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Credit Repair Mortgages
Our credit repair criteria allows us to help borrowers who have experienced credit problems, including:
- Discharged bankrupt from day 1
- Up to £6,000 in CCJs with none in the last 12 months
- Active DMPs as long as it has not been entered into in the last 6 months with satisfactory conduct
- Previous repossession accepted if over 2 years ago
- Defaults accepted from just 4 months ago, subject to max £2,500 on credit defaults
Available on our Credit Repair mortgages up to 70% LTV, we can also accommodate other credit criteria on our Versatility mortgages up to 85% LTV (80% LTV on Versatility Plus).
Whilst our Credit Repair products are available on a capital repayment basis only, we will accept capital raising, transfer of equity and debt consolidation. Interest Only lending is available on our Versatility products, subject to a max 70% LTV on the Interest Only element.
Find out more from our Specialist Lending Criteria guide and from our products below.
We have 5 products available
Credit Repair – Fixed until 31 March 2030 – RCX005
| Term | Fixed until 31 March 2030 |
| Initial Rate1 | 6.39% |
| Overall Cost For Comparison2 | 7.7% APRC |
| MAX LTV3 | 70% |
| Early Repayment Charge | 3% until 31 March 2028, 2% until 31 March 2029, 1% until 31 March 2030 |
| Product Fees | £199 Application Fee |
- The £199 Application Fee is non-refundable and payable at the point of application
Credit Repair – 2 Year Fixed Rate – RCX004
| Term | 2 years |
| Initial Rate1 | 6.99% |
| Overall Cost For Comparison2 | 8.8% APRC |
| MAX LTV3 | 70% |
| Early Repayment Charge | 2% in Year 1, 1% in Year 2 |
| Product Fees | £199 Application Fee, £800 Completion Fee |
- The £199 Application Fee is non-refundable and payable at the point of application
- The Completion Fee can be paid before completion or added to the loan, subject to the maximum 70% LTV. If the Completion Fee is added to the loan amount, interest will be charged on the amount of the fee and this will be reflected in the monthly repayment over the term of the mortgage
A £1,000 Completion Fee added to the loan amount would increase in value over the term of the mortgage and an illustrative example is provided below based on a static rate over a 10, 15 or 25 year term.
Fee Amount |
Rate |
Value of the fee with interest at 10 years |
Value of the fee with interest at 15 years |
Value of the fee with interest at 25 years |
| £1,000 | 8.64% | £1,864.00 | £2,296.00 | £3,160.00 |
Credit Repair – 2 Year Fixed Rate – RCX003
| Term | 2 years |
| Initial Rate1 | 7.09% |
| Overall Cost For Comparison2 | 8.6% APRC |
| MAX LTV3 | 70% |
| Early Repayment Charge | 2% in Year 1, 1% in Year 2 |
| Product Fees | £199 Application Fee, No Completion Fee |
- The £199 Application Fee is non-refundable and payable at the point of application
Credit Repair – 2 Year Discounted Variable Rate – RCV004
| Term | 2 years |
| Initial Rate1 | 6.50% variable |
| Overall Cost For Comparison2 | 8.5% APRC |
| MAX LTV3 | 70% |
| Early Repayment Charge | 2% in Year 1, 1% in Year 2 |
| Product Fees | £199 Application Fee, £800 Completion Fee |
- The £199 Application Fee is non-refundable and payable at the point of application
- The Completion Fee can be paid before completion or added to the loan, subject to the maximum 70% LTV. If the Completion Fee is added to the loan amount, interest will be charged on the amount of the fee and this will be reflected in the monthly repayment over the term of the mortgage
A £1,000 Completion Fee added to the loan amount would increase in value over the term of the mortgage and an illustrative example is provided below based on a static rate over a 10, 15 or 25 year term.
Fee Amount |
Rate |
Value of the fee with interest at 10 years |
Value of the fee with interest at 15 years |
Value of the fee with interest at 25 years |
| £1,000 | 8.64% | £1,864.00 | £2,296.00 | £3,160.00 |
Credit Repair – 2 Year Discounted Variable Rate – RCV003
| Term | 2 years |
| Initial Rate1 | 6.60% variable |
| Overall Cost For Comparison2 | 8.6% APRC |
| MAX LTV3 | 70% |
| Early Repayment Charge | 2% in Year 1, 1% in Year 2 |
| Product Fees | £199 Application Fee, No Completion Fee |
- The £199 Application Fee is non-refundable and payable at the point of application
Definitions
1. Initial Rate
The Initial Rate is the rate available during the initial term of the mortgage. Once the initial rate term has expired, the mortgage will either revert to our Standard Variable Rate (SVR), or a follow-on rate that is a discount off our SVR. Our SVR is set by us and is currently 8.64%, as a variable rate it may go up or down. Our follow-on rate is 1.74% below our SVR (currently 6.90% variable) and will go up or down with changes to our SVR.2. Overall Cost for Comparison
The Overall Cost for Comparison is given as the Annual Percentage Rate of Charge (APRC) and includes all charges incurred relating to the mortgage. The APRC is intended to help you as a borrower compare the interest rates on different products.3. Max LTV
Like all other mortgage lenders, we will allow you to borrow against a proportion of the overall property value. This is known as Loan to Value (LTV) and is expressed as a percentage. For example, if you want to purchase a property at £100,000 and you would like to borrow £85,000, then you will need a mortgage available at 85% Loan to Value (LTV). The available LTV can vary depending upon the type of mortgage. Shared Ownership mortgages will offer two percentages under LTV - the proportion of the property value and the proportion of the share being purchased.Your home may be repossessed if you do not keep up repayments on your mortgage
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