mortgage options or a plan moving forwards that will put you in a position to obtain a mortgage, please see the instructions below!
As always any questions please let me know!
First Time Buyer Specialist
INSTRUCTIONS >> Instructions on how to obtain a free credit file check from a Mortgage Broker
Please send both the PDF AND the password so we can open the file, to [email protected]
> Credit file – We require a CHECKMYFILE credit file in order to see your credit history. Please use the link above to sign up for a free trial with checkmyfile. We cannot accept credit files from ANY other providers. Checkmyfile provide both equifax and experian credit profiles in one file. We require this as some lenders work with equifax and some with experian and we need to see everything the lender sees to ensure no mistakes are made on the application, which would result in a decline. This is vital we obtain the below file.
>> DOWNLOADING CREDIT FILE: To download the credit file, please scroll to the bottom of the “credit file” page and click the button “Download as pdf”. Please take a note of the download password and provide to us along with your credit file.
Video > How to download and save your checkmyfile credit file: https://www.youtube.com/watch?v=KtuYgbesSRs&feature=youtu.be
Video > How to cancel the checkmyfile subscription: https://www.youtube.com/watch?v=mKG_ttTrQMc&feature=youtu.be