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Updated Criteria for Bad Credit Customers July 2019

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Purchase with Defaults

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*Help To Buy may be available for those with recent defaults

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Date of Defaults Number of Defaults Default Amount Do they need to be satisfied? Deposit Requirements Maximum LTV
*Within Last 6 – 12 months Zero in last 3 months Max 2 in months 7 – 12 Some lenders have a maximum of £1500 in 12 months others have no cap No some lenders allow them to be unsatisfied 15 – 20% 80 – 85%
*12 – 24 months 2 – 4 in 24 months. None in last 3 months Some lenders have a maximum of £5000 combined defaults, others have no maximum No some lenders allow them to be unsatisfied 10 – 15% 85 – 90%
*Over 36 Months Potentially 1 registered within the last 36 months Some lenders say the amount can not exceed £150 Some lenders may want them to be satisfied but some lenders may accept them unsatisfied 5 – 10% 90 – 95%
5 – 6 years Any amount, none within the last 36 months Any amount Some high street lenders may require for them to be satisfied but some may accept them unsatisfied also 5 – 10% 90 – 95%

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Remortgages and Defaults

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Date of Defaults Number of Defaults Maximum LTV Default Amount Do they need to be satisfied?
Within last 6 – 12 months Zero in last 3 months Max 2 in months 7 – 12 80 – 85% Some lenders have a maximum of £1500 in 12 months others have no cap No some lenders allow them to be unsatisfied
12 – 24 Months 2 – 4 in 24 months None in last 3 months 85 – 90% Some lenders have a maximum of £5000 combined defaults, others have no maximum No some lenders allow them to be unsatisfied
Over 36 months Potentially 1 registered within last 36 months 85 – 90% Some lenders say the amount cannot exceed £150 Some lenders may want them to be satisfied but some lenders may accept them unsatisfied
5 – 6 years Any amount None within the last 36 months 90% Any amount Some high street lenders may require for them to be satisfied but some may accept them unsatisfied also.

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Purchase with CCJs

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*Help To Buy may be available for those with recent CCJs

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Date of CCJs Deposit Requirements Number of CCJs Max CCJ Amount Do they need to be satisfied? Max LTV if not satisfied Max LTV if satisfied.
*Within last 6 – 12 months 15 – 20% 2 in months 7 – 12 Some lenders may have a max of £1000 in the last 12 months, none in the last 3 months Some lenders may accept the CCJs unsatisfied 80 – 85% 85 %
*12 – 24 months 10 – 15% Potentially up to 3 in 24 months Some lenders may have a max of £2500 in 24 months, others have no limit Some lenders may accept the CCJs unsatisfied 85 – 90% 90%
*Over 36 Months 5 – 10% Potentially 2 recorded in the last 36 months Combined value of 3k with some lenders, others have no limits Some lenders may accept the CCJ unsatisfied 90 – 95% 95%
5 – 6 years 5 – 10% Potentially any number Combined value of 3k with some lenders, others have no limits Some lenders may require the CCJs have been satisfied for more than 3 years others may accept the CCJs unsatisfied 90 – 95% 95%

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Remortgaging With CCJs:


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Date of CCJs Number of CCJs Maximum CCJ Amount Do they need to be satisfied? Max LTV if not satisfied? Max LTV if satisfied
Within last 6 – 12 months 2 in months 7 – 12 Some lenders may have a max of £1000 in the last 12 months, none in the last 3 months Some lenders may accept the CCJs unsatisfied 75 – 85% 80 – 85%
12 – 24 Months Potentially up to 3 in 24 months Some lenders may have a max of £2500 in 24 months, others have no limit Some lenders may accept the CCJs unsatisfied 80 – 85% 85%
Over 36 months Potentially 2 recorded in last 36 months Combined value of 3k with some lenders, others have no limits Some lenders may accept the CCJs unsatisfied 85 – 90% 90%
5 – 6 years Potentially any number Combined value of 3k with some lenders, others have no limits Some lenders may require the CCJs have been satisfied for more then 3 years others may accept the CCJs unsatisfied 90 – 95% 95%

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Purchasing with a bankruptcy


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Date of Discharge from Bankruptcy Deposit Requirements Max LTV Other adverse accepted? Repossessions accepted?
1 year ago 30 – 35% 65 – 70% If linked to bankruptcy and can be shown as linked to bankruptcy Potentially
2 years ago 25 – 30% 70 – 75% If linked to bankruptcy and can be shown as linked to bankruptcy Potentially
3 years ago 15 – 20% 80 – 85% If linked to bankruptcy and can be shown as linked to bankruptcy Potentially
4 years ago 10 – 15% 85 – 90% If linked to bankruptcy and can be shown as linked to bankruptcy Potentially
5 years ago 5 – 10% 90 – 95% If linked to bankruptcy and can be shown as linked to bankruptcy Potentially
6 years ago 5 – 10% 90 – 95% If linked to bankruptcy and can be shown as linked to bankruptcy Potentially

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Remortgaging with a bankruptcy


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Date of Discharge from Bankruptcy Equity Requirements Other adverse accepted? Repossessions accepted?
1 year ago 65 – 70% If linked to bankruptcy and can be shown as linked to bankruptcy Potentially
2 years ago 70 – 75% If linked to bankruptcy and can be shown as linked to bankruptcy Potentially
3 years ago 80 – 85% If linked to bankruptcy and can be shown as linked to bankruptcy Potentially
4 years ago 85 – 90% If linked to bankruptcy and can be shown as linked to bankruptcy Potentially
5 years ago 90% If linked to bankruptcy and can be shown as linked to bankruptcy Potentially
6 years ago 90% If linked to bankruptcy and can be shown as linked to bankruptcy Potentially

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Repossessions and Purchases


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Repossession Date Deposit Requirements Maximum LTV Does the repossession need to be satisfied?
1 year ago     No lenders on the market at the moment
2 years ago 25 – 30% 70 – 75% Some lenders require there to be a repayment plan in place to repay any shortfall usually for a minimum of 12 months
3 years ago 15 – 20% 80 – 85% Some lenders require there to be a repayment plan in place to repay any shortfall usually for a minimum of 12 months
4 years ago 10 – 15% 85 – 90% Some lenders require there to be a repayment plan in place to repay any shortfall usually for a minimum of 12 months
5 years ago 5 – 10% 90 – 95% Some lenders require there to be a repayment plan in place to repay any shortfall usually for a minimum of 12 months
6 years ago 5 – 10% 90 – 95% Some lenders require there to be a repayment plan in place to repay any shortfall usually for a minimum of 12 months

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Debt Management Plans and Purchases


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*Help To Buy may be available for those with an active debt management plan


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Date of DMP Registration Deposit Requirements Maximum LTV Does the DMP need to be satisfied?
*1 Year Ago 15 – 20% 80 – 90% Some lenders may accept an active DMP
*2 Years Ago 10 – 15% 85 – 90% Some lenders may accept an active DMP
*3 Years Ago 10 – 15% 85 – 90% Some lenders may want the DMP to be satisfied for 12 months, others may accept it active
*4 Years Ago 10 – 15% 85 – 90% Some lenders may want the DMP to be satisfied for 12 months
*5 Years Ago 5 – 10% 90 – 95% Some lenders may want the DMP to be satisfied for 12 months, others may accept it active
*6 Years Ago 5 – 10% 90 – 95% Some lenders may want the DMP to be satisfied for 12 months, others may accept it active

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Remortgaging with a Debt Management Plan


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Date of DMP Registration Equity Required Does the DMP need to be satisfied?
1 Year Ago 80 – 90% Some lenders may accept an active DMP
2 Years Ago 85 – 90% Some lenders may accept an active DMP
3 Years Ago 85 – 90% Some lenders may want the DMP to be satisfied for 12 months, others may accept it active
4 Years Ago 85 – 90% Some lenders may want the DMP to be satisfied for 12 months
5 Years Ago 90% Some lenders may want the DMP to be satisfied for 12 months, others may accept it active
6 Years Ago 90% Some lenders may want the DMP to be satisfied for 12 months, others may accept it active

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Purchasing with an IVA


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Date of Registration Deposit Requirements Maximum LTV Does the IVA need to be satisfied?
1 Year Ago 30% – 35% 65 – 70% Potentially Accepted Unsatisfied
2 Years Ago 25 – 30% 70 – 75% Potentially Accepted Unsatisfied
3 Years Ago 15 – 20% 80 – 85% Potentially Accepted Unsatisfied
4 Years Ago 10 – 15% 85 – 90% Some lenders require it to be satisfied
5 Years Ago 5 – 10% 90 – 95% Some lenders require it to be satisfied
6 Years Ago 5 – 10% 90 – 95% Some lenders require it to be satisfied

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Remortgaging with an IVA


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Date of Registration Equity Required Does the IVA need to be satisfied?
1 Year Ago 65 – 70% Some lenders may require it to be satisfied if funds are raised
2 Years Ago 70 – 75% Some lenders may require it to be satisfied if funds are raised
3 Years Ago 80 – 85% Some lenders may require it to be satisfied if funds are raised
4 Years Ago 85 – 90% Some lenders may require it to be satisfied if funds are raised
5 Years Ago 85 – 90% Some lenders may require it to be satisfied if funds are raised
6 Years Ago 85 – 90% Some lenders may require it to be satisfied if funds are raised

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Unsecured Arrears and Purchases:


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Number of Late Payments When the late payments were Deposit Requirements Lender Notes
1 – 3 Missed Payments 0 – 12 months 15 – 20% May depend on the maximum status the arrears went up to, lenders who credit score may restrict the LTV
3 – 5 Missed Payments 12 – 24 Months 10 – 15% Depending on status and the reason for the unsecured arrears
3- 5 Missed Payments 24 – 36 Months 10 -15% Depending on status and the reason for the unsecured arrears
3 – 5 Missed Payments 36+ Months 5 – 10% Depending on status and the reason for the unsecured arrears

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Remortgaging and Unsecured Arrears:


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Number of Late Payments When the late payments were Maximum LTV Lender Notes
1 – 3 Missed Payments 0 – 12 months 80 – 85% May depend on the maximum status the arrears went up to, lenders who credit score may restrict the LTV
3 – 5 Missed Payments 12 – 24 Months 80 – 85% Depending on status and the reason for the unsecured arrears
3- 5 Missed Payments 24 – 36 Months 85 – 90% Depending on status and the reason for the unsecured arrears
3 – 5 Missed Payments 36+ Months 90% Depending on status and the reason for the unsecured arrears

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Mortgage Arrears and Purchases


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Number of Arrears When the late payments were Deposit Requirements Lender Notes
1 – 2 Missed Payments 0 – 12 months 15 – 20% May depend on the maximum status the arrears went up to, lenders who credit score may restrict the LTV
3 – 5 Missed Payments 0 – 12 Months 15 – 20% Lenders will want you to be 12 months clear before being able to accept an application
3- 5 Missed Payments 12 – 24 Months 15 – 20% Depending on status and the reason for the secured arrears
3 – 5 Missed Payments 24 – 36 Months 10 – 15% Depending on status and the reason for the secured arrears

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Remortgages and Mortgage Arrears


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Number of Arrears When the late payments were Maximum LTV Lender Notes
1 – 2 Missed Payments 0 – 12 months 75 – 80% May depend on the maximum status the arrears went up to, lenders who credit score may restrict the LTV
3 – 5 Missed Payments 0 – 12 Months 75 – 80% Lenders will want you to be 12 months clear before being able to accept an application
3- 5 Missed Payments 12 – 24 Months 80 – 85% Depending on status and the reason for the secured arrears
3 – 5 Missed Payments 24 – 36 Months 85 – 90% Depending on status and the reason for the secured arrears

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Payday Loans and Purchases


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When the payday loans were taken out How many have been taken out Deposit Requirements Do they need to be satisfied? Additional Notes
0 – 12 Months 1 – 2.
None in the last 6 months 
80 – 85% Potentially accepted unsatisfied but may affect affordability Deposit may depend on other credit history as well.
12 – 24 Months Up to 5 in 24 months 85 – 95% Lenders may require they are satisfied Deposit may depend on other credit history as well
24 – 36 months Unlimited. 
None in the last 6 months.
85 – 95% Lenders may require they are satisfied Deposit may depend on other credit history as well
36+ Months Unlimited.
None in the last 6 months.
85 – 95% Lenders may require they are satisfied Deposit may depend on other credit history as well

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Payday Loans and Remortgages


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When the payday loans were taken out How many have been taken out Maximum LTV Do they need to be satisfied? Additional Notes
0 – 12 Months 1 – 2 None in the last 6 months 80 – 90% Potentially accepted unsatisfied but may affect affordability Loan to value may depend on other credit history as well.
12 – 24 Months Up to 5 in 24 months 80 – 90% Lenders may require they are satisfied Loan to value may depend on other credit history as well
24 – 36 months Unlimited, none in the last 6 months 80 – 95% Lenders may require they are satisfied Loan to value may depend on other credit history as well
36+ Months Unlimited, none in the last 6 months 80 – 95% Lenders may require they are satisfied Loan to value may depend on other credit history as well

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FCA disclaimer

*Based on our research, the content contained in this article is accurate as of most recent time of writing. Lender criteria and policies change regularly so speak to one of the advisors we work with to confirm the most accurate up to date information. The info on the site is not tailored advice to each individual reader, and as such does not constitute financial advice. All advisors working with us are fully qualified to provide mortgage advice and work only for firms who are authorised and regulated by the Financial Conduct Authority. They will offer any advice specific to you and your needs. Some types of buy to let mortgages are not regulated by the FCA. Think carefully before securing other debts against your home. As a mortgage is secured against your home, it may be repossessed if you do not keep up with repayments on your mortgage. Equity released from your home will also be secured against it.