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Case study – Bad credit mortgages

Bad Credit History
Jenna Clements is 29 years old and a Marketing Executive working in London, who recently managed to take her first step onto the property ladder, even though she has a history of bad credit.

A few years ago Jenna went on an over due holiday to Thailand. She financed the trip on a credit card. She started to fall behind with the minimum monthly payments and after 4 months of arrears she was taken to court and received a CCJ.

“I was left with a County Court Judgement (CCJ) on my record for £625.00,”

she confesses.

“I was shocked as I had never before been in any trouble with credit card payments. The whole experience brought me to my senses. A few months down the line I paid off my debts and cut up my credit cards.”

One year later, Jenna had saved up enough for a 20% deposit and managed to get a mortgage for £120,000.

The interest on the fixed rate she took out was relatively high, but she was simply relieved to be able to buy her new flat.

NB: names and personal details have been changed to protect confidentiality.

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Is Your Bad Credit History Stopping You From Getting a Mortgage?
We Can Help You!

Do you want to find a mortgage but are worried about how your poor credit score may impact your chances?

Have you found yourself in a similar position, worried about how your bad credit score may impact your chances of getting your new home.

We understand that a history of bad credit can make finding a lender willing to provide a mortgage tricky.

However at Amber Mortgage Solutions we consider everyone. So regardless of your poor credit score, our specialist mortgage advisors can help you to find the best deals on the market and access an affordable bad credit mortgage to suit your personal circumstances.

What Does it Mean to Have a Bad Credit History?

It is important to remember that your credit score is not what determines the final decision on your mortgage. It is the variety of information your credit file consists of that is taken into consideration by mortgage lenders.

Common contributors to a ‘bad’ credit history, or ‘score’, are:

  • A history of missed payments/defaults.
  • Previous court records. For example, IVAs, bankruptcies, CCJs.
  • Electoral roll information (whether or not you are registered to vote).
  • Your current debts and which companies these are owed to.
  • Credit card applications, in particular, how many have been declined.
  • Payday loan information held on your file
  • A Debt Management Plan (DMP) that you may have entered

If your concerned whether your bad credit score may be affecting your chances of getting a mortgage, speak with our friendly specialist mortgage advisors.

Call us on 01702 619 221 or email us here.