Bad Credit, Options

If you have a bad credit rating then you will find it very difficult to get any form of credit. Lenders will be very reluctant to accept your application for such products as a self cert mortgage or a secured loan.

You may in the past have not kept up with repayments on a loan or got into mortgage arrears. What ever the problem in the past it will affect you every time you go to apply for credit. You can improve your situation and there are steps you can take to help yourself out of this quagmire.

What ever debts you still have, ensure you are paying them off on time. Lenders look at your reliability and if you have got into a mess with mortgage arrears for a self cert mortgage or reneged on a secured loan, they are unlikely to award you with further credit. You need to change your bad credit rating to a good one.

Work out your disposable income. Add up all your income and take away from it any outgoings. Remember to include food, utility bills and any monthly or annual payments. Talk to your creditors. Explain how much income you have at your disposal to put towards your self cert mortgage, mortgage arrears or secured loan. They may wish to negotiate and offer you a way out of your bad credit.

They may award your with a payment holiday for the month if that was an option in your original agreement. They may offer to extend the life of your contract with them. This would mean that although you will be paying off your debt for longer, your monthly repayments will be less then they are now. If you are only in financially trouble temporarily they may let you pay less for a limited period on the proviso that you pay more when you can afford to do so.

So as you can see there are many different roads out of a bad credit situation. Explore all your options and you may find you are more credit worthy then you thought you were.

We can not promise you a Mortgage BUT we will listen no matter what your circumstances are.

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ABBEY FINANCE

0845-4567-847

Just click here to fill out our simple on line Mortgage Enquiry Form, it will only take a few moments.

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Actual rate available depends on circumstances ask for personalised illustration. The overall cost for comparison is 7.9% APR. Our representative fee charged is 1.25% of amount borrowed. APR variable and based on a usual case.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE