Are you struggling to find a mortgage lender willing to treat you as any other applicant because of your financial circumstances? It can be extremely frustrating when, despite your credit worthiness, lenders deem you as a financial risk because of something in your past. The case study below shows how AEON can help find a suitable mortgage for people in such situations in spite of their financial history.

Adverse Credit

The problem: Your mortgage is declined!
The benefit: Successfully arranging funding for your property or arranging a re-mortgage
Suitable for: People with adverse credit or poor credit history

Dave and Claire approached AEON after they had been refused a mortgage by their bank.

Their income was more than sufficient to cover the mortgage needed and they had a 25% deposit. However, Dave had previously been subject to an Individual Voluntary Arrangement (IVA). The IVA had been satisfied four years previously and since entering the IVA, Dave had changed his lifestyle. He had adopted a more mature approach to life, become increasingly successful at work and now had an income that more than met his needs. In the eyes of the mortgage lenders, this change in attitude was irrelevant and Dave still represented a significant risk. Unfortunately, any mention of a previous IVA tends to result in a negative outcome.

Through sourcing the whole of the market and liaising with lenders that are not available directly to the public, AEON was able to find a lender who treated Dave as any other applicant would be treated. As far as the lender was concerned, Dave had served the necessary period to repair and reinstate his credit worthiness.

The result was a mortgage offer on standard terms. After the initial product period, Dave will have had two further years of good credit which means that more of the market will open up should he and Claire want to consider re-mortgage options in the future.