Having a few financial bumps in the road doesn’t mean the end of your homeowning dreams. If you’ve been told you have “adverse credit,” you might be wondering what it means and whether it really does prevent you from getting a mortgage. At Mortgages in Lincoln, we’re here to reassure you that in many cases, it needn’t be a deal-breaker and that there are lenders out there that will lend to someone with ‘adverse credit’.
What Is Adverse Credit?
Adverse credit is a term used to describe a less-than-perfect credit history. This can cover a range of situations, including:
- Late or missed payments: Perhaps you fell behind on a credit card or loan repayment.
- Defaults: When payments for a credit agreement weren’t made for a period and the lender registered a default.
- County Court Judgements (CCJs): A legal ruling against you for unpaid debts.
- Bankruptcy or Individual Voluntary Arrangements (IVAs): More serious forms of debt management.
When lenders see adverse credit on an application, they may be concerned about your ability to make repayments on time. However, it’s crucial to remember that not all lenders have the same criteria. There are specialist lenders who look at your circumstances more holistically, especially if your financial situation has improved since those past issues arose.
Why You Might Still Qualify for a Mortgage
- Specialist Lenders Exist
Contrary to popular belief, high-street banks aren’t your only option. Specialist lenders are familiar with adverse credit situations and often offer more flexible terms. - Demonstrating Financial Recovery
If you can show you’ve stabilised your finances, such as by steadily paying bills on time—some lenders will take this into account and view your application more favourably. - Tailored Advice
Everyone’s financial history is unique, which is why speaking to a mortgage adviser who understands adverse credit can open doors you didn’t even know were there.
Meet Michaela: Your Adverse Credit Specialist
At Mortgages in Lincoln, Michaela is our go-to expert for clients who have struggled with their credit in the past. She’s knowledgeable about how to present your application to lenders and will work closely with you to:
- Understand your individual situation
- Identify the most suitable mortgage deals from specialist lenders
- Guide you through every step of the application process
With Michaela’s support, you won’t feel overwhelmed or judged. Instead, you’ll receive down-to-earth advice and practical solutions suited to your personal and financial goals.
Contact Mortgages in Lincoln
If you’re concerned about your credit history but still dream of owning a home (or remortgaging the one you have), remember that adverse credit is not necessarily the end of the story. Let us help you explore the possibilities.
- Phone: 01522 561699
- Email: admin@mortgagesinlincoln.co.uk
Whether you’re a first-time buyer, remortgaging, self-employed, or dealing with credit challenges, Mortgages in Lincoln is here to guide you to a better financial future. Don’t let past credit issues stand between you and your property aspirations, book a consultation with Michaela today and let us help you make your home-owning goals a reality.