Preparing for adverse mortgage

showmethemundy

Hi all

Thanks in advance for any suggestions.

We are to be putting in an application for an adverse credit mortgage in 3 months time. We have lenders that 'might' be willing to help. We are currently waiting for my first year of trade (self employed) to end before we apply.

One of the things asked for is 3 month bank statements. In light of this I am going to try and tidy up my bank accounts to improve our position.

I have cancelled any odd looking direct debits (e.g I have a gym membership, but the DD says debit finance collections, which sounds bad imo). I have also set up standing orders from my business account to regular lump sums, as we have previous just taken what we need when the current account gets low, which could look bad.

Is there anything the mortgage company are looking for in particular? Are there transactions we should avoid? Should be keep a certain balance?

Any tips would be appreciated....

Thanks

Edi81

Sounds like you need a broker to guide you through this.