Residential policy
We can consider some applications with adverse credit, but the following limits apply:
Arrears
Mortgages
- In the last 6 months – no mortgage arrears allowed
- In the last 2 years – maximum 2 months’ arrears per mortgage
Loans
- In the last 6 months – maximum 2 months’ arrears per account where these have been brought up to date, and maximum 1 month’s arrears per account where they are not yet up to date
- In the last 2 years – maximum 2 months’ arrears per account
All other commitments
- In the last 6 months – maximum 2 months’ arrears per account where these have been brought up to date, and maximum 1 month’s arrears per account where they are not yet up to date
- In the last 1 year – maximum 3 months’ arrears per account, and no account 3 months in arrears for 2 months in a row
Other missed payments may be acceptable, subject to application.
Defaults
- Unsatisfied – no defaults of any value that are currently unsatisfied
- Satisfied – no defaults registered in the last 12 months. In the last 6 years, maximum 2 satisfied defaults and a maximum total value of £2,000
CCJs
- Unsatisfied – no CCJs of any value that are currently unsatisfied
- Satisfied – no CCJs registered in the last 6 months. In the last 6 years, maximum 1 satisfied CCJ and the value must be no more than £500
Debt management plans
Customers must not have a debt management plan in place.
IVAs, Administration Orders, Debt Relief Orders or Bankruptcy
None of these are acceptable within the last 6 years, even where satisfied or discharged.