Adverse Credit Mortages

drewc

Hi All!

I am relatively new to the site and wondered if anyone has had any experience or tips in obtaining an adverse credit mortgage?

I have started to clear up my credit file and added a notice of correction ect and my ultimate goal is to own my own home - but I have no idea where to start when it comes to getting a mortgage for adverse credit.

Has anyone used a particular bank that might deal with this sort of thing - and how would I stand on the government schemes with an adverse credit history?

Any advice welcome

amnblog

It depends what you are taking about in terms of 'adverse credit'.

ACG

Peoples opinions of adverse varies - some people think a few late payments are the end of the world, others think defaults 2 years ago are nothing...

Also there is no set adverse lender, they all have different parts of the market they go after.

I can think of an example where I client had an IVA and it was placed with a high street lender. I can also think of another example where a client had 2 defaults and a few late payments and I had to use a real full on adverse lenders... it comes down to the details of the adverse.

You would be best speaking to a broker or posting the details of the adverse/purchase price and deposit on here so we can give you an idea fo whether its achievable or not.

drewc

Hi both - thank you for your replies.
I have a CCJ marked as paid that is 52 months old.
I also have 2 defaults that are just over 5 years old.
My ideal would be to attain a mortgage with the government backed 5% deposit scheme and I was wondering if with my history that could be a possibility?
Thanks

ACG

Potentially but your probably looking at about 6% interest, maybe a touch over.

drewc

Thank you ACG- that is really helpful!