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| 10 years providing independent mortgage advice on the Internet. | ||||
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| Adverse Credit: CCJ's, defaults, arrears | ||||
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Credit reference agencies log information about your credit payments to various agencies, the two largest in the UK are Experian and Equifax. They hold data about you for up to 6 years. You can obtain copies of this data by writing to them or online, here is a link to Experian Providers of credit will reference these agencies to decide whether or not you are a good credit risk and they will base their lending decision on the information returned to them. Most mortgage lenders will decline a mortgage if an applicant has arrears of 3 months or more on any credit agreement. Some lenders specialise in lending to people with adverse credit. They will lend to anyone except a bankrupt but the interest rate they charge will depend on how bad the credit is. You may also have to pay more in fees and have a bigger deposit. If you think you have adverse credit then the first thing to do is obtain a copy of your credit file. If you provide us with a copy of this file we can determine which lenders to consider. It is important that you do not apply to a lender until you can be certain there is a good chance of the application succeeding, otherwise you run the risk of making your credit status worse because each time you make an application for credit it will be logged with an agency - too many searches will reduce your credit score and a poor credit score will lead to a higher interest rate. Always disclose to a lender details of any adverse credit against you. The lender will find out when they do your credit search and if you have not told them then this is called non-disclosure and it will count against you. We would be delighted to hear from you either by telephone (call us free on 0800 019 6624), email or through our enquiry forms. Thank you for looking. If you need any more information then we would be delighted to hear from you either by telephone (call us free on 0800 019 6627), email or through our enquiry forms. Thank you for looking.
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