Poor Credit History

A person can have a poor credit history and not even know about it, until they apply for a form of credit. This may be due to having defaulted on credit repayments, county court judgements (CCJ'S), mortgage arrears or have been declared bankrupt in the past.

Before a lender approves your application for credit in the UK, it is usual for them to carry out credit checks. Lenders are reluctant to lend money to people deemed to be 'unreliable' or a bad risk, and the possibility of not recouping the amount borrowed. Therefore lenders will either reject your application, or charge higher interest rates for poor credit remortgages than for standard remortgages.

Poor credit (also known as bad or adverse credit) can make it difficult to get a mortgage. Everyone's credit rating is different and can be affected by different factors, such as:

• You have been refused by another lender.
• Your credit history is slightly tainted.
• You have CCJ's, Defaults or Arrears.
• You may be slow to pay bills.

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