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90% LTV needed with less-than-perfect credit
PR Team | 06.06.2024
An applicant approaches you as they’re finding it hard to get a mortgage lender to consider their less-than-perfect credit history for a high LTV residential mortgage. They’re looking to purchase a £250,000 property with a 10% deposit.
They divorced their partner a few years ago and their finances took a hit. This led to them having three CCJs and four defaults.
You call your BDM as you’ve heard we have an extra flexibility range and think we might be able to help. They speak to our underwriters, who review on a case by case basis and can take an individual view of the applicant’s credit profile, which consists of:
- Defaults with a combined total of less than £300
- One of the defaults is unsatisfied but registered more than 24 months ago
- All three CCJs and two of the defaults were satisfied more than 12 months ago
This meant, subject to a full underwrite and valuation, that the applicant actually met the criteria of our core residential range and so could qualify for a lower rate and a 90% LTV mortgage.
That’s why it’s always worth getting in touch with your BDM to speak to them about the cases you’re working on.
