Archive for the ‘Bad Credit’ Category

What is a bad credit mortgage?

October 27th, 2010

When considering whether to write a home loan, banks, building societies, and credit unions look at a number of factors, and one which is assuming growing importance is the credit history.

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Can I get a home loan if I’ve already defaulted?

September 7th, 2010

Whether they are writing a loan for a business, a car, a house, or a holiday, most lenders care very much if the borrower is likely to default on the loan. Defaults are one of the highest costs borne by most lenders even when there is some security in the loan, for example a home loan secured on the property title. The administrative and financing costs for a bank to repossess a house can eat significantly into the lender’s profits.

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Is credit repair worth it?

September 3rd, 2010

Credit repair is sometimes sold aggressively to home buyers with a bad credit rating, many of whom wonder whether this credit repair is worth it.

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Getting a mortgage with a bad credit history

February 8th, 2010

A couple of years ago, before the credit crunch started, a homeowner could buy a house without even knowing that their credit history was bad.
Lenders were eager to write loans and mortgages were rarely refused, particularly if a home buyer was not looking for the best interest rate or for an exotic mortgage, and simply went for a well-advertised offer or a bank with a high street bank.

Since the start of the credit crunch it is far more likely that a home buyer will be refused a mortgage.  Most lenders have tightened up their procedures and will refuse home buyers with a bad credit record.

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