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Aldermore Launches New Mortgage Products for Borrowers with Adverse Credit Histories

aldermore adverse credit
aldermore adverse credit

Navigating the mortgage market can be challenging, especially for those with adverse credit histories. Recognising this struggle, Aldermore has launched a new range of mortgage products and updated their lending criteria to help prospective borrowers, including First Time Buyers (FTBs), get onto the property ladder.

 

Understanding the Need

Recent research by Aldermore highlights that one in five adults in the UK has a poor credit score, creating significant hurdles in securing a mortgage or refinancing an existing property. The latest FTB Index reveals that 17% of aspiring buyers have a poor credit history, with 23% facing mortgage rejections. These statistics underscore the importance of tailored mortgage solutions for those with less-than-perfect credit.

 

New Product Levels

Aldermore's new mortgage products are categorized into three levels, each designed to accommodate varying degrees of credit history:

  • Level One: Available up to 95% LTV (Loan-to-Value), borrowers can qualify with no CCJs (County Court Judgements) registered in the last 36 months.
  • Level Two: Also offering up to 95% LTV, this level requires no defaults, CCJs, or mortgage arrears within the past 18 months. Borrowers can have up to two months' arrears in unsecured loans within the last 12 months.
  • Level Three: Available up to 80% LTV, this level necessitates no defaults or CCJs and no arrears for secured loans in the last 6 months. Up to three unsecured loan arrears within the past 12 months are permissible, provided at time of application they are up to date.

 

Key Criteria Updates

Across all three levels, Aldermore will now ignore combined defaults and CCJs up to £300 and all communication defaults. Furthermore, they will consider applicants with debt management plans, provided these plans have been maintained satisfactorily for the previous 12 months.

 

Why Choose Aldermore?

Aldermore stands out as one of the few lenders dedicated to supporting mortgage borrowers with adverse credit histories. By offering these tailored mortgage solutions, Aldermore ensures that individuals with financial setbacks have access to the support they need.

 

Seeking Professional Advice

Navigating the complexities of mortgages with adverse credit requires expert advice. It’s essential to explore all your options and ensure the right solution for your circumstances. Our experienced mortgage consultants are here to provide personalised guidance and support every step of the way.

For an initial consultation, speak with our experts or call us at 01628 564631. We're here to help you navigate your mortgage journey with informed advice and care.

Take the first step towards securing your mortgage today.

 

The information contained within was correct at the time of publication but is subject to change.

Your mortgage is secured on your property. Your property may be repossessed if you do not keep up repayments on your mortgage.

 

Source: Aldermore

Adverse Credit, First Time Buyer

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