Finding a mortgage with bad credit can be difficult and has to be approached carefully. Due to the shortage of lenders available in this market, getting the application right first time is very important. Having the experience of a specialist adverse credit mortgage broker will greatly enhance your chances of success.

I’ve helped many people with poor credit to find a mortgage. For a free no obligation chat, get in touch today

Steven Neale – Specialist Bad Credit Mortgage Broker

rita gulatirita gulati
20:13 22 Nov 21
SN mortgages have been very helpful in that they managed to get a mortgage for us which no other company could help with. Our case was held in a very professional manner and we would recommend the company to everyone.
Dave ButtonDave Button
16:46 13 Apr 21
absolutely amazing service from Steve, after being turned by by other lenders, he managed to get the mortgage i required to pay off all my outstanding debts along with a better deal than my previous mortgage.would recommend to anyone. Thank you.
lee Cathcartlee Cathcart
11:05 25 Jan 21
During very difficult COVID times, Steven and Sue were always just a phone call away to answer all our questions and concerns. Their knowledge found us a great mortgage. Their personal touch really is the difference. Cannot recommend highly enough.
Alice GraddonAlice Graddon
10:19 21 Jan 21
I am absolutely thrilled at the service I have received. After failing to get a mortgage through standard lenders, I had given up hope on being able to move so I am very happy to have found Steve and Sue. They were helpful and extremely supportive, especially given our very tight timeline, and were able to find a mortgage that suited me. I would absolutely recommend them!
Richard HoweRichard Howe
12:31 20 Jan 21
Our second mortgage arranged by Steve & Sue - Outstanding Service, excellent level of support complimented by excellent communications. We have every confidence in both Steve & Sue supporting us through the mortgage maze. On both occasions the process has been seamless - We can highly recommend the services of this amazing company - where customers come first.

Mortgage after repossession

Can I get a Mortgage after a Repossession?

Getting a mortgage after having your home repossessed is one of the single most difficult applications to get approval on. Naturally, if you haven’t been able to keep up with mortgage payments in the past, to the point where your home has been repossessed, this would be a big red flag to new lenders. Thankfully, it’s not impossible, and I work with a small selection of lenders who are willing to provide mortgages to those who have had their homes repossessed. 

How much can I borrow on a mortgage after repossession?

Borrowing up to 75% is available (possibly more if it was over 3 years ago) provided you have not been repossessed within the last 12 months and have no other adverse (again within the last 12 months) and;

  • Either the debt has to be forgiven or repaid to the previous lender and you have confirmation in writing that you do not owe them money and the mortgage is cleared, or…
  • You are making payments to clear any outstanding debt if the property was sold for less than the mortgage and you have kept these payments up to date.

The details of your repossession matter when applying for a new mortgage 

The reason behind why the lender repossessed your home is important as well as when it happened. The longer the time period the better and if the reason was because you were ill or made redundant, and you had been paying off any shortfall for the past 2,3 or 4 years for example, gives the lenders comfort you are a responsible borrower with a moral compass !

If on the other hand you have been reckless with managing your finances running up credit cards and loans and then decided it was all too much so decided to simply hand back the keys to your property and walk away from the situation, lenders quite rightly are not going to consider giving you a mortgage so you can do the same again.

If you need help or advice on any aspect of repossessions before the situation gets out of hand, go to the website of Shelter who offer free help and support and a land line that is manned 365 days of the year.

Do I need a broker for a mortgage after repossession?

Getting a mortgage after a repossession is one of the most difficult situations for any mortgage broker. Going it alone means applying without knowing the full lending criteria of individual lenders, which can lead to rejections which will harm your chances of future applications.

Using a specialist adverse mortgage broker to apply for a mortgage after a repossession gives you the advantage of knowing the lending criteria upfront, and whether you are likely to be accepted or not based on your own individual circumstances, and helps to avoid the rejection cycle. A broker can also help you to find the best deal, by comparing lenders who might be willing to help, as well as their rates and fees.

For more information on how I can help you with a mortgage after repossession, please call me on: 01494 526400 or complete my online enquiry form.

3 REASONS TO ASK ME TO ARRANGE YOUR MORTGAGE

Years of Experience

I specialise in Bad Credit Mortgages for people who have a poor credit history because of any number of reasons.

Choice of Lenders

I am a Whole of Market, Mortgage Broker meaning I can talk to every lender to see about finding you the right mortgage.

Saving You Money

As a specialist Mortgage Broker for over 30 years I have a great deal of experience that will help save you time & money.