Low credit score? We could help

We don't operate a computer decision making system. Because of this, all applications are manually underwritten by an experienced case handler without any regard to your clients credit score. This provides us with the opportunity to apply a more common sense approach to underwriting when assessing your client’s application, rather than the strict computer automated approach adopted by so many high street lenders.

We complete a basic credit check when processing your decision in principle. Some of the benefits of a manual underwriting approach are detailed below:

  • Lack of extensive credit history doesn’t prevent us from accepting an application;
  • If your clients are not listed on the electoral roll, we will simply request additional proof of address as an alternative;
  • Occasional late payment history may be considered. Clients who have occasional blips on their credit file are not immediately rejected without full consideration of the case.

We can consider applications where the client has an historic default less than £500. This must be satisfied at least three months before application.
We can refer cases where historic defaults are over £500, if they have been satisfied for over three months.

Arrears on any loan, mortgage or other credit agreement over 2 years prior to the date of application will be considered.

Arrears on any loan, mortgage or other credit agreement within 2 years of the date of application where the cumulative amount overdue at any point is up to a maximum of 2 monthly payments will be considered on an individual basis.

If the cumulative overdue amount within the last 2 years before application reaches 3 or more monthly payments, applications will not be considered.

Case study

First time buyers, Mr D and Miss S needed a 90% mortgage. Sourcing on rate, their mortgage consultant had tried two high street lenders but both had declined the application at decision in principle stage. After obtaining a copy of their credit files, it became apparent that whilst neither client had any adverse history, both clients were suffering due to a low credit score.

Mr D had not registered on the voters roll, and as both he and Miss S lived with their parents, neither had previously arranged any loans or finance agreements. Their credit files detailed their bank account history, and Miss S had one credit card, which was within its limit but on two occasions during the last 24 months she had been late making the monthly payment.

We were able to accept the application as the clients could easily demonstrate affordability and had satisfactory employment history. Mr D provided an explanation for his omission from the electoral roll and alternative proof of address history and Miss S provided a satisfactory explanation for the missed payments.

BDM June 2023

Call us today to discuss your case

Speak to our Telephone Business Development Team on 0121 521 4000 or email us and we'll call you back! Alternatively, you can find out who your local Business Development Manager is here.

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Monday - Friday: 9:00 - 17:00
Saturday - Sunday: Closed
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