adverse credit mortgage

These are mortgages specifically designed for people who do not qualify for a mainstream mortgage from lenders. They may be suitable in a variety of situations – for example, if you have had credit problems in the past or have difficulty proving a regular or reliable income. Such situations are unfortunately increasingly common. Life-changing events such as divorce, unemployment and sickness can sometimes cause you to miss making payments on your mortgage or other financial commitments. These things happen to many people at some stage in their lives, but once such problems are behind you, they should not stop you applying for a mortgage.

This means that they have to follow comprehensive rules on how mortgage advice and information is provided. This also gives you important protection as a customer, including access to an independent redress scheme (the Financial Ombudsman Service) if you have a valid complaint about how your mortgage is sold or administered.

A number of lenders offer adverse credit mortgages. You can find information on the internet, in
the personal finance pages of a newspaper or through mortgage magazines sold in newsagents. Some lenders only offer adverse credit mortgages through a mortgage intermediary or mortgage broker. As there are lots of different mortgages designed to suit individual circumstances, you may wish to use a mortgage broker who gives advice and who will be able to recommend a suitable product for you.