Residential Lending Criteria
      Back to home
      1. Help Centre
      2. Residential Lending Criteria

      Adverse credit

      MPowered operates a system of credit scoring which along with hard credit rules determines the acceptability of applications. In terms of specific credit rules:

      CCJ’s

      We cannot accept:

      • Unsatisfied CCJ’s
      • Applications where there is 1 or more satisfied CCJs registered in the last 3 years, and either:
        • 2 or more satisfied CCJs in total in the last 6 years, or
        • Total value of CCJs over the last 6 years >£200for

      Example:

      • We can consider an application where there is one satisfied CCJ seven months ago, the value is less than or equal to £200, and this is the only CCJ – providing there is an adequate explanation for the CCJ
      • We can consider an application where there are 2 satisfied CCJs, regardless of value, as long as neither of the CCJs were registered within the last 3 years, and both CCJs are satisfied

      Bankruptcy / IVA / DRO

      • We cannot accept bankruptcy, IVA, DRO registered in the last 6 years, irrespective of status

      Repossession

      • No previous repossessions acceptable

      Defaults

      We cannot accept:

      • Unsatisfied Defaults
      • Applications where there is 1 or more satisfied Defaults in the last 3 years, and either:
        • 4 or more satisfied Defaults in the last 6 years, or
        • Total value of Defaults over the last 6 years >£200

      Example:

      • We can consider an application where there is one satisfied default seven months ago, the value is less than or equal to £200, and this is the only Default – providing there is an adequate explanation for the Default
      • We can consider an application where there are 3 satisfied Defaults, regardless of value, as long as neither of the Defaults were registered within the last 3 years, and both Defaults are satisfied

      * We ignore communications defaults with opening account balances <£500

      Arrears (secured and unsecured)

      • No more than 1 in last 6 months aggregated across all accounts
      • No more than 2 in 24 months aggregated across all accounts

      * We ignore communications arrears with opening account balances <£500

      Debt Management Plans

      • We will not accept cases where a DMP was started in the last 6 years

      Payday loans

      • Not acceptable if any payday loan has been taken out in the last 2 years