1 How quickly will I get a decision?
We can usually obtain a Decision in Principle (DIP) from a lender within 24 hours, and often the same day.
2 How much deposit will I need?
The deposit required will be determined by how recent and how severe the bad credit is. Every case is different and much will depend on your individual circumstances. However 10% is likely unless your CCJ was several years ago in which case 5% may be possible.
3 - What are my chances of getting a mortgage with a CCJ?
This will depend on the specific circumstances of your case and the severity of the bad credit. But as a general rule of thumb, your chances are good if the CCJ occurred more than 2 years ago or if the CCJ was for a maximum £1500 and less than 2 years ago.
If it was less than 2 years ago, you may be restricted in the number of lenders and products available. Fees and APR's may also be higher.
4 I've just been declined for a mortgage elsewhere. Can you help?
Yes. The brokers we work with have access to specialist niche lenders who cater to the adverse credit mortgage market. So even if you've been declined recently by a high street bank or other lender, it's still worth getting in touch.
5 - I'm an ex-bankrupt, can you help me get a mortgage?
This will depend on the specific circumstances of your case. But your chances should be reasonable if you were discharged from bankruptcy at least 2 years ago, have kept a clean credit history since, and can put down a 10-15% deposit.
After 4-5 years, products become available to ex-bankrupts with terms much closer to mainstream deals.
If you've been discharged less than 2 years ago, it is very unlikely we will be able to help as there are barely any deals available for recently discharged bankrupts. The ones that are tend to be punitive, with extremely high interest charges and fees. The lender is also likely to require a higher deposit of 40% or more.
6 Do I need a copy of my credit report before I contact you?
No, not at all. However we will need to look at your credit report to assess your circumstances properly. So we recommend you download your credit file from one of the main credit rating agencies asap.