Credit Flex
Credit Flex offers a flexible approach to providing competitive mortgage solutions to borrowers with credit issues.
Available to 80% LTV, our table below shows the levels and recency of imperfect credit history that Credit Flex can consider.
If you need even more flexible criteria, or would like to discuss Credit Flex in more detail, call to our Intermediary Sales Team on 01455 894084 Mon-Fri, 9am-5pm – our wait times to speak to someone are often only seconds.
| Credit Type | Criteria |
|---|---|
| County Court Judgements (CCJs) | None within the last 3 months. Maximum 2 allowed between 3 – 36 months up to a total value of £500. |
| Communication | Any number of late payments (including settled default). |
| Credit Card, Mail Order, Current Account, Utilities | Up to 5 months late payments within the last 24 months. Over 24 months any number of late payments considered. |
| Debt Management Plans | None registered within the last 12 months. Satisfied & discharged before completion. If unsatisfied must have satisfactory conducted for 24 months and please refer to the Intermediary Sales team. |
| Defaults – Utilities, Credit cards, Telecoms | None within the last 3 months. Maximum total value £2,500 last 36 months. Above £2,500 please refer to the Intermediary Sales team. |
| Hire Purchase or Unsecured loan | Up to 2 months late payments within the last 24 months. Up to 3 months late 24 – 36 months. |
| Individual Voluntary Arrangement (IVA), Debt Relief Order, Bankruptcy | None within the last 3 years. Any historical must be satisfied. |
| Mortgage Or Secured Loan | Up to 2 months late payments within the last 24 months. Up to 3 months late 24 – 36 months. |
| Pay Day Loans | None within the last six months. The maximum total value of £500 last 36 months. |
Important points to note:
- Standard income multiple of 4.49 applies.
- Maximum loan size £500,000 (LTV dependent).
- No secured arrears permitted in the last 3 months.
- For unsecured loan payments, the latest payment must be made.
- All CCJs, defaults, and debt management plans are required to be satisfied before completion.
- No arrears on Payday Loans are accepted.
- Income type must meet our standard policy. See our Income Criteria here.
- Explanations for imperfect credit history may be requested.
- Debt consolidation is not permissible.
- Individual Voluntary Arrangement (IVA) must be satisfied for at least 3 years before application.
All lending criteria is subject to full underwriting assessment.
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