Following the sub-prime crisis in August 2007 and full blown effects of the credit crunch that culminated in the collapse of several lenders, there are now very few options for those with an adverse credit history. Specialist lenders such as GMAC, SPML, Future Mortgages, Mortgages PLC, Rooftop & First National are no longer lending and there are only a small number of niche lenders left in the market but in view of this, criteria is tight and larger deposits are required.
With high street lenders significantly tightening their credit scoring models, there are a few lenders now offering ‘Almost Prime / Prime Plus’ products which ignore missed & late payments on unsecured credit and will allow defaults whether satisfied or not. However, if you have more than £500 registered in CCJ’s within the last 2-3 years then you will need at least 35% deposit or equity within your property and expect to pay extremely high rates of interest.
Lenders within the 'adverse credit' mortgage arena will usually 'pigeon hole' you into a specific product dependant on the level of adverse credit registered against you. These can range from the following but some of these products will require at least 50% deposit or equity:
With adverse credit mortgage interest rates available from 3.99% for applicants with historic bad credit history and arrears, what have you got to lose? To search for the most up to date adverse credit mortgage deals for applicants with historic bad credit history such as CCJ's & Defaults, Click here or click on 'View latest mortgage deals'.
The overall cost for comparison is 6.9% APR. The actual rate will depend upon your circumstances. Ask for a personalised illustration. APR variable and based on a usual case. Our charges are usually £495.
Your home may be repossessed if you do not keep up repayments on your mortgage.
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