Loans for Homeowners with previous credit problems
Loans Secured on your property
Your Situation
If you have previous credit problems such as arrears, late payments, CCJ’s and defaults you make be experiencing difficulty finding a loan. Even if you have satisfied any judgement or defaults and brought any arrears up to date they may still show on your credit record and will be having a negative effect on your applications.
Why is this the case if I have resolved the problems?
Many lenders may use a system called credit scoring. This is a way of processing your application through a computer-based programme that extracts information from your application and a credit register. Previous credit problems such as those mentioned above may show for some time and in some cases up to six years and therefore may well be picked up in the credit scoring process reducing your credit rating and placing your application outside the parameters of suitable acceptance for each individual lender.
This seems unfair, as I have had no problems for some time now?
Unfortunately lenders are under no legal obligation to finance any application and if your application will not meet the required standard then you will need to look elsewhere.
What can I do, I need a loan now?
Firstly it is good practice to keep all you accounts up to date from now on to avoid any further effect on your credit rating.
Secondly apply to Edwards & Associates. We have worked on building relationships with specialised lenders who will look sympathetically at your own personal circumstances. These lenders have provisions in place to supply loans for Homeowner with previous credit problems. They will underwrite on a case by case basis and will discuss with you your previous credit problems and make underwriting decisions based on your current ability and not just you’re past problems.
These types of lenders will on occasion use interest rates that are higher than your standard bank loan rates and will be rates that they feel reflect your circumstances. You should always be clear about the terms of any agreement you enter into. It is important to note however that taking out a loan and repaying it well will be a way of having a positive impact your credit rating and will help you in future obtain finance at better interest rates.
This is great news for applicants as it gives everyone an opportunity to make the purchases that we want but sometimes cannot afford from our savings.
Apply now
So if you are a homeowner
with previous credit problems apply now and let us find a lender that
will take into consideration your personal circumstances and provide
you with the loan you are looking for. To apply click on the “apply
online” button below and we will contact you shortly to with a
decision in principle.
All loans are subject to status, written quotations are available on request. We also offer a range of plans where rates may differ from 7.3% APR variable to 29.9%APR variable according to your circumstances. However most of our clients qualify for a typical APR of 12.9% APR variable
YOUR HOME IS AT RISK IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR OTHER LOAN SECURED ON IT.
