Mortgage for client with adverse credit and small deposit


Trying to secure a mortgage with adverse credit is stressful enough, but when time constraints are added into the mix, the process can become extremely difficult. For many borrowers, one of the most frustrating aspects of the mortgage application process is how long this can take—in the hands of the wrong broker, or when waiting to hear back from banks, this process can be very long winded. This is especially annoying when an external pressure means the clients need to move quickly.

My clients were a young couple in their early twenties, purchasing in Greater London. Having found Enness through an online search, they contacted me on a Friday afternoon to explain their situation.

They were looking to purchase a 3-bedroomed end of terrace, valued at £298,000. However, they had 3 defaults several years ago (these were now satisfied) and a small deposit of 10%. Having been refused by a high-street bank, they were now under a time pressure as the vendor wanted a quick sale.


I was confident I could help, as my years of experience as a broker meant I knew of a lender who was prepared to work with clients with previous credit defaults which were now satisfied. After talking with the clients on Friday and completing a full fact find, the clients provided documents on Monday, I submitted the application on Tuesday, and a valuation was organised on Thursday.

This was an incredibly quick turnaround, which was precisely what my clients needed. Ultimately, I secured them a 2-year fixed rate of 2.74% with a £999 product fee added to the mortgage loan.

I was also able to advise my clients, as first-time buyers, about the necessary protections and insurances.

If you need a fast turnaround, an experienced broker can be invaluable in ensuring your application is submitted accurately, diligently and quickly. If you need to arrange a mortgage on a short time frame, I would be delighted to advise you further.


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