Finding a mortgage with a poor credit history is difficult and has to be approached very carefully because of the shortage of lenders available in this market. Having the advice of a qualified Poor Credit Mortgage Broker will greatly enhance your chances. With only a few sub prime lenders to choose from, getting it right first time is very important.
Steven Neale – Specialist Bad Credit Mortgage Broker
Our experience as first time buyers was simply exceptional! We have been guided through the mortgage process and buying our first home has been an easy journey thanks to your professionalism and efficiency.
13th Jan 2022
After thinking I was going to lose the new home I had fallen in love with, Steven worked hard with me and understood my circumstances. I was at the point of nearly giving up and within 4 weeks I had a full mortgage offer. Thank you for making my dreams come true. I would highly recommend your services. Absolutely no bull or jargon.
10th Jan 2022
The service we have received has been amazing. We were kept up to date every step of the way. Honestly, the relief on my face when I received your email with the mortgage offer was priceless. I can not thank you both enough you are both amazing at what you do. We can not thank you enough for everything, Thank you so much, you have made our dreams a reality.
4th Nov 2021
Thank you foremost for choosing to specialise in adverse credit services for people. All we read online is that it is not possible or easy to get any form of credit when you have or settle an IVA and I’m so glad I kept looking and found you. You have helped us more than you’ll ever realise. We are so happy to have a chance to start again and be able to remain on the property ladder, all thanks to you.
1st Nov 2021
I would highly recommend Steve and Sue. Getting a mortgage seemed to be difficult for me at first when speaking to another advisor, I very nearly gave up due to the lack of effort and communication. Once we got in touch with Steve everything fell into place. Both Steve and Sue were very professional and informative throughout the process.
27th Jan 2022
Steven & Sue have been absolutely amazing through the whole process – extremely calm, organised and helpful. We will definitely be using them in the future and would highly recommend them to family & friends.
20th Sept 2021
Steve and Sue have been absolutely amazing. I was really worried about my financial history meaning I wouldn’t be able to get a mortgage but they were nothing but supportive and non-judgemental, always available to explain things and answer questions as well as extremely efficient.
18th Jan 2022
The professionalism of Steve and Sue is second to none. We were advised of our options and guided through the application process every step of the way. The big thing for us was the personal touch and relationship we built. My wife and I both agreed it felt like Steve and Sue are so motivated because they actually want to help. Probably the best professional service I have ever used so if you find yourself in need of a specialist mortgage broker look no further. Great service great people.
28th March 2022
Struggling to ‘get back’ on the housing ladder after 15 years and being ‘self-employed’ was proving near enough impossible, until we found Steve & Sue. They found us a lender that would use my ‘day-rate’ rather than the usual ‘self-assessment’ and even though there was stumbling blocks along the way, they get us over the line with a ‘mortgage offer’! We can’t thank them enough and would definitely have no hesitation in using them again!
28th July 2021
A fantastic service provided by SN Mortgages once again. Highly recommend SN Mortgages, they have been brilliant at finding the best rates for us, keeping in regular communication and quite frankly achieving the impossible! Where other brokers fail to come back to us or could not find a deal, SN would always go the extra mile and revert back. Thank you so much!
22nd July 2021
We are so grateful to Sue and Steve for all their effort in helping us get our mortgage. Their knowledge and clear love of their job shines through and they have been on hand to answer all our questions no matter how silly or small. They have clearly explained everything from start to finish which has made us feel so much more at ease throughout the whole process. We can’t recommend them enough!
1st July 2021
Can I get a mortgage with Arrears?
If you’ve had debt arrears, whether secured or unsecured, you’d be right to assume this would make getting a mortgage more difficult than normal. Most high street lenders would not consider your application. This is where a specialist adverse credit mortgage advisor, such as myself, comes in. I work with a wide range of adverse lenders who can offer mortgages to those who have been in arrears.
How much can I borrow on a mortgage with arrears?
Borrow up to 75% with unlimited mortgage, secured or unsecured payments, provided you have not missed payments within the last 12 months and any missed before then are paid up to date.
What arrears can I have for a mortgage?
Arrears fall into two camps and are treated differently:
- Unsecured – if late or missed payments are from a credit card or car loan for example, and are not secured on your property (unsecured) they are counted when the lender carries out a credit score on you. Your score will determine what interest rate the lender will charge or if your score is too low, they may decline you for a mortgage altogether.
- Secured – loans secured on a property such as a Mortgage or Second Charge are treated differently with lenders looking very closely at your payment history.
What if I only have one missed payment?
Missing the odd payment on a credit card they will accept – missing payments with your current mortgage lender or on a secured loan is not a good start when trying to impress a new lender.
Generally though, you can have 1 missed or late payment in the last year with no more than 3 missed or late in 3 years up to 85% loan to value.
If however you have a reason for going above these limits such as redundancy or illness, or the missed payments were of a short duration and your credit before and afterwards was OK, I know Building Societies who might consider you for a mortgage if you have arrears.
Will lenders credit check my mortgage application?
They underwrite manually, meaning they do not rely on a computer or credit score and each application is individually assessed by an underwriter. This approach works well if you can demonstrate your adverse history of arrears was short lived, for a clearly identifiable reason and since then you have conducted your finances well.
When it comes to your credit worthiness, always ensure you make the monthly payments on time, every time, Avoid any arrears if you plan to remortgage or purchase a new home in the future.
Using a broker for a mortgage with arrears
Getting a mortgage with arrears requires an understanding of lending criteria from different mortgage providers. Using a specialist broker can help with this, as the broker will know each lender’s individual criteria, allowing you to choose the right lender first time, and get the best deal available for your given situation.
For more information on how I can help you find a mortgage when you have arrears, please call me on: 01494 526400 or complete my online Enquiry Form.