Getting a Mortgage and The Electoral Roll
A bad credit record mortgage is not only for people with bad debts, though this is a foremost use for the product. It’s also useful for individuals with little or no credit history, which may put a stop to them from having access to prime or mainstream high street mortgages.
There are numerous reasons why a bad credit record remortgage or mortgage might be required by such people.
The first major check undertaken by lenders for a bad credit record mortgage is the existence or absence of the applicant on the electoral roll.
When there not on the electoral roll, there’s usually a good reason for this. Such as, they may have worked and lived abroad, meaning they would not be listed in the UK.
This may have a harmful effect on their credit score and might enhance the need for a bad credit record mortgage.
The second major reason for people missing from the electoral roll is regular address changes. Again there may well be sufficient reason for this, although it will probable increase the need for a bad credit record mortgage.
An example would be if the person was an agency worker or contract worker for short durations in different parts of the country. If this was the case it would be difficult to build up the address history required to satisfy mainstream lenders.
Peoples changing work patterns are resulting in an ever increasing number of individuals having to work to this remit, which increase the need for bad credit mortgage products as specialised in by The Bad Credit Mortgage Centre.
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