Poor Credit Mortgages
The Mortgage Hive
Adverse Credit, CCJs, Defaults, Payday Loans, Late Payments?
Do not let Adverse Credit hold you back from getting a mortgage. We have dealt with many clients in similar situations and we are happy to discuss your options.
The Mortgage Hive is able to help you out when the high street lenders say No. Our Specialist Lenders cover a wide range of deals for all circumstances, we will be able to find the deal right for you despite your previous credit history.
Some factors which can affect your credit score include:
Late or missed payments.
Bankruptcy, IVA, DRO, DMP, CCJ, Defaults, Pay Day Loans
Lack of credit history.
Having a high level of debt.
Applying for lots of credit accounts in a short period of time.
Don't get Stung, Factors which could increase your credit score include:
Check your credit report often. Any fraudulent activity?
Register to be on the electoral roll.
Paying bills and credit agreements on time.
Don't max out, Keep your credit utilisation low.
Limit the amount of applications for credit.
Consider closing unused accounts.
Your Situation is Unique
So is Our Advice.
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Even if you have been rejected from large high street lenders, The Mortgage Hive can point you in the right direction. We will review your credit report and advise what is available now and also discuss the options to plan for a positive future.
The importance of an up to date credit report!
At the mortgage hive we offer free advice on poor credit mortgages. We can give you a generic guide, however, to give you free tailored advice, we would request that you send us an up to date copy of your credit report. In the United kingdom we have 3 large credit agencies, Experian, Equifax and TransUnion.  A credit report from any of these agencies would give us a snapshot of the last 6 years of your credit history.
We recommend that you obtain a credit report from Checkmyfile if you do not have a recent report.  Checkmyfile allows you to check all of your credit information from the 3 largest credit agencies in one report. It also generates a downloadable PDF credit report which you can send to one of our mortgage advisers to review. They offer a free 30 day trial. Â
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What Impact Credit Scoring has with Mortgage Lenders ?
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You may have already received your credit score from one of the various credit agencies.  Lenders have their own credit score card, like the different credit agencies, they will assess your credit in various ways. It is often the case that an application that has been declined by a lender due to low credit scoring, would be accepted by another lender. Â
At the Mortgage Hive, after viewing your credit report, we can advise you which lenders are most suitable and likely to accept your mortgage application.Â
The larger the deposit you have, the lower score required. This means with a Lender it is possible to be declined with a 5% deposit but accepted by the same lender with a 10% deposit.  The larger the deposit the less risk for the lender.
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Do all Lender's Credit Score?
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No, not all Mortgage Lenders credit score. Some specialist mortgage lenders will view your credit history differently, they will have their own criteria for different products, we will need to find a product that accepts your history. This may benefit you if your credit score rating is low according to results given by the large credit agencies.Â
Therefore, it is important for anyone with Poor Credit, to get expert advice from a mortgage broker.
A Mortgage Broker can cross check your credit report with each Lender to see which will accept you.Â
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