| Adverse credit mortgages | ||
As at the time of writing this, lenders have become risk averse but there are still a few that can consider applicants that have had some adverse credit. Adverse credit information can be registered on your credit file for a variety of reasons, such as Bankruptcy, CCJ’s, defaults, arrears and late payments. We welcome all enquiries and will do our utmost to help. Beware some of those day time TV or call centre brokers. They tend to ship you off to the lender they find the easiest to deal with, and make no effort to explore all the options. Low credit scores – can apply to an individual even where they have no adverse credit. The reasons are many but in a nut shell lenders consider such a person to have a higher chance of developing adverse credit, because the individuals profile closely matches that of the profile of people that have developed adverse credit in the real world. As an example many studies have shown people who have a transient nature (lived in several properties, or had lots of jobs in the last few years) are statistically more likely to develop adverse credit. Another prime indicator is not being on the electoral register. Rates and deposits tend to be higher for such applicants. Low credit scores because you have been ultra careful / never borrowed – unfortunately there are some careful people that have never had credit and as such can get a low credit score. The reason for this is the software systems have no track record of meeting credit payments upon which to make a decision. We sometimes find smaller ‘Human touch’ lenders can help in these instances. I’ve had a default, but it wasn’t my fault – the problem is proving it’s not your fault, and almost always people cannot give such proof. The organisation that registered a bad debt against me, told me verbally it wouldn’t affect me – this is almost always incorrect, and adverse credit nearly always has some effect. My partner caused the late payments – if you are party to a credit agreement, you cannot apportion blame. Credit agreements make both parties liable for all of the debt. The property I live in is black listed – as long as your name and date of birth are not registered against bad debts, there should not be any effect upon your credit rating, although certain geographic locations might attract lower credit scores where the local propensity to default is high. |