| Whenever you apply for any type of financial | | | | identify if you have had any past problems with a |
| product, your credit rating is scrutinised. Credit rating | | | | financial provider. |
| is a way for the lender to judge how consistent you | | | | There are certain criteria which leave you as a bad |
| have been in the of the repayments in the past with | | | | creditor like County Court Judgements against you, |
| the loans that you have borrowed. They need to | | | | defaults, arrears, missed payments, Bankruptcy etc. |
| ensure themselves that it is worth lending you | | | | Although, these reasons are not very uncommon and |
| money. | | | | can happen to any individual you need to have a |
| Mortgage is secured against your property, in case if | | | | clean record in order to get cheap rates on your |
| you default on payment lenders will repossess the | | | | mortgage. |
| property that has been mortgaged. That is the | | | | It's very important not to apply repeatedly to the |
| reason lenders have no qualms about offering | | | | lenders who have already rejected you in the past. |
| mortgage on liberal terms. But, of course, if you have | | | | Every time you're turned down loan - regardless of |
| had a bad credit history lenders will charge a higher | | | | the reason - this will hamper your credit rating and |
| interest from you. | | | | further injure your probability of getting a mortgage. |
| They will keep a track of your income and outgoings. | | | | Reassure yourself that even if you have bad credit |
| In addition to that a thorough credit check will be | | | | rating you can get a Bad Credit Mortgage that is |
| carried out by the lenders. The mortgage lender will | | | | specifically designed to meet your requirements. |
| generally take the help of two major credit | | | | There are lenders who are rubbing shoulders to |
| reference agencies, Experian and Equifax. They can | | | | provide a custom designed mortgage to borrowers. |