Does Not Having a Credit Rating Effect Whether or Not You Get a Mortgage?

The question does not having a credit rating effect whether or not you get a mortgage can be answered with a simple, yes! When applying for a mortgage it’s standard procedure for all lenders to check your credit rating.

They usually use one of the two major credit reference agencies, Experian or Equifax. Both of these agencies hold financial information used to grade your credit. They know whether you’ve had any past financial issues.

It’s crucial not to apply to lenders that you know will reject you. For example if you know you’ve missed a mortgage payment six months ago and have a ccj against your name ther’s little point approaching your normal high street lenders. Remember every credit check is noted and excessive credit checks will reduce your chances of getting a mortgage.

It makes sense to check your own credit rating before applying for a mortgage. You can do this by accessing your credit record directily by going online to any one, or all of the three credit reference agencies namely Experian.co.uk, Myequifax.co.uk, and Checkmyfile.com.

Having got your bad credit report it would be beneficial to consult with The Bad Credit Mortgage Centre. Our expertise relates to people with no credit history or bad credit history. Our mortgage brokers have access to the bad credit mortgage deals available on the market.

Due to the financial meltdown there aren’t many bad credit mortgage lenders left in the market place, which is why it’s best to get expert help in sourcing a bad credit mortgage to cater for your individual needs, but you need to act quickly.

The clear objective is to offer mortgage alternatives for bad credit mortgage borrowers who do not meet the standard mortgage criteria. The long term intention is to improve your credit rating.

Just by getting a bad credit mortgage or bad credit remortgage, you’ll be on the road to repairing your credit rating so long as keep making the monthly payments, on time for approximately three years.

At this juncture your credit history will be repaired and you can then remortgage back to a high street lender for a better interest rate.