Poor Credit Score Declined Mortgage From Bank UK
A poor credit score can result in a declined mortgage from bank UK and building Societies. The simple reason being, that finance lenders use credit scoring to make a decision as to whom to lend money.
Thats not to say thats the end of the matter, The Bad Credit Mortgage Centre may well be able to help despite your poor credit score and having declined mortgage from Bank or your building society,
Everyone earns a certain number of points for each bit of information on their mortgage application form. For example, data such as how long you have lived at your address, how long you’ve been with your bank and in many situations your income and expenditure.
Most lenders will also obtain information on your current credit obligations (and any issues such as defaults, arrears, CCJ’s etc.) plus up to date electoral roll information from one of the credit reference agencies such as Experian or Equifax, and this data will also be taken into consideration.
The credit points are then amalgamated to give your credit score taken as a whole. If you exceed more than a certain number of points, your application will be accepted. However should you fall below the required number of points, your application for a credit card, loan or mortgage will be declined.
You would have to have been living down a mine not to have noticed that consumer debt in the UK has shot out of control over the past decade as a result of low interest rates and ‘easy credit’.
As a result of this, more and more people are facing insolvency and either declaring themselves bankrupt or entering into an Individual Voluntary Agreement (commonly known as an IVA).
Asa consequence of this situation together with the credit crunch Lenders have responded by tightening the criteria they use when processing applications for mortgage credit and credit in general. Hence, more and more applicants are being rejected as the banks become wary of ‘over-lending’.
Now is the ideal moment to contact The Bad Credit Mortgage Centre for expert help. It cost nothing to call so why not relax and make that call right now, to see how we can help you?…
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