Adverse Credit Policy
We will consider customers with adverse credit history based on their personal circumstances and ability to sustain mortgage and rent payments. Where exceptional circumstances are evidenced to explain adverse credit, we will use discretion to determine whether risk is sufficiently mitigated. The following principles apply:
Acceptable:
- Individual Voluntary Arrangement/s (IVAs) or bankruptcy discharged over three years ago / registered over six years ago and satisfied, with no further issues.
- Debt management plans that have been repaid.
- Previous repossession over three years ago, with evidence from repossession lender confirming no outstanding, and no other credit issue in last three years.
Unacceptable:
- County Court Judgement/s (CCJs) or defaults that remain unsatisfied within last two years, unless communication defaults.
- CCJs or defaults within last two years, satisfied or unsatisfied over £300.
- Unsatisfied CCJs or defaults of more than £1000, registered at any time.
- Mortgage arrears in last 12 months.
- Outstanding / active bankruptcy, IVAs or debt relief orders.