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Mortgage with Poor Credit Score

There are a small number of specialist lenders who offer remortgages and mortgages for people with a poor credit score. With the help of a specialist advisor, individuals can secure a mortgage, including people who have been turned down elsewhere.

A lender's assessment of your ability to repay a mortgage will usually take account of not only your income, but also your credit scoring profile. 
Lenders are increasingly using sophisticated credit scoring techniques to determine whether consumers qualify for a mortgage. The assessment methods exclude a large number of people including individuals who have difficulty proving their income and people who have experienced past credit problems.

Credit scoring involves assessing the probability that a mortgage will be satisfactorily repaid by the borrower based on an analysis of data provided on the application form and information available from the individuals credit file.

Credit scoring typically involves assigning points to a range of applicant and credit history characteristics predictive of the applicant's performance, and then adding these together to generate an overall credit score. 

Mortgage applicants usually have to reach a minimum score to obtain a mortgage. Scores may also be used to determine the terms and conditions of the mortgage, such as the loan amount, interest rate, and period of the loan. For example, an applicant with a good credit score may be able to borrow more than an applicant with a poor credit score.

Lenders often use data from credit reference agencies to review the credit history of an applicant. Credit reference agencies such as Experian and Equifax are able to provide lenders with a range of raw and structured data on the applicant, such as information on county court judgements, bankruptcies and insolvencies; payment performance on existing and previous credit commitments; and outstanding borrowing commitments.

An individual with a history of repayment defaults, county court judgements or bankruptcy will usually return a low credit score and will normally be declined finance by a mainstream lender. However, lenders employ widely differing techniques to determine an applicant's creditworthiness, meaning a person with a poor credit score is more likely to be accepted by a specialist lender whose has less stringent lending rules.

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asap-mortgages.co.uk is a marketing website providing background and editorial content which may be of interest to those people who are looking for assistance due to adverse credit history.

asap-mortgages.co.uk is a trading style of First 4 London Ltd which is an appointed representative of Ingard Financial Limited which is authorised and regulated by the Financial Conduct Authority number 450731. First 4 London Ltd, registered in England and Wales company registration number 04147068. Registered office: Brook House, Mint Street, Godalming, Surrey GU7 1HE. VAT registration: 810007494. The guidance and/or advice contained in this website is subject to UK regulatory regime and is therefore restricted to consumers based in the UK.

All enquiries are dealt with by an FCA regulated mortgage broker who specialises in assisting borrowers who are regarded as non standard such as those with a background of poor credit. The details of the broker will be confirmed to you on screen once you complete the enquiry form. The initial consultation is free and without obligation. Should you proceed, the broker may charge a fee for their service up to 1%. The broker will provide you with details before you commit.

The Financial Ombudsman Service (FOS) is an agency for arbitrating on unresolved complaints between regulated firms and their clients. Full details of the FOS can be found on its website at www.financial-ombudsman.org.uk.

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