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Precise Mortgages – Adverse Credit

  • August 18, 2023

Latest news from Precise Mortgages advising on the adverse credit policy. 18th August 2023

Understanding Precise Mortgages’ Adverse Credit Criteria

Navigating the world of mortgages can be daunting, especially for those with adverse credit histories. If you’ve found yourself facing challenges in securing a mortgage from mainstream high-street lenders, Precise Mortgages has tailored a residential range specifically for your needs.

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What Does the Adverse Credit Mortgage Criteria Include?

Precise Mortgages recognises that financial setbacks can occur, but these shouldn’t be a permanent barrier to homeownership. Their criteria is designed to accommodate a variety of financial hiccups:

    • Defaults: Precise Mortgages can accommodate individuals who have had up to 5 defaults within a 24-month timeframe.
    • CCJs (County Court Judgements): The criteria accepts up to 3 CCJs recorded in the past 24 months.
    • Debt Management Plans (DMPs): Those who are currently on a DMP or have recently satisfied one are still eligible.
    • Unsecured Arrears: While these arrears won’t be counted directly against the applicant, they could influence the overall credit score, so it’s important to be aware of them.
    • Missed Mortgage or Secured Loan Arrears: Precise Mortgages’ criteria allows for up to 1 missed arrear in the last 12 months, and a maximum of 3 missed arrears in the preceding 36 months, taking into consideration the worst status of the arrears.

In Summary

It’s crucial for potential borrowers to know that adverse credit histories don’t mean an end to homeownership dreams. With lenders like Precise Mortgages offering specific criteria to cater to those with past financial missteps, a pathway to owning a home remains open. Always remember to engage with mortgage specialists to gain a thorough understanding of your eligibility and the best options available to you.

Your home is at risk if you fail to keep up payments on your mortgage or any other loans secured against it.

Your home is at risk if you fail to keep up payments on your mortgage or any other loans secured against it.

Buy to Let mortgages are not usually regulated by the Financial Conduct Authority.

Compton Financial Services Ltd is an Appointed Representative of New Leaf Distribution Ltd. who are authorised and regulated by the Financial Conduct Authority. Number 460421. Head Office 165 – 167 High Street, Rayleigh, Essex SS6 7QA. Co registration Number 5520001.