Poor Credit History
Been refused a mortgage, not sure if you'll get one?
CMS UK can help. Council Tax arrears, ccj's, defaults, no previous credit, bankruptcy. These are a few of many reasons why people are deemed to have a poor credit rating. Luckily though adverse lending (as it's sometimes known) is a huge chunk of the mortgage market and there are many lenders who specialise in this area. As with all other areas of lending the competition between lenders is fierce which means there are some very competitive deals with great rates available.
As with all other mortgage advice from CMS UK we will search the whole market place through thousands of mortgages until we find the right mortgage to suit you. However good or bad you think your credit rating will be, we will be delighted to hear from you.
The overall cost for comparison is 8.7% APR
The actual rate available will depend upon your circumstances. Ask for a personalised illustration.
We do not charge a fee for mortgage advice. However, we do offer a purely fee based option of up to 1.5% of the mortgage amount.
10 Tips for Poor Credit History
- If you're not on the voters roll, make sure you register ASAP. Being registered at an address will help with credit scoring.
- Allowing a lender to carry out a credit scoring leaves a footprint which means other lenders know when you have carried out such searches. Too many footprints go against you so avoid too many credit searches.
- Try and avoid missing payments on store cards and credit cards. Many people will regularly pay late on as little as £10; this will affect your rating.
- Obtain a credit check from Experian or Equifax; this will detail all your previous credit. The report will only cost as little as £2 and is well worth it.
- Be honest, withholding information which later shows up in a credit search will go against you.
- Don't assume your credit rating will be terrible; get all the facts and figures together. There's no point in speculating.
- Although a large deposit is not compulsory, potentially there may be more products available with a larger deposit.
- There are brokers who specialise in adverse lending; the broker's fees with such companies can be huge.
- Many of the lenders who are considered prime lenders will take on slight adverse cases.
- If you are consolidating other debt, it might be time to cut up those credit cards
