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Failed Credit Score

Non-conforming / Complex prime mortgages from Mosaic Mortgages

The liquidity crisis started with the sub-prime lenders in September 2007 but this snowballed & brought all lenders to their knees after the Inter-Bank lending markets froze & the full extent of the problems were realised following the run on Northern Rock & its subsequent nationalisation in February 2008. This was closely followed by the high profile Bankruptcy of the American banking giant, Lehman Brothers in September 2008 when the US Government failed to support it meaning that confidence in the financial markets hit an all time low.

This lack of confidence between Banks caused the credit-crunch and for borrowers this has meant that the availability of mortgage lending is extremely scarce. Lenders have been keen to attract low risk, low loan to value, A-rated borrowers and have set their credit score sufficiently high enough to only accept the applicants that they are looking for. Unfortunately, this strategy creates a class of borrowers that will not be accepted on the high street as they may fall into one of the following categories:

Self employed but only accounts available for 1 or 2 years We have access to lenders that will use 1 years account or 1 year + a projection in assessing what they will lend to you
Little or no credit history
If you have failed credit score on the high street as you don’t have any credit, we will recommend a lender that credit searches only and doesn’t credit score
Historic adverse credit history problems
If you have CCJs (County Court Judgments) or Defaults that are within the last 6 years but over 2 years old, we have specialist lenders that will ignore them subject to a minimum 20% deposit. We may even be able to help if the problem is more recent
Deposit requirements
10% deposit is the minimum required on a standard purchase but if you fail credit score at this level, we can assess your circumstances and advise you on the best course of action. (We may suggest increasing your deposit to make it more likely to get a mortgage)
Low Cost / Affordable Housing Schemes
We still have 100% mortgage available or low deposit schemes in this area. We will recommend the most appropriate scheme for your requirements.

We can help in the majority of circumstances and should we feel that it’s not the right time to apply for a mortgage now, we will advise you what to do to ensure that you get your mortgage in the future.

If you’ve been declined by a lender, don’t keep applying elsewhere as this has a detrimental effect on your credit rating, making it even harder to get a mortgage agreed in future.

Check your credit history

We recommend obtaining a copy of your credit file and ‘Check My File’ is the most comprehensive as it extracts your credit data from 4 credit reference agencies in one report, We can review the file with you to explain exactly what the various entries mean. Check My File is offered free for 30 days and then £14.99 per month thereafter and can be cancelled at any time. If you are thinking of applying for a mortgage then we recommend taking advantage of this service so that you can see exactly what a lender will see when you apply for a mortgage and they credit search you.

We will provide you with advice of how to improve your credit rating so that we can get you a High Street mortgage as soon as possible.

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