Bad Credit Remortgages
Lenders, though their credit profiling systems, will determine whether or not they are willing to lend to you.
Each lender has its own criteria.
The majority of high street lenders will only allow some very minor adverse credit to be shown on your credit file and this adverse/bad credit typically needs to be fairly historic with all current credit activity being up to date and all paid on time.
There are though lenders in the current market place that, through their own credit scoring and criteria guidelines, do allow for items of adverse/bad credit.
Typically they will often allow for some, but not all, of the following items to be registered against your credit file :-
- Bankruptcy declared within the last six years
- IVA’s satisfactorily conducted
- If you are in a debt management plan
- If you have a county court judgement registered against you
- If you have any defaulted unsecured credit registered
- You have missed a credit card payment
- Your Experian, Call Credit or Equifax credit scores could be low
- You have missed a mortgage payment
- You have missed a loan payment
- You’ve been unable to keep up with your minimum payments for loans, credit cards, store cards or hire purchase agreement
- You have an excessive/high number of credit accounts such as credit cards, loans and hire purchase agreements.
You credit is linked to your payment history and lenders have instant access to this information when making an assessment of your application. Just a few missed payments can make the difference and prevent you from accessing a number of mortgages.
Whatever the reason for Remortgaging you should not let any current or previous bad credit markers get it the way of exploring options that may be available to you.
You should also not assume that, just because one lender says no to you, that another cannot assist. Using a knowledgeable mortgage broker will minimise the chances of being declined and find a solution to suit your previous or current bad credit quickly and easily.