| You may have mortgage problem if your credit score is poor or low. Your low credit score may cause you declined, rejected or turned down for a mortgage by a high street lender.
According to an estimate, up to 20% of the working population in UK would fail to pass high street lenders Credit Score if they are put to credit assessment. Two main reasons may affect your credit rating; number one is your recent mortgage arrears with in past two years and the second reason is default from a finance company or financial institution.
If you have a bad credit history, you may be turned down for a mortgage. It means that you have fallen behind with your payments on a previous loan. If you don't get enough points you could be refused a loan, and will obviously affect your score.
Most of the high street lenders and building societies use automatic credit scoring to assess prospective applicants for a mortgage. If an applicants' score does not meet their minimum lending criteria, the lender can turn them down.
Many Lenders will lend to people with a history of mortgage arrears, but only under certain conditions. They may limit the proportion of the property value they are prepared to lend, and specify a maximum number of months' arrears, typically one or six months.
Your credit rating may vary from one lender to another as your poor credit mortgage with one lender may not be poor credit with another lender. Most lenders credit score which is their method of rating how you have managed your credit, loans and mortgages. This difference in criteria of assessing your creditability can benefit you and you may be eligible for mortgage with one lender despite of failing to score high with other lender.
Sayno2repossession.co.uk provides you all the help if you are trapped in a bad situation or mortgage. If you are facing financial crises and unable to pay for your mortgaged house or property, we can buy your mortgaged property from the bank to help you out of the bad situation and you can continue to live in the house as long as you want as a tenant.
For more details you can contact us any time on our contact numbers, email or visit our office.
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