Credit Repair Mortgages
.Do you know the facts about your credit score? It affects us in a variety of ways. Most of us do not know how it is calculated or who monitors it but time and time again it seems to influence the majority of our financial decisions. For many of us a low credit rating or score is like a millstone round our necks forever shutting off the best deals and cheapest options and forcing us into a more expensive debt burden that makes the situation worse.
Over the years Crystal Clear Home Loans have... |
...helped many people turned down for a mortgage looking to for credit repair mortgages who have previously run into problems with repaying debt and ended up with an adverse credit history for a number of reasons, including:
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So how does the credit score come about?
Your score is reflected by your financial status and will be influenced by any debt or loan problems you have had in the past. Other factors can also come into play for example: If you have never had credit against your name it will be difficult to assess how good you will be at repayments or, if you are not found on the Electoral Register, a lender could question your identity or residency in the UK.
Around 25% of UK borrowers suffer from an adverse credit history. With this market expanding a large number of mortgage companies have started to actively target this segment by offering credit repair mortgages. These firms are now classified as sub-prime lenders. Their main method of dealing with the potential high risk to this market is to offer high interest rates to compensate. Not a particularly helpful situation to those who are experiencing a debt burden and, with too many blemishes on your record, you may simply be refused outright.
Turned Down for a Mortgage?
At Crystal Clear Home Loans (CCHL) we have found what we think to be a much fairer method of providing mortgages that repair credit histories. The specialist lenders on our Loan’s panel assess the applications based on reasons to lend rather than on reasons not too. Rather than looking at the problems you have had in the past they look for the positives of the present so we can deliver a tailor-made solution that will be right for you.
Over the years our team of specialist advisors has helped many people repair their credit score. By releasing funds from their homes it has enabled them to pay off outstanding debts, which in the long term will help repair their credit histories. By delivering a remortgage option more suited to what they are able to pay, after 3 years of continuous payment they can see considerable improvement to their overall credit rating.
If you think you have been unfairly turned down for a mortgage, then you can contact CCHL for a no-obligation quote. Once you have provided your details and discussed options with one of our mortgage advisors, we will be in touch straightaway (usually 30 minutes or faster) if we can help.
The key thing to remember is that you must actively manage your debt problems. It does not pay to delay, as the situation can only get worse. Just like any successful business utilising your financial assets in the most productive way possible will ensure you keep your head well above the water.
