How minor adverse credit
didn’t mean specialist rates
After other brokers quoted specialist rates, self-employed applicants secured a high-street mortgage at a rate around 2% lower. Their offer was issued within seven days.
At a glance
- Customer: Self-employed applicants
- Challenge: Minor adverse credit
- Outcome: High-street offer within seven days
What made the difference
The high-street route accommodated the minor adverse credit while allowing the latest year’s self-employed accounts to be used in isolation.
Quoted specialist rates elsewhere
The applicants had received mortgage quotes from other brokers based on a specialist-lender route.
The minor adverse credit resulted in rates considerably higher than they had expected. The applicants also wanted their latest year’s self-employed accounts to be assessed on their own.
They needed a lender able to accommodate both elements of the application.
Finding a high-street alternative
We reviewed lenders whose criteria could fit the applicants’ credit position and treatment of self-employed income.
A suitable high-street lender agreed the case while allowing the latest year’s accounts to be used in isolation. This avoided the more expensive specialist route previously quoted.
Receiving an offer within seven days
The high-street lender issued the mortgage offer within seven days.
The agreed rate was around 2% lower than the specialist alternatives the applicants had received. The specialist route had also been expected to take several weeks.
Minor adverse credit affecting your options?
It may not automatically mean specialist rates. Let’s find out which lenders could consider your circumstances.
Important information
This story describes one application and does not guarantee the same outcome for another applicant. Mortgage availability, borrowing amounts, rates and timescales depend on your income, circumstances, credit history, the property and lender criteria. The rate comparison reflects the options quoted to these customers at the time and may not represent rates currently available. The customers have been anonymised to protect their privacy.
Your home may be repossessed if you do not keep up repayments on your mortgage.
How to apply
Call Team Muttuo
Discuss your accounts and borrowing needs. Open Mon–Sat, 9am–5pm.
