Adverse credit mortgage: bad credit rating mortgage, poor credit mortgage

If you are unable to take a ‘prime’ mortgage with a mainstream lender due to credit problems the good news is that you have found your way to the best place for mortgage advice. Because whilst we are award-winning mortgage experts, we won’t be charging you a penny for our advice or for any part of our service.

The other good news is that there is no need to panic about your credit history, because there is help to be found. Many other people in the UK are in your situation because they do not fit ‘normal’ lending criteria. We help many of our customers out of this seemingly helpless situation, by arranging an adverse credit mortgage (sometimes known as a non-conforming mortgage, bad credit mortgage or subprime mortgage) until the borrower is back on track.

So what exactly is categorised as subprime or non-conforming?
‘Non-standard subprime’ borrowers fit a wide range of categories: you may have been blacklisted or have a bad credit history and have been refused credit elsewhere, you may have mortgage arrears, CCJ’s, or do not have a bank account, or have moved around a lot. Whatever the reason, because you do not fit the normal criteria mortgage lenders will consider you a higher risk than a standard mortgage borrower. This risk to mortgage lenders means that the interest rates they will charge for a subprime mortgage or bad credit mortgage, will be generally higher than normal rates.

Will I always need a subprime mortgage or bad credit mortgage?
It doesn’t sound much help, does it – a higher rate mortgage, when perhaps you are already in a tight spot financially? But it’s worth noting that the higher rates attached to subprime mortgages or non-conforming mortgages need not always necessarily be the case for you.

Bear in mind that once you have had a subprime mortgage or adverse credit mortgage for three years and have managed to meet the repayments on this each month, you will have written yourself a new credit history.

Where can I get subprime mortgage or bad credit mortgage advice?
As your circumstances are unique to you, it’s important that you not only get the best value for money, but that you find the loan to suit your needs. At L&C, one of our expert advisers can run through the options available to you, and we will not charge you a penny for the advice we give.

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