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 with arrears

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.

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.