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Bad Credit Mortgages

Are you struggling with the effects of a bad credit history? Are you being continually turned down for mortgages, loans or credit generally? No matter whether you are looking for a new mortgage, remortgage or want to consolidate debt or raise money to get out of debt, a bad credit history will make life very difficult for you and if you are successful, you can be taken advantage of and charged very high interest rates.

Most people do not appreciate the impact of a bad credit rating and how long it stays with you. The UK credit bureaus keep information about our past financial commitments for a period of 6 years and during that time, any poor credit problems will impact in what we are able to do financially. Potential lenders will carry out a credit check on us and use the information held to make a decision about our credit worthiness and assign us a credit score. Lenders use the credit score as a factor in deciding whether or not to agree your mortgage application.

4 Reasons why you could have a bad credit rating

1. Late payments to your credit commitments
2. A missed payment
3. A default on a debt
4. Failure to otherwise fulfill a financial contract or commitment, this information is reported to credit reference agencies.

The more of these reports the agencies receive, the lower your credit score and the harder it is to find a loan. Other information that can cause a red flag in your credit report includes defaults or County Court Judgements.

Am I still eligible to get a Mortgage?

Many lenders now specialise in working with people who have a bad credit history. You must expect to pay a slightly higher interest rate than someone with a good credit history, but other than that you can expect to make a successful application, providing that you are open about your situation and deal with a specialist bad credit mortgage company. Once you have taken out the new mortgage, regular payments will help you to demonstrate that you are a responsible borrower and your bad credit rating will improve.

Having problems arranging or finding a mortgage?

The specialists at The Debt Advisory Helpline will provide you with free professional advice on qualifying for a mortgage. We help employed and self-employed people, those currently in an IVA or bankrupt. In most circumstances, we have a positive solution for everyone, we believe that no one is beyond our help.

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