Why have I been declined?
UK bad credit mortgage, for UK residents with existing mortgage arrears, ccj or ccjs, bad, poor or even no credit history.
In assessing the status of any borrower, the lender will undertake a credit reference enquiry usually through Companies called Equifax or Experian.
These Companies hold the ‘credit register’
which is a record of the financial payment history for applicants. It will
also show any County Court Judgements (CCJ’s), Defaults, Arrears, Bankruptcy,
Mainstream lenders will not usually consider lending to an individual who has had any of the above adverse information registered against them within the last five years. However, individual circumstances can be taken into account.
Specialist lenders exist for those applicants who have had credit problems in the past and Mosaic Mortgages will be able to find a lender for applicants in the majority of circumstances. The amount of deposit needed is usually higher and obviously the interest rate charged will be higher than that charged by mainstream lenders to take into account the risk that the lender is taking by lending the money.
If you would like to see the benefit of consolidating your existing debt into one affordable monthly payment then click here to use our 'Debt Consolidation' calculator.
| Alternatively, if you would,like to check out some of the bad credit best buys currently available, click here or the house icon.With interest rates available from 4.59% for applicants with ccjs or mortgage arrears, what have you got to lose? |
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