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Property/DIY

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Original poster

Mortgages/providers for bad credit?

20 replies

Honey83 · 27/05/2021 21:01

I am researching mortgage/lending options with adverse/bad credit.

I'm not sure how bad this would be but let's assume it is worse case scenario, maybe a little better.

Does anyone know any providers who specialise in this? Or any experiences you would be willing to share?

Thanks in advance

OP posts:

Elsiebear90 · 27/05/2021 21:06

Kensington. You will pay a much higher interest rate, but pick a short term and remortgage onto a high street lender after two years, it’s what we did. You need to go through a broker to deal with them though, most free brokers are rubbish when it comes to poor credit mortgages and will tell you to increase your deposit and/or there’s nothing they can do for you, you will probably have to go through a specialist broker and be prepared to pay a fee, but from my experience it’s worth it.

Original poster

Honey83 · 28/05/2021 08:16

Thank you for replying!

I have just had a quick look online at Kensington but I noticed it said they don't accept inter family sales I am looking for my sister to buy out my share. But there wouldn't be any special consideration, she would be buying it at the market rate.

OP posts:

GappyValley · 28/05/2021 09:08

Speak to the broker London and Country

They have an ‘adverse credit’ department so will be able to advise and help

Notyetthere · 28/05/2021 10:21

Definitely speak to a mortgage broker. They will know which lenders are open to the type of adverse credit that you have.

HilaryBriss · 28/05/2021 10:51

When you say that you are looking for your sister to buy out your share, who owns the other share/s? If it is your sister and she will own the whole property if buying your share, that shouldn't be an issue but if there are any other part owners, that will be an added complication on top of the bad credit. I''m not sure that you can get a mortgage to buy half/quarter of a house.

Original poster

Honey83 · 28/05/2021 11:09

@HilaryBriss

Yes it's only been the two of us. So I am trying to find an option to release my share. She is adamant she wants to continue living there so hoping she can find a mortgage to buy me out. Should be about 50k ish max she would need to borrow.

OP posts:

JorisBonson · 28/05/2021 11:12

I went through CLS Money who found us a mortgage with a high street bank at a reasonable rate. They're not the cheapest, but I highly recommend them.

PurBal · 28/05/2021 12:01

Get a good mortgage broker and they'll be able to give you some options.

Ginforone · 28/05/2021 13:00

Definitely second the advice of going through a broker, my partner has a less than perfect credit history and self employed and our broker got us a deal from Pepper Money (they ask alot of questions but we got there in the end!)

AlexandraPeppernose · 28/05/2021 14:20

We used Chartwell which we were referred to from L & C as we were a year out of a 5 yr IVA. They got us a 5 yr fixed with a high street lender

Soontobe60 · 28/05/2021 14:37

My dd is moving house. The one she currently lives in she bought before she married, solely in her name on her salary as her then dp had some debt issues. Their new house is a joint purchase using both incomes, but because of the debts, they can only get an 85% mortgage, but the rate is not higher than her previous rate. They have got it through her current mortgage provider - Halifax.

Original poster

Honey83 · 28/05/2021 16:14

Thanks for the responses, this is so helpful

OP posts:

QueenPaw · 29/05/2021 01:06

Simply adverse are doing mine at the minute (everything crossed) and it's not simple as myself and my parents are on the mortgage and it needs to go just into my name. They've been great so far, no "ooh I'm not sure" just "yep, fine" and figures sent over within a day

Original poster

Honey83 · 29/05/2021 07:59

How long does the process take? if you don't mind me asking. A month? Or months?

OP posts:

QueenPaw · 29/05/2021 09:29

So far it's 2 weeks and I'm waiting for a decision but they make sure they have everything exact before they put the application in (the broker)
The mortgage company I've applied to is called the mortgage lender

thetigerthatcamefortea · 29/05/2021 09:55

A broker is worth their weight...
the other lenders would be Aldermore and precise

Original poster

Honey83 · 17/07/2021 14:05

@QueenPaw

So far it's 2 weeks and I'm waiting for a decision but they make sure they have everything exact before they put the application in (the broker) The mortgage company I've applied to is called the mortgage lender

Hi QueenPaw Did you eventually get the mortgage with simply adverse? Was it long after 2 weeks? Thanks

OP posts:

pennysays · 17/07/2021 14:07

We went with Kent Reliance who specialise in this. The rates are eyewatering, but we plan to remortgage in a few years when the the credit is better.

Original poster

Honey83 · 17/07/2021 14:26

@pennysays

We went with Kent Reliance who specialise in this. The rates are eyewatering, but we plan to remortgage in a few years when the the credit is better.

So the process was that you send your credit files, and then how long did you wait for confirmation of a possible lender?

Ah the rates as in monthly payments? Sorry bit of a newbie to all this!

OP posts:

NoGoodAtMakingDecisions · 23/07/2021 23:38

I am also going with Kent reliance, I have an awful credit history (young and daft!)

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