Mortgage After Redundancy With Bad Credit A Fresh Start Is Possible
Redundancy is one of the most commonly understood reasons for adverse credit. A period of unemployment following redundancy can lead to missed payments, defaults and in serious cases CCJs or DMPs — through no fault of the borrower. Specialist mortgage lenders understand this context.
🏦 What Lenders Look At
- Current employment — how long you have been re-employed
- Income stability since re-employment — most lenders want 3-6 months minimum
- Whether the adverse credit clearly coincides with the redundancy period
- Age of the adverse credit markers
- Clean credit since re-employment commenced
❓ Common Questions
How long do I need to be re-employed before applying?
Most lenders want 3-6 months of re-employment. Some specialist lenders will consider applicants who have just started a new role if the adverse credit clearly predates the new employment.
Can I use redundancy pay as a deposit?
Yes — redundancy payments are a legitimate source of deposit funds. You will need to document the redundancy payment.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP YOUR REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER LOAN SECURED AGAINST IT.
This page is for general information only and does not constitute regulated financial advice. The Mortgage Geezer is a trading style of Access Financial Services Ltd who are authorised and regulated by the Financial Conduct Authority. The Financial Services Register number is 301173. Registered in England No. 04427489. Registered office address Access Financial Services Ltd, Unit 1 Furtho Court, Towcester Road, Old Stratford, Milton Keynes, MK19 6AN.