Mortgage Poor Credit Score

Hypothecary Poor credit value

Among the things that could adversely affect your creditworthiness are accounts in arrears that are declared bankrupt or on a debt management plan. Is it possible to get a mortgage with a bad or bad creditworthiness? While a solid job record, a good paycheck and a large investment are good bases for a mortgage claim, many creditors will probably still reject your claim if your credit standing is poor. Poor creditworthiness can involve a County Court Judgement (CCJ) against your name or earlier default on repayment of debts.

In the past, if you were insolvent, this will be added to your credit record and is likely to be harmful to a mortgage claim. Obviously, there are sometimes exemptions and several creditors specialize in what is generally recognized as riskier lending to claimants with a poor track record of bad debts, bankruptcies or CJCs.

Unfortunately, the causes of your poor credit histories are usually of little importance to lenders and while this might sometimes be unjust, it is likely that if you have a poor credit standing your credit borrowing options for will be restricted and the costs of taking out the loan will be more costly.

When you have a poor credit standing, you may be asked to find a bigger down payment than usual and a higher interest payment than would otherwise be the case. In order to verify your creditworthiness, various third party credit checks will be carried out on your name. We would recommend that you review your own free of cost at www.noddle.co.uk before considering your mortgage option.

Easy ways to enhance your credit rating are to make sure you are on the voter list and that you don't miss any credit cards or credit refunds. There is good news that more and more creditors are returning to the "negative" markets and interest rate levels are definitely becoming more attractive.

They can also find our interesting blog post "How to Improve Your Credit Score". If you would like more information or to talk to a mortgage advisor, please call 01628 507477.

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