Are Adverse Credit Mortgages Still a Thing in 2021?

SoCloseAlmostThere

Afternoon all. 

My wife and I are hoping to get a mortgage in principle and finally get on the ladder (mid 30s, seems to be the new standard) but I have some adverse credit history. We have spoken to a few advisors who just appear to be 'yes' men and woman leaving with no definitive answers. Most say though that we should wait a little while meaning I do not get any rates or answers. We are due to have our rental tenancy end soon as the landlord is selling up. With the pandemic no one is moving meaning rental prices are through the roof. What was £1100 a month is not £1500 a month so struggling to get the numbers to crunch to see what we need to do... worse rate mortgage if we can? Renting but lose another 10-15k or equity to the landlord but save more deposit? ...etc... 

We are hoping to get a 10% LTV on a 350,000 property. We can raise the funds as I am fortunate with my salary since going contracting. We are not there yet but will be in October providing there are no life hiccups. 
My wife has a 999 score on Exp (I know scores mean nothing but it illustrates that she appears lendable). I do not. I have two defaults (4 if you include the purchasing and reregistering from the collections people) that are dated Oct 2019. These were fully satisfied in February 2021. Neither of us has a penny of debt other than the petrol going on the credit card and being fully paid each month and a mobile contract each... I think our broadband is also on there as they do not give a pay yearly option.
Our combined income in terms of affordability should allow us to borrow up to 650k as we are fortunate with my job.

I have searched and searched with online comparisons etc and get nothing but another mailing list registration... 20+% deposit and only on a property under 300k or go home! Our area is expensive so struggling to find anything under 350 that would be suitable for a family... or at least in the early days of the pipe dream, we are not looking to compromise fitting a family in a small two bed with no outdoor space. We are quite serious that we cannot have a family of four in a tiny 2 bed whilst I work from home and will then be mortgage locked for a good few years before it is fiscal to then buy bigger.

Obviously with two satisfied defaults from a couple of years ago means that high street lenders wouldn't touch us with several other peoples barge poles screwed together. We can explain away my defaults easily with a big event that plunged us into issue, and it is easily demonstrable that this could not happen again... but I imagine lenders to be a little more binary then to allow me to give my excuses with an X-Factor style sad music playing in the background.

I think the main questions in this brain spill are: 
Are the lenders out there and if so who?
Are there reputable comparison sites that will give me rate proposals?
Are we actually mortgageable?
Do we need to take a step back and take some reality serum? 

Thank you for any response however critical.

ACG

There will be lenders, but not at 90% LTV. 
In the current climate, I would say you are probably closer to 80% however by the time October comes it might be possible to get 85% LTV. 

In terms of rates, if you work on the assumption of around 5%, you probably wont be too far off. It might be 0.5% one way or the other by the time you get closer to October, but I cant see rates changing too much this year (assuming a 15-20% deposit).

There are adverse lenders, although they tend to refer to themselves as "specialist lenders" now a days. However, you might not need to limit yourself to those lenders, you may also be looking at manual underwriting lenders (that would be places like little building societies). Try speaking to a broker who markets themselves towards the more complex cases rather than a general run of the mill broker. I doubt comparison sites will offer much, but I dont know as I never use them. 

BecsMags

I would suggest going to a specialist broker, they should look at all your financial info and give you a clearer picture. Both my partner and I had adverse credit from over 6 years ago but will show during underwriting, so we are currently dealing with a broker. We are in our 40's with kids.  We managed to obtain a 90% mortgage AIP with Halifax (through broker) and we are currently waiting for outcome of mortgage application. Broker has been very honest that it's not a sure thing and we are aware of that. 

Shop around for a specialist broker and start a conversation, we didn't pay anything until we got the AIP. They will hopefully be able to let you know if you can push ahead now or leave it a few months to save hihger deposit.

Good luck!!

ACG

BecsMags said:

I would suggest going to a specialist broker, they should look at all your financial info and give you a clearer picture. Both my partner and I had adverse credit from over 6 years ago but will show during underwriting, so we are currently dealing with a broker. We are in our 40's with kids.  We managed to obtain a 90% mortgage AIP with Halifax (through broker) and we are currently waiting for outcome of mortgage application. Broker has been very honest that it's not a sure thing and we are aware of that. 

Shop around for a specialist broker and start a conversation, we didn't pay anything until we got the AIP. They will hopefully be able to let you know if you can push ahead now or leave it a few months to save hihger deposit.

Good luck!!

This isnt a plug for business (we are not taking on any new cases for the next 4-6 weeks), but I do specialise in the adverse world. 
Your adverse is over 6 years old. The OPs is 18 months old. That is a very big difference. 

I cant see the OP getting 90% LTV, possibly 85% now rather than 80% as things have improved a little.

[Deleted User]

I dont like the scheme itself but if you are looking for a solution that isnt perfect then have you considered Help to Buy?  The Government equity loan counts as deposit so will get you access to adverse lenders who require a bigger deposit.