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Adverse Credit & Debt Consolidation Mortgages

Adverse credit mortgages are for those who have had credit problems in the past. Whether you are able to get a mortgage will depend on the extent of your bad credit history and also how recent it is.

The main difference between an adverse credit mortgage and a mainstream mortgage is that lenders will normally charge you a higher rate of interest and need a higher deposit. The arrangement fee might also be higher. This is because the lender feels they are taking more of a risk with someone who has had bad credit in the past.

Before applying for a mortgage it is worth checking your credit file to ensure it is up to date and correct. We can show you how to do this.

Problems can occur with...

  • Mortgage arrears
  • Missed credit card, loan or other credit payments
  • CCJs (County Court Judgements)
  • IVAs (Individual Voluntary Arrangements)
  • Bankruptcy

Often, an adverse credit mortgage is used with debt consolidation, clearing all your other debts and moving onto one low monthly payment. For many this can be an ideal solution with a lower interest rate being charged but it is not necessarily the right solution for everybody and we recommend talking through your options with us.

An adverse credit mortgage may be the only one you can get now but by managing your credit correctly you will over time be able to improve your credit score and move to a mainstream mortgage.

Your Next Step...

To discuss your mortgage situation and needs please either call us on Freephone 0800 0337 235 or request a callback. We'll get to work straight away for you.

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