Welcome to Thinking Outside the Blog

Adverse credit stopping your customers getting a residential mortgage?

Adrian Moloney

Adrian Moloney - Group Sales Director

Published 13.08.2021

You can’t fail to have seen all of the stories in the media earlier in the year about the UK’s booming housing market.

A combination of the Stamp Duty holiday, a release of pent-up demand and lockdown restrictions gradually being eased led to demand outstripping supply, resulting in a scramble for property and house prices soaring.

Although the market has cooled a little in recent weeks as the Stamp Duty holiday is phased out, according to Nationwide the average cost of a property is still £244,229 – 10.5% higher than it was a year ago1.

Now imagine if, on top of these high prices, you’ve suffered financial problems in the past few years. You’ve probably given up hope of ever buying your own home.

Fortunately, here at Precise Mortgages we don’t believe a credit blip in the past should stop customers from getting the residential mortgage they want now. Our criteria is designed to help those with less than perfect credit profiles who may have been turned away by high street lenders.

Defaults

2 in 24 months (max £1,500 in 12 months, unlimited thereafter)

CCJs

1 in 24 months (max £1,000 in 12 months, or £2,500 in 24 months)

Missed mortgage/secured loan arrears

1 in 12 months, 3 in 36 months (worst status)


And that’s not all. We’ve recently reintroduced criteria for customers who’ve taken responsibility for their finances and got things back on track by entering into a Debt Management Plan (DMP).

DMPs

Allowed if satisfied over 36 months ago


To find out more about how we can help, take a look at our product guide and criteria guide.

And don’t forget, if you’ve got any more questions a member of our sales team is always here to help or you can call our dedicated support service on 0800 116 4385.

Source: 1 https://www.bbc.co.uk/news/business-57997492

 

Opening hours

Monday - Friday: 9am - 5pm
Wednesday: 9:30am to 5pm
excluding bank holidays

Postal Address

Precise Mortgages,
2 Charter Court, PO Box 6037,
Wolverhampton, WV1 9QW.

Intermediary support

0800 116 4385

For intermediary use only
BBR 5.25%