Adverse credit cases for borrowers over 50
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, understanding that life isn't always straightforward.
Buying a home with adverse credit
We were approached by a 75-year-old who had been staying with a friend after being effectively homeless for two years. They had some credit issues and accumulated some debt.
High street banks couldn't help, but LiveMore did things differently.
The borrower could demonstrate income with their personal pension, so LiveMore gave them an interest-only loan of £145,000 (67.5% LTV). With this money, the borrower paid off their debts and finally bought a new home to call their own.
Despite tough times, we took a simple approach that worked. Now, this borrower has stability and their own place to live happily.
Key Points:
- For borrowers over 50:
- 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)
LiveMore can help where other lenders can't.
Got a client with adverse credit? Start with our quick calculator to see what repayment options could be available for your client