Demerit points are defined as arrears, a CCJ or a default. For CCJs and default definitions please see individual product cards. Any CCJs or defaults that require an underwriter approval will count as a demerit.
Secured arrears are equivalent of 1 full calendar month payment. Arrears demerit points are defined as the highest number of arrears in the last 12 months on all first and second charge mortgages for the applicant(s) and cannot be deducted from the redemption figure. Arrears to be cleared are as detailed from the mortgage lender at the time of completion. Satisfactory explanation required for all CCJs, Defaults, and arrears.
We do not accept regulated bridging applications where the applicant has any secured arrears.