Adverse Credit Mortgage

Even missing one payment on a financial agreement can cause you to have an Adverse Credit rating.

Don’t be adversely affected by bad credit. Adverse Credit is just one of the terms that lenders use to describe borrowers who have, or have had bad credit history. Other terms include impaired, sub-prime, and non-conforming.

We can put you in touch with a qualified, impartial mortgage advisor for a quote:

Over 1 million people in the UK have their mortgage applications rejected every year due to having an Adverse Credit history. With 2 million people having had mortgage arrears at some point, mainstream lenders are now giving serious consideration to those with adverse credit.

Latest News on Adverse Credit Mortgage

Subprime mortgage firm goes into administration. Victoria Mortgages, one of the many mortgage providers that specialises in subprime mortgage lending to people with adverse credit backgrounds, yesterday became the first British lender to fall victim to the credit crunch which currently threatens the global money market.

Victoria Mortgages was estimated to have business worth £600m on its books and was in the process of handling nearly 400 mortgages applications when it closed its doors yesterday, due to their bankers refusing to lend them any more funding. It had no savings base and simply borrowed money in the financial markets to then lend to people with adverse credit ratings, such as a history of bad debts and CCJs.

The company was relatively new in the fast-growing subsector of subprime mortgages and last month they said they would withdraw their product range due to the subprime market crash in the USA. They did aim to launch a new range of mortgages, but were then unable to get new funding from bankers, and due to this, KPMG were called in to become administrators.

A Victoria mortgages spokesman said “This is a line-of-credit funding problem rather than an irresponsible lending problem. This is not anything to do with arrears or repossessions, which were no worse than industry norms. It’s about the global credit squeeze and the fact that funding has been withdrawn by the banks, which are generally pulling in their horns.”