Bad credit comes in many forms with each lender viewing each in their own unique
way when considering applications for a
mortgage. We will take a look at the more frequently arising forms and see how each may affect your mortgage application.
County Court Judgements (CCJ's)
Debt Management Programs (DMO's)
Individual Voluntary Arrangements (IVA's)
If you have recently been declined for a mortgage you may well find the overriding reason could be that one, or more, of the
above bad credit forms appears
on your credit file held with one of the credit reference agencies.
That is why it is important you make enquiries regarding your credit file so we can see what exactly is listed to ensure
your next application is placed with the best lender.
Lawrie Mortgages can help you with this, guiding and advising you through the whole process,
even if you have recently been declined for a mortgage.
This is your most important source of information you have full access to that may affect your mortgage choice.
Lenders will use the
information found on your credit file when making lending decisions and, in many instances, your credit file will be the
overriding factor when they make their final decision as to whether to lend. There are three main credit reference agencies that lenders use.
It is not unusual to find that each of these credit reference agencies hold differing information on you so it would be
beneficial to get reports from all the agencies and compare what information each one holds on you, all the time checking for possible mistakes.
When visiting their respective websites you may find that each will offer a free trial period
allowing you time to obtain your credit file.
Checkmyfile offer a convenient multi-agency credit report which includes all of the above agencies and,
like the agencies listed
above, may offer a free trial period.
Low credit score and/or no credit history at all could have an adverse affect on a mortgage application. This is because lenders
want to know how you have managed credit in the past and if there is no credit history to view on your credit file this reduces
their ability to assess how you would probably
manage credit in the future.
Payday loans can also have an adverse affect on your mortgage application.
But there are lenders that take a more holistic view of any mortgage application you make, and we can help you find them.
If you have bad credit choosing the best lender first time round is so very important. You really can not
afford to rackup hard credit searches on your credit file in a relatively short period of time. That is why, here at Lawrie Mortgages, we ensure
we perform thorough research before committing you to any mortgage application.
We will guide you through the entire application process being on hand to advise and answer any questions.
You can start your enquiry by arranging a callback or call us on
0121 616 0216
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