Posted on May 05, 2021  | Tags: credit, mortgage, bad credit, equifax, experian, record, debt

Bad credit


Are you worried that past credit issues will impact your chances of getting a mortgage? You aren’t alone, and Evolve FS have worked with many customers in your position.

Over the years we have helped people improve their credit ratings, and secure their dream of getting on the property ladder.

So if you’ve ever:

  • Missed payments
  • Defaulted on a loan
  • Had CCJs
  • Been on a debt management plan
  • Experienced bankruptcy or been declared insolvent
  • Had a property repossessed

Please read on to see what your next steps could be.

Understand how lenders see you.

The best way to understand how a potential lender will view your current viability is to look through their eyes. Mortgage providers often use the likes of ExperianEquifax and Call Credit (Noddle) to establish your creditability. Each of these sites offers users a free credit report, which means you can key in your details, and see your credit score. This will give you an idea of your current situation. And once you’ve done that, it’s time to reach out to Evolve FS to assess your options.

What kinds of mortgages are available to people with credit issues?

While it’s true that high street lenders are reluctant to offer mortgages to people with a history of credit issues, they aren’t the only option on the table. There is a whole area of financial services that specialise in offering products to people who might not match the requirements of your average mortgage provider.

In the industry, these are called ‘adverse credit providers.’ They offer products designed for people who want to own their own home, but may have a history of credit problems, or have a credit issue that has stuck with them from a particular event in their life.

Adverse credit lenders have various criteria for assessing applications. These depend on a range of factors, from the type of mortgage you are looking for, to the size of the loan compared to the value of the property. They also look at the nature, timeframe, and level of your previous credit issues.

Securing an adverse credit mortgage is not a simple process, however, and that’s where we can help. We have access to the whole market, and can look at your circumstances, and see which lenders and products could work best for you.

Depending on your current situation, we can advise what options are available to you. And if you’re unable to proceed with your application at this time, we can work with you to create a plan that will improve your credit rating, and a timescale for when you will be in a position to make your mortgage application. It could be sooner than you think.

Remember, with the right advice, and careful planning, it’s entirely possible to improve your credit rating, and move on from the past. We’ve helped many people in your situation secure mortgages over the years, and can help you too.

Looking for help applying for a mortgage? Get in touch with our friendly team today.