Adverse Credit Mortgage

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Why no credit history is different from a bad credit history

Don't assume that, if you can't prove your income or don't have a credit history, you need to apply for an adverse credit mortgage. There's a big difference between no credit history and a bad credit history and plenty of lenders offer non-status mortgages.

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Many people believe that they need to apply for an adverse credit mortgage when they don't have a bad credit rating: the self-employed, temporary workers and company directors all used to be considered bad risks for lenders, but these days firms are more enlightened. Instead of an adverse credit mortgage, people who don't have black marks on their credit rating should look for a non-status mortgage or a self certified mortgage.

What's the difference between a non-status mortgage and an adverse credit mortgage? The latter is for people who have a bad credit rating because they've got into trouble in the past. That trouble could be bankruptcy, a county court judgement (CCJ) or some other credit problem, such as falling into serious arrears with credit. Non-status, on the other hand, means that you haven't been in financial trouble, you're just an unusual case.

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