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About Credit Scores
You may know that different businesses from cell phones to home
mortgages base a large part of their decision for giving you
their services is based on your credit score. This score is a
number between 300 and 850 and is often referred to your...
Do you need a home equity loan or line of credit?
A home equity line of credit is very closely related to a home equity loan but the subtle differences can mean a lot. Determining which option is the best for you relies upon you knowing your current situation and having a clear plan for what you...
Personal Loans For Bad Credit- Credit History Sees A Decline In Loan Decisions
When Mr. Thomson, your next door neighbour, returned from his
second trip in a month, you were bound to say how. How come Mr.
Thomson, who is on the same rank as you, enjoy so many expensive
holidays, when you have your wife and kids swearing on...
Steps to Credit Repair
Credit repair is not always easy, but there are solutions
available to help us get out of debt. We all have bills and
sometimes those bills are outrageous. Paying bills is ongoing,
there is no escape so the best possible solution then is...
What is a Credit Report?
Ever wondered what is a credit report? If you've ever applied for a credit card, a personal loan, or insurance, there's a file about you. This file is known as your credit report. It is full of information on where you live, how you pay your bills,...
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Don't worry if you have been refused credit
An estimated one in four Britons would be turned down by a mainstream mortgage lender.
This is because not everyone fits the standard criteria lenders apply. But don't worry if you are one such customer - help is at hand.
These days there are around a dozen 'non-standard sub prime' mortgage lenders, who cater for individual cases. Some of them are standalone, others are owned by mainstream banks and building societies. All of them offer viable mortgage alternatives for those prospective borrowers who may not fit the standard mould. 'Non-standard sub prime' can cover a range of different borrower types.
If you have a less-than-perfect credit record, if your requirements are out of the ordinary or if you are self-employed you may fall into this category. If you have never had a bank account or if you have lived at lots of different addresses some
lenders will not want you as a customer. As 'non-standard sub prime' mortgage borrowers are considered a higher risk than standard, the rates charged on non-standard sub prime mortgages will be somewhat higher than mainstream rates.
But once you have been with a non-standard sub prime lender for three years, as long as you keep up your mortgage payments you will have established a new history and can return to the mainstream market with a new deal at a lower rate. Non-standard sub prime borrowers may also be referred to as 'sub-prime', 'complex prime' and 'credit impaired'.
About the Author
Anthony Harrison is the Managing Director of Capital Mortgage Solutions. They are a specialist UK mortgage broker who help people with adverse credit problems. Visit them at Capital Mortgage Solutions
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