Bad credit

Monday, October 29, 2007

If you have bad credit and are finding it difficult to raise finance or obtain credit it will mostly likely be down to your credit score.

You may have incurred county court judgements (CCJ's) in the past or have current or historic mortgage arrears. Similarly missed payments on credit cards or loans will all affect your credit profile.

In an ideal world it would be easy to say not to miss any payments on any credit you have but problems with finances are unpredictable. You may have lost your job or an unforeseen event may cause you to miss payments.

This is where Solution Mortgages can help. We have access to specialist lenders who will consider applications from people who have bad credit. They will take a slightly different view from mainstream or high street lenders and based on their criteria will review the application and then make a lending decision. The mortgage will be subject to an affordability calculator which will take into account any other credit you have. This must be taken into consideration along with the proposed new mortgage payments. If you are raising additional finance when you are remortgaging to pay off your unsecured credit then we will be able to ignore the monthly payments on these.

In the current economic climate it is becoming increasingly difficult for people to obtain credit. If you are experiencing financial difficulties with your current mortgage, it is best review your options early. If you have missed 3 payments on your mortgage it will be easier to find a lender who will be able to help you than if you have missed 6 or more payments. Obviously you must still have equity in your property to be able to do this.

If you have any questions with regards to remortgaging and you have bad credit, call Solution Mortgages on 0845 123 1260 or apply on line at www.solution-mortgages.co.uk