Skip Navigation
Bad credit mortgage brokers application requirements

Bad credit mortgage brokers application requirements

Below, we reveal exactly just how 10 major mortgage brokers approach applicants with bad credit.

Barclays

    payday loans with no credit check in Checotah

  • Standard re payments – Will accept candidates with defaults after 36 months, and these needs to have predominantly have now been settled once you use. For secured finance or lease arrears, there must be no defaults within the last half a year.
  • CCJs – Will accept applicants with CCJs for under ВЈ200 in the last 36 months; amounts above this might be accepted after 36 months. The CCJs are required by both cases to have now been pleased.
  • Bankruptcy and IVAs – Will accept candidates after six years.
  • Thin credit file – No specific schedule, but shows that individuals make time to build up their credit history.

Coventry Building Community

  • Standard re payments – Will accept applicants with defaults after 90 days has passed away.
  • CCJs – Will accept candidates 6 months a short while later.
  • Bankruptcy and IVAs – Will accept candidates after six years.
  • Slim credit file – need applicants, although they have been less inclined to be accepted as a result of having a credit score that is low.

Kensington Mortgages

  • Default re re payments – All communications defaults (such as for instance phone bills) are ignored. You’ll have a optimum of two unsecured payments that are missed the past year.
  • CCJs – Applicants would be accepted after 2 yrs.
  • Bankruptcy – Will likely not accept candidates.
  • IVAs – Debt management plans could be accepted after year.
  • Thin credit file – possibly – decisions are not made making use of complete application scoring.

Metro Bank

  • Standard re re payments – Will accept candidates after 3 years. Some smaller and happy defaults is going to be considered for a case-by-case foundation if excellent circumstances give an explanation for default.
  • CCJs, bankruptcy and IVAs – candidates are going to be accepted after 36 months.
  • Thin credit file – Customers would have to meet up with the application score limit for Metro Bank’s very own application scorecard.

Pepper Cash

  • Standard re re payments – Will accept candidates after 6 months. Accepts as much as four defaults recorded within the last few two years.
  • CCJs – Will accept candidates after 6 months. Accepts as much as four CCJs within the last two years.
  • Bankruptcy and IVAs – Will accept candidates after six years.
  • Thin credit file – Maybe, loans derive from individual circumstances, not someone’s credit history.
  • Other – There should be no pay day loans within the last few year, no mortgage arrears within the last 6 months, at the most three missed home loan repayments within the last a couple of years, no missed re re re payments on quick unsecured loans within the last few half a year.

Precise Mortgages

  • Standard re re payments – Will accept candidates after 3 months.
  • CCJs – Will accept candidates after 3 months.
  • Bankruptcy and IVAs – Will perhaps not accept candidates.
  • Slim credit history – All applications must pass credit rating demands without exclusion.

Royal Bank of Scotland

  • Standard payments – Unlikely to be authorized.
  • CCJs – Unlikely to be authorized.
  • Bankruptcy – Policy is certainly not to provide to undischarged bankrupts, but applications could be considered carrying out a discharge that is formal the courts.
  • IVAs – Policy is certainly not to provide to clients by having an IVA, but applications could be considered carrying out a discharge that is formal the courts.
  • Slim credit report – Maybe, however these candidates would typically be at the mercy of more comprehensive underwriting checks.

The Cambridge Building Community

  • Standard re payments – Will accept candidates after 2 yrs if defaults of lower than ВЈ500 have already been pleased, or 36 months if defaults of ВЈ500 and over happen pleased.
  • CCJs – Will accept candidates after couple of years if they’re at under ВЈ500 and have now been pleased.
  • Bankruptcy and IVAs – Will accept candidates after 3 years.
  • Thin credit history – perhaps, the financial institution doesn’t credit history candidates but queries their credit score to observe they manage credit commitments.

Virgin Cash

  • Standard payments – Maybe – it is examined for a case-by-case foundation.
  • CCJs, Bankruptcy and IVAs – Will perhaps not accept candidates.
  • Slim credit report – perhaps, this might be examined on a basis that is case-by-case.