Your credit report is an electronic document containing your financial history that lenders can see if you apply for credit like a mortgage, loan or credit card. If your credit record includes missed payments, defaults, too much debt or problems like bankruptcy and CCJs, this is known as bad or poor credit.
What if you don’t have a credit history?
If you have never borrowed money or used any form of credit, your credit record will not give lenders any idea of how well you can handle repaying a mortgage. Borrowing money and paying it off in full when it is due can improve this.
How to improve your credit record
If you are currently unable to get a mortgage, we advise that you wait for 3 to 6 months before you apply again. This will give you a chance to improve your credit report by taking control. Here are a few tips;
We understand this can be a tricky time, but we will work with you to find a solution.
There aren’t many lenders that are happy to provide mortgages to people with poor credit, which means there is a smaller range of mortgages to choose from. Those mortgages that are available tend to be more expensive as lenders charge significantly higher interest rates to cover the additional risk. In addition, you may need a larger deposit.
At Access Financial Services, we have a network of lenders who we work with. We understand their lending criteria, which combined with our expertise, means can help you improve your chances of getting the best mortgage for your personal circumstances.
We’ll advise you as quickly as possible if you can get a mortgage with the aim to achieve the most competitive mortgage deal for you.
Our specialised calculator can give you a rough estimate of the amount of money that you – or you and a partner can borrow. Make sure you explore your options thoroughly – the mortgage type you choose can change these numbers dramatically, and making the right decision will be crucial.
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