| Property | Three-bedroom semi-detached house |
|---|---|
| Location | Luton, Bedfordshire |
| Client | Employed couple, debt management plan completed 10 months ago |
| Product | Adverse credit mortgages |
The challenge
The couple had repaid their debts through a debt management plan, but their credit files still showed defaults. They were renting at a high cost and keen to buy, but were turned away by their bank.
What we did
We identified specialist lenders that accept completed debt management plans with good subsequent conduct. We gathered the plan completion letter, statements and full credit reports. We explained that specialist lending usually costs more, and that improving their credit could allow a cheaper remortgage later.
The outcome
A mortgage was approved at 75% loan to value, with a plan to review once the fixed rate ends.
Adverse credit mortgagesMortgage options if you have missed payments, defaults, CCJs or past insolvency on your credit file.
Learn moreImportant: Your home may be repossessed if you do not keep up repayments on your mortgage. There may be a fee for mortgage advice: up to 1% of the loan, typically £500.