In the current financial climate there is only a small panel of lenders who will consider providing remortgages and mortgages to people with a poor credit rating. There is now far less choice than a few years ago, meaning people with bad credit history may struggle to qualify for a mortgage.
In recent years, the vast majority of lenders have become more rigid in their credit scoring processes and appreciably less accommodating of people with previous debt problems. Most lenders have taken the decision to close their doors to people with poor credit history, meaning the number of mortgage products suitable for people with a bad credit rating has fallen sharply.
Prospective borrowers with a bad credit rating are often people with CCJs, people with previous credit defaults or arrears, discharged bankrupts and people with IVAs or no credit history.
If you have a bad credit history of loan or mortgage arrears, defaults, and/or county court judgements (CCJs) you may find it difficult to secure a mortgage through a mainstream lender. The range of adverse credit mortgage products and interest rates on offer will depend on how bad your financial problems have been, what your credit score is and the amount of deposit you have available.
Some lenders will ignore a small amount of arrears and CCJs settled within a given time interval preceding the current application, such as one or two years.
Depending on your circumstances, there may be a lender will the help. A specialist adviser can assess your situation and
Let an expert adviser do all the shopping around for you.
It is very important to shop around to get the deal that is right for you.
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