Mortgage with adverse credit

jdmave

Hi All


Just trying to help a friend with a good place to start with looking for mortgage brokers / lenders who work with adverse credit.

Their adverse

2 defaults (both settled in full) 1 expires Dec 2016 and the other expires in May 2019.

1 account which was on an arrangement but they have settled that in full.



Anyone had similar and found a willing lender??

I'm trying to help manage thier expectations

Regards

Jdmave

David_White

There will no doubt be options available to them.

If you're specifically looking for an adverse broker you could always start with a Google search.

jdmave

Been Googling all afternoon and so many so called adverse brokers advertising online....

Been reading through some of the lenders criteria like Kensington / Precision Mortgages but wondered if theres anymore.....like them as i was quite surprised at thier rates as expected them to be alot higher....(subject to some sort of approval of course).

ACG

There are brokers who specialise in this, you will have noticed Precise (im assuming you meant Precise rather than Precision) and Kensington only deal with brokers, as do the majority of adverse lenders.

So you may as well save yourself the time and speak to a broker. If they specialise in adverse they will already have an idea of lenders and rates after a quick conversation.

Depending on the size of the defaults and deposit and a few other things you could find high street rates are possible. As with anything like this the devil is in the detail.

David_White

Trying to broker the case yourself by researching adverse lenders will end in tears.

Your friend should seek help from an experienced broker.

jdmave

Just trying to understand the market as i've been lucky enough to have been out of the mortgage market for some time (age!!!!).

But good to get an idea otherwise the broker could be saying anything.

betmunch

jdmave wrote: »

But good to get an idea otherwise the broker could be saying anything.

Rando off the internet is much more likely to "say anything" than a broker whos trying to earn a living!

You should expect the broker to give the best advice for the client after doing a full fact find

amnblog

The Broker is regulated.

We don't 'say anything', dismiss that idea.

You do of course need to ideally find an experienced broker with a style you can work with.

Recommendations are the best source of this.

ACG

Part of the reason we have so much regulation is prevent brokers from saying anything. We have to justify the lender of choice not only to you in a letter but also to our compliance people. If compliance or the FCA come up and pick up your file likewise in the event of a complaint down the line, we have to be in a position to defend ourselves that we have done the best for the client.

csgohan4

ACG wrote: »

Part of the reason we have so much regulation is prevent brokers from saying anything. We have to justify the lender of choice not only to you in a letter but also to our compliance people. If compliance or the FCA come up and pick up your file likewise in the event of a complaint down the line, we have to be in a position to defend ourselves that we have done the best for the client.

ACG is correct, my file got pulled for a routine audit and you need to get an experience adverse credit broker. Ones on MSE seem to be good, I got mine from here

Thrugelmir

jdmave wrote: »

Been Googling all afternoon and so many so called adverse brokers advertising online....

Been reading through some of the lenders criteria like Kensington / Precision Mortgages but wondered if theres anymore.....like them as i was quite surprised at thier rates as expected them to be alot higher....(subject to some sort of approval of course).

There's Aldermore.