A new website, Adverse.online, is offering a completely new and unique service. A fully online only Mortgage application process from start to finish for people with bad credit.
Bad credit can mean different things to different people but generally speaking, it would be classed as people who had Defaults or CCJs, maybe a Debt Management Plan (DMP), Bankruptcy or an IVA. To some degree, it can also include people who have arrears, but it’s fair to say most people will have a late payment or two dotted around on their credit report. We would not normally class that as adverse – there would need to be quite a few late payments for that to fall into the adverse category.
Adverse.online is a 100% online Mortgage Broker set up to help customers who have bad credit but either do not have the time to consult a mortgage broker, or have a fear of rejection, or are maybe a little too embarrassed to discuss their adverse with a person.
Do you find your credit problems embarrassing?
The great thing about our website is that you fill out all of your adverse online. You will then be provided with a list of products we think you may be eligible for based on the adverse you have declared. You can do all of this without even telling us your name or providing any personal information.
If you wish to proceed to the next steps, you can then register and provide the additional information needed for your application. But by this stage, you will know if your adverse is looking like it is within the realms of what we are used to dealing with. Hopefully, that shows there is no need for any embarrassment as it is very likely we will have seen something similar (or worse) many times before. However, you will still not be required to speak to anyone from our team.
Some facts about adverse
You should not be embarrassed about bad credit as it affects more people than you may imagine. As a broker, we have seen every walk of life from heads of local government to part-time zero-hour workers on minimum wage with credit issues.
Did you know:
- In the first 6 months of 2020 there were over 475,000 CCJs issued, the average value was £2370.
- There were 10,397 insolvencies in April 2020.
- It is estimated around 12% of adults have had bad credit within the last 3 years (over 6 million adults!).
Our experience is that bad credit typically falls into one of three categories:
- Youth – This is by far the most common. Typically all of the adverse is historic (three years plus) it may have gone on over a prolonged period but there is a clear gap between the adverse and now.
- A life event – This is probably the second most common. A life event can be anything, a relationship breakdown, ill health, loss of job etc. When we see a credit report, we would normally expect to see a six-year history, five years clear and then maybe 6-12 months where things defaulted or payments were paid and missed, paid and missed before eventually either catching up or the defaults happening.
- The third category is a little trickier. This is where you may miss payments or default throughout the six years shown on your credit report. This is a little more complex to place and typically we need to see a six-month gap between the most recent adverse and when we look to make an application.
Set up by a Mortgage Broker with over 10 years experience in bad credit, it is run by qualified mortgage advisors fully authorised and regulated. With rates from under 3% and products up to 85% LTV we would like to think we can help most people who have had some form of adverse. There is nothing to lose by giving us a try.
This is a brand new service that The Life Stuff have been given advanced access to. It is currently still in a testing phase so there may be parts of the site which don’t flow quite as they should. However, the site is fully functioning with over 400 products available for people with Arrears, Defaults, CCJs, Bankruptcy, DMPs and IVAs and our small team are more than happy to help and actively looking for applicants to trial the system.