BAD CREDIT MORTGAGES

Yes. We have been providing expert adverse credit mortgages in this market for many years.

Yes, it is possible to remortgage with bad credit. Having a good payment history on your existing mortgage would be helpful. Whatever your circumstances, call us at ams:, we are experts in this market.

A credit report is a term used to refer to a financial credit score report, which reports on a person’s history of managing money and repaying debt. Scores below 720 on the Experian credit report (a widely used credit scoring model) will impact a mortgage application. For an Experian, credit scores are - "Poor" is classed as 561–720 and "Very Poor" is 0–560. Any bad credit rating will make it difficult for a person to get approved for mortgage loans and other types of credit, and it also makes it more expensive for them to borrow money.

We will examine every situation separately and make a judgment on bad credit mortgages for each individual case.

Yes, it is. By signing up for a free 30 day trial at Credit Expert from Experian. They are one of the main credit checking companies in the UK. You can find out detailed information regarding your credit status in as little as one hour.

Certain aspects of your financial history can influence your credit score, examples of these include:

• Failing to pay credit cards, loans, utility bills, or mortgage instalments
• Being in the middle of a debt relief procedure such as an Individual Voluntary Arrangement (IVA) or having previously been declared bankrupt.
• Records of County Court Judgements (CCJ’s) or Defaults held against you
• If you have borrowed from a short-term (pay day) loan provider
• Identity theft can lead to fraudulent charges, late payments, and other negative marks on an individual's credit report
• An excessive number of credit enquiries or too many loan or credit card applications in a short amount of time

But all is not lost, why not speak to us about our range of bad credit score mortgages?

We maintain direct contact with all the major UK underwriters. This enables us to consider each case separately and thoroughly before submitting a final application for approval.

Speak to our team of experts at ams: We have a wealth of experience working with lenders in the adverse credit market. We are highly successful in helping people with bad credit to secure adverse credit mortgages.

We aim to provide you with a decision in principle within an hour once we have received all the necessary information.

A bad credit score might cause a provisionally approved mortgage to be refused because it indicates that the borrower is a risky investment. Lenders are more reluctant to provide a mortgage to someone with a low credit score, as it means that the borrower has had difficulty managing their finances in the past and may not be able to make payments on the loan in the future. So, a low credit score can cause a previously approved mortgage offer to be refused subsequently.

The deposit required is likely to between 10% and 15%, depending on the findings of your credit report. If there is a lot of negative credit information on your file, bad credit mortgage lenders may see you as a greater risk and may therefore require a higher deposit.

There is no maximum amount figure. This depends on your income (joint if applying with a partner), the level of deposit you have available and, of course, the circumstances surrounding your bad credit status. Whatever, we can help – even with larger mortgages, so contact us!

Ideally, yes. Credit referencing agencies use the electoral register to both confirm the identity of credit applicants and also to counteract fraud. Not being on the electoral register will be a negative in any mortgage application. This is especially the case with bad credit mortgage applications.

Related article

This article from the ams: blog is recommended on the topic of bad credit:

• What is a bad credit score?