Tuesday, February 8, 2011

CML Adverse Credit Research

CML Adverse Credit Research Research from the Council of Mortgage Lenders (CML) divides borrowers for an adverse mortgage or remortgage into three areas in terms of risk:low adverse,medium adverse and high adverse. (Some lenders terms these light adverse, medium adverse and heavy adverse, though Advertthere may be other descriptions as well.) According to the CML, applicants for an adverse remortgage with a low adverse rating would have no bankruptcy orders or IVAs, CCJs of between £500 and £2,000 and between three and six months of arrears on loan payments.

If applying for an adverse remortgage with CCJs of between £2,000 and £5,000, arrears of between six and 12 months and no IVAs or bankruptcy orders, then that would count as medium adverse.With most adverse remortgage lenders only IVAs, CCJs and bankruptcies in the last three years and which have not been satisfied are considered adverse credit. For arrears, the qualifying period is two years. http://www.adverse-mortgage-centre.co.uk/adverse-remortgage.html

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