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Research shows that 1 in 4 people in the UK have
experienced trouble in the past while trying to obtain a mortgage,
so it is no surprise that the subject of mortgages inspires apprehension
in somepeople. The primary reason for being refused a mortgage may
be your name being on a credit blacklist. A poor credit rating or
bad credit history can also result in a traditional mortgage application
being rejected. An adverse credit mortgage is one that is tailored
to suit the requirements of those who suffer from a less than perfect
credit rating and financial status.
Although the main reason for being refused a mortgage is often because
the applicant has a poor credit history, there are a number of other
factors taken into account that could adversely affect a mortgage
application. Successfully identifying the reason for being refused
a mortgage is the first step towards rectifying the problem. That
way you are in a position to take action to rectify this reason and
successfully obtain a mortgage. Some common reasons mortgage companies
have for refusing applications are:
- If you have been self-employed for only a short period
and thus don't have three years worth of financial accounts
to show, you may experience difficulty with mortgage applications.
- County court judgments (CCJ’s) made against you
in the past can also affect mortgage applications.
- Periods of redundancy can result in finances being stretched.
This can lead to reduced loan or credit card repayments,
which then appear as defaults on your credit report.
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Adverse status lending has been common in the UK now for a number
of years; these lenders make mortgages more obtainable for those with
a poor credit history or credit rating, and allow mortgages to be
obtained by everyone. If you can obtain a mortgage with a poor credit
rating, you are in a good position to start repairing a poor credit
record. Types of adverse credit mortgages that are commonly advertised
include non-standard, sub-prime, non-conforming or impaired credit
mortgages. Adverse credit mortgages generally feature fewer options
than other standard mortgages, particularly regarding interest rates;
rates are often higher for adverse credit mortgages because the mortgage
company sees the borrower as being a higher risk. A high rate protects
their interests should the borrower default on repayments.
If you are one of the many people in the UK experiencing difficulty
obtaining a mortgage, our website should prove to be your one stop
solution. We have provided online links to the country’s best
and most reputable adverse credit mortgage providers, allowing you
to shop around and find the deal that is right for you. Pay us a visit,
and allow us to find a suitable mortgage for you so that you can begin
rebuilding your credit record.
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