Bad Credit, Solutions

Bad credit can blight your future chances of raising credit. If you apply for a self cert mortgage or secured loan you will more then likely, be refused at the first hurdle. This is due to the fact that lenders use your credit rating to determine how risky it would be to lend you money. The worse your credit rating the more unlikely it is that you will be a solid bet for recouping the lent finance.

You may have got behind on repayments or have accumulated some mortgage arrears. If this is the case you should attempt to pay off anything outstanding immediately. With a bad credit rating you will find it very hard to get an agreement on a self cert mortgage or a secured loan. Find out the exact cause of your low rating. If it is linked to mortgage arrears, for example, talk to your lender. Find out what they would consider is a way to get out of this uncomfortable position.

Add up all your incomings, whether they are wages, bonds, stocks, benefits or whatever. Then take stock of your outgoings. This will include all your monthly bills, petrol, food and even living expenses. Take the latter from the former and you have your disposable income. Find out how much you owe in total for all your debts, not just your mortgage arrears on your self cert mortgage or repayments due to a secured loan but all money you owe to all creditors.

Negotiate with your priority lenders first. If you do not find a settlement with them, your home may be in jeopardy, and talk with your other lenders as well. Your bad credit rating will improve If you make regular payments of a fixed, known basis to your creditors.

Ensure that you have a plan to action to dig your way out of debt. Do not despair, do not stop the repayments and most of all keep financial prudence uppermost in your mind. You will find that over time, which can take up to three years, that your credit rating will slowly improve.

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

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ABBEY FINANCE

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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