Adverse Credit Mortgage, Colchester, Essex

Do have an adverse credit rating, but need a mortgage?

An adverse credit mortgage exists to provide a mortgage for those millions of people who may have had some sort of credit problem in the past.

Have you been refused credit?
This happens to millions of people, but unfortunately many mainstream mortgage lenders will only lend on strict criteria. If you do not fall neatly into these categories because, for example, you have had credit problems, you may need an adverse credit mortgage.

Does it cost more?
Obviously, since adverse credit represents greater risk to the mortgage lenders, they will be more careful in their approach. This can mean two things. Firstly you should expect that your mortgage rate will be slightly higher than for mainstream mortgages. However, the adverse credit mortgage market is competitive, and there are some very good rates on offer.

Do I need a bigger deposit?
Secondly, as an indication of your ability to make repayments, you will be expected to contribute a significant deposit towards your home in order to qualify for an adverse credit mortgage. This can range from 15% to 30% of the value of your proposed home.

Don't know where to start?
Since it can be very difficult to know which mortgage lenders to approach in these circumstances, the services of a professional mortgage adviser can invaluable.

Click here to get advice on an adverse credit mortgage from an independent financial adviser.

Your home is at risk if you do not keep up repayments on a mortgage or other loan secured on it.