For many it is getting easier to obtain a mortgage when their credit file is showing evidence of previous blips and some form of bad credit. As more lenders come back to the market offering deals for borrowers with a less than perfect credit score.
Making repayments on credit cards, mortgages and other types of borrowings are often an essential and manageable part of life. Because being able to borrow money lets you get what you need without the need to previously save for it.
Though for many it is still a fine balancing act to meet the monthly repayments and still have enough left over to comfortably live. An unexpected change in circumstances can often throw this out. Then it can be easy to find yourself in a position where the repayments start to outweigh your other living expenses – you may feel that the only way to get enough money for the basics is to borrow more money through a loan or a remortgage.
Do you consider a Homeowner Loan or Remortgage?
There are people and companies who are experts in helping their clients get back on track and in control – in our experience here at Meridian, many find themselves in debt through no real fault of their own. Often redundancy, illness or stressful events such as divorce or a bereavement have lead to people finding themselves with bad credit problems affecting their credit score.
Consistent missing of payments will ultimately lead to your credit file being marked with these adverse entries and many companies will seek through the courts to register CCJ's and defaults against you.
Even if you have cleared your outstanding payments, and maybe the debt as well, it could still be difficult to remortgage your house where there is evidence of an adverse or bad credit history.
Here is the good news - there is help available through Meridian Mortgage Solutions and that help is local to you.
Most mortgage lenders specialise in what are called “prime” borrowers or those with excellent credit scores – that means they their lending criteria won’t start to consider applications from those with a bad credit history. It is unlikely that an application to a High Street lender will be successful. But you will not find that out until they have searched your credit file and left a mark as evidence of that search.
However there are mortgages for people with a bad credit history. Even if you’ve been turned down elsewhere, the chances are that you can be helped if you speak to the right Mortgage Broker
For starters, the specialist lenders have lending criteria to help customers with bad credit history. They have designed mortgages with a less than perfect credit score in mind, and lending criteria that allows for short term blips on a credit file.
Whether you are a first time buyer trying to get on the housing ladder for the first time or attempting to remortgage your home in order to clear your debt problems, the chances are speaking to us will result in some options for you moving forward.