Information about your credit history is stored on file by credit reference agencies: each time you make or miss a payment this is recorded on your credit file. To save time many UK lenders operate a regimented credit scoring system to determine whether they are prepared to lend.
You may have found that once you have a certain amount of poor credit on your file, even just a couple of missed payments, you can't get past the scoring system lenders use, and they will often be unwilling to discuss your individual situation with you once you have failed the score.
Although certain lenders will view you as having impaired credit, mortgage lenders as a whole are increasingly offering solutions for those with credit problems, looking in detail at your individual situation and offering different products depending on the amount of poor credit on your file. For a small fee you can order your credit file from Experian or Equifax , the two credit reference agencies that most lenders use.
If you are unsure about your credit status and need to discuss this with our experts please feel free to call. If you do have existing poor credit, this can be rectified by keeping up your payments under your current credit agreements.
Over time this will allow you to qualify for the most competitive mortgage products on the market.