Adverse Credit Mortgages
Although the main reason for being refused a mortgage is often because the applicant has a poor credit history, there are a number of other factors taken into account that could adversely affect a mortgage application. Successfully identifying the reason for being refused a mortgage is the first step towards rectifying the problem. That way you are in a position to take action to rectify this reason and successfully obtain a mortgage.
Some common reasons mortgage companies have for refusing applications are:
• If you have been self-employed for only a short period and thus don't have three years worth of financial accounts to show, you may experience difficulty with mortgage applications.
• County court judgments (CCJ’s) made against you in the past can also affect mortgage applications.
• Periods of redundancy can result in finances being stretched. This can lead to reduced loan or credit card repayments, which then appear as defaults on your credit report.
Care should be taken when making applications to the wrong lenders, as a turned down application can leave a “fingerprint” or “footprint” on your credit file and register every time that you are turned down, these are then viewed by potential lenders who are put off by the refusals.
Our advice is to seek specialist advice from our mortgage advisers who can arrange mortgages and remortgages with specialist adverse lenders. So don't despair and don't let your credit problems put you off from applying, as help is usually available! CCJ's, DEFAULTS, ARREARS, IVA's, DISCHARGED BANKRUPTS ARE ALL ACCEPTABLE.
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