Credit Problems Guide
If you have been turned down for a mortgage due to past or current credit problems,
you are not alone. Every year many people find themselves in this situation due
to breakdown of relationships, illness or redundancy. Such situations can put a
massive strain on household income and can result in missed or late payments which
can show on your credit file and effect your ability to obtain a mortgage from the
high street.
Fortunately there are a number of specialist mortgage lenders who are willing to
lend to people in this situation and help them get back on track.
As this area of the mortgage market is complex we recommend you seek the advice
of a professional mortgage adviser who can assess you individual circumstances and
find the right mortgage for you. Here at Pink we offer professional advice from
a team of professional mortgage advisers who can help you make the right decisions.
The overall cost for comparison is
4.9% APR. The actual
rate available will depend upon your circumstances. Ask for a personalised illustration.
Types of adverse credit
An adverse entry can be made on your credit record for a number of reasons. Below
is a list of some of the most common:-
- County Court Judgment (CCJ) - A judgement handed out by the court for non-payment
of a debt
- Mortgage arrears - missed payment(s) on an exisiting mortgage or secured loans account.
- Repossession - Failure to pay a mortgage or secured loan has resulted in the property
being taken back by the lender to cover the amount of loan outstanding
- Bankruptcy - Person declared by the court as unable to repay their debts
Your credit reference
If you have been refused a mortgage you may want to obtain a copy of your credit
file to check any adverse entries that may be on your record.
A copy of your file can be obtained from:-
Experian
Log on to : www.experian.co.uk
Call - 0870 241 6212
Write to -
Experian Consumer Help Service
PO Box 8000
Nottingham
NG80 7WF
Equifax
Log on to : www.myequifax.co.uk
Call - 0870 0100 583
Write to -
Equifax
Credit File Advance Centre
PO Box 1140
Bradford
BD1 5US
Call Credit
Log on to : www.callcredit.co.uk
Call - 0113 244 1555
Write to -
Call Credit Plc
One Park Lane
Leeds
West Yorkshire
LS3 1EP
Please be aware that by clicking on to the above links you are leaving the Pink
Home Loans website. Please note that Pink Home Loans are not responsible for the
accuracy of the information contained within the linked site(s) accessible from
this page.
Financial Matters
How much can I borrow?
The amount you can borrow will be based on an assessment your individual circumstances
and the amount of adverse credit you have. Most lenders will look at you levels
of income, amount of outstanding debt and your payment history when calculating
the amount they are willing to lend
What fees are involved?
As with any residential mortgage transaction there are a number of fees that you
will need to budget for. An up front valuation fee will be required, the cost will
vary according to the estimated value of the property and it's location.
Some lenders will require arrangement and rate reservation fees, either to be paid
up front or in some circumstances be added to the mortgage advance.
You will also need to consider solicitor's costs, buildings insurance, stamp duty
fees and any service charges that will apply if the property is a flat.