Welcome to “Fresh Start”, the Adverse Credit Mortgage Department of Enhanced Wealth Ltd.
As you can see from other areas of our site, we are an Independent Mortgage Broker, a term that is available to all brokers.
Using the term Independent Mortgage Broker means that our scope of service must offer full advice across the whole of the market, including the Second Mortgage market. Access to the second mortgage market is a critical service, particularly for those who wish to raise some capital but have suffered some kind of poor credit impairment since taking on their main 1st charge mortgage.
If you have been having issues obtaining a mortgage, or know that you have credit problems, it’s best to seek professional advice in order to avoid making a bad situation worse.
Looking around you may have seen companies issuing adverts like “mortgages for people with CCJs, Bankruptcies no problem”.
Then when you call them it suddenly is a problem!!
Our starting point is to obtain a copy of a potential customer’s credit report, everything else flows from this important information. Quite often we find that credit score and not adverse credit is the cause of our enquirer’s problems……easily rectifiable if the correct lender is approached.
Criteria for lending
This is quite complex, however we believe that it’s important to manage potential customers’ expectations early on, so as to avoid disappointment. With that in mind as a rough guide:
- Current arears on secured debt (e.g. mortgage, further advance, 2nd charge): Not acceptable if more than 1 in the last 12 months
- IVA on file: No
- Bankruptcy on file: No
- Repossession on file: No
- Unsatisfied CCJs older than 30 months: Considered
- CCJs in last 24 months: Considered
- DMP (debt management plan) current and well conducted: considered
- Defaults in last 24 months: Considered
*At Enhanced Wealth Ltd, our minimum property value/purchase price for impaired credit transaction mortgages is £250,000. Our service is only available to existing homeowners.