ADVERSE CREDIT
What happens if i have adverse credit?
An adverse credit mortgage is also known as a Subprime Mortgage, this is designed to accommodate people who do not meet the criteria required by high-street mortgage lenders. This isn’t just individuals who have defaulted on payments, it’s also those who lack any kind of borrowing at all. Both circumstances put them into the ‘higher risk’ category when it comes to applying for credit and therefore face an increased chance of being declined. Whilst the products of subprime lenders are aimed at helping people with more complex credit records get a mortgage, they do come at a higher interest rate.
Dealing with lenders is often disappointing if your credit history is seen as less than perfect and that’s why there’s nothing like having a qualified, expert broker on your side to get you on track with your mortgage.
Here at Mortgage Generator, we recommended downloading your credit report, so we can see the full extent of your personal circumstances. This will allow us to advise accordingly, to your personal circumstances.
