Impaired Credit? You Can Still Get a Mortgage — Here's How We Help

Having a less than perfect credit score is a common occurrence these days and credit issues range from missing payments on your bills to bankruptcy and repossession. Typically, if you’ve experienced any problems in the past, you might feel that owning a home or changing your mortgage is impossible.

Over the past few years lenders have had to adapt their adverse credit policies and create criteria to be as flexible as their risk appetite allows. As a result, every day we help people who have been turned down for a mortgage find a solution. Our team specialises in supporting clients with credit issues as we understand that life isn’t always perfect and mistakes can happen!

What Is an Impaired Credit Mortgage?

Impaired credit mortgages (also known as bad credit or adverse credit mortgages) are designed for individuals who don’t meet traditional High Street criteria due to a poor credit history. These products are typically offered by specialist lenders who have flexible criteria and assess applications on a case-by-case basis.

As a specialist broker, we work directly with these lenders (most of which are not available on the High Street or direct to customers) to give all of our clients access to the widest range of options.

Common Credit Challenges

As mentioned above, our clients come to us with a range of credit issues and these include -

• Missed or late payments
• Defaults or arrears
• CCJs (County Court Judgments)
• IVAs (Individual Voluntary Arrangements) or DMPs (Debt Management Plans)
• Bankruptcy or previous repossessions

Whatever your situation, we’ll take the time to understand your full credit profile and match you with lenders who are willing to consider your application based on your current circumstances and not just your past. Even if we cannot help you today, we will explain the timescales to you and keep in contact for when the time is right.

What Lenders Consider (and How We Help)

Specialist lenders look beyond credit scores. They assess:

• Timing – How long ago did the credit issues occur?
• Severity – Was it just missed payments or something more serious?
• Affordability – Are your current income and outgoings stable?
• Deposit – Typically, a higher deposit or amount of equity in a property strengthens your application.

As brokers we know who likes what and so we will approach the right lenders from the get-go.

How to Get Started

If you’re thinking about applying for a mortgage with impaired credit, here’s what we recommend:

1. Check your credit report
       Review it for accuracy and note any areas that could be challenged, addressed or explained.
2. Gather your documentation
       We’ll need proof of income, bank statements, ID, and credit reports to get started.
3. Book a consultation with us
       Our team will review your case confidentially and give you a clear idea of your options, timelines, and next steps.

Rates and Expectations

Impaired credit mortgages often come with higher rates initially as the lenders are taking more of a risk lending to you if you have missed payments in the past. However, this is usually a short-term situation and many of our clients start with a specialist mortgage, then remortgage to a more competitive High Street deal once they’ve built up a track record of consistent repayments.

Rest assured, we help with that too as building relationships with clients is paramount to us and we are here throughout the mortgage term and not just the initial product!

Real People. Real Results.

At Chartwell Funding we take time to sort mortgages for our clients. So, if you have just been discharged from bankruptcy, are mid-way through a debt management plan or have old problems that are loitering for six years on your credit file, please get in touch. Our reviews on all the feedback sites will tell you how good we are and as your situation is unique, that’s exactly how we will treat it.