Adverse credit is a blip, not a blocker with us

We know that blips happen. When clients have the odd blemish on their credit record but have managed to get back on track, our adverse credit criteria takes that into account. We understand that life isn’t always straightforward and we’ll look at each case on its own merits to find a way to YES.

Buying a home with adverse credit – real life example

We were approached by a 75-year old who’d been staying with a friend after effectively being homeless for two years. They had credit issues and accumulated some debt.

Other lenders wouldn’t help, but we said ‘bring it on’ and took a common-sense approach to this case.

The borrower demonstrated income with their personal pension, so we were able to give them an Interest Only loan of £145,000 (67.5% LTV). With this money, they were able to pay off their debts and finally buy a new dream home to call their own.

Where others said no, we took a simple approach, understand their tough situation to find a solution that worked. Now, this borrower has stability and their own home for the future.

A YES that helped them to live happier.

Key Points:

For borrowers over 40:
- We accept satisfied defaults/CCJs up to £1,500 within the last three years
- No limit on the number of defaults/CCJs
- Maximum of 3 missed payments in the last 36 months (1 in the last 6 months)
- For lifetime mortgages, we ignore CCJs, defaults and payday loans
- Up to 100% of the loan can be used for debt consolidation (50% on standard products, 100% through packagers)