Your credit report is a crucial aspect of securing a mortgage. It holds essential information that lenders use to evaluate your creditworthiness. Here's what your credit report typically includes:
Personal Information: This section contains your name and date of birth.
Residential History: It lists both your current and previous addresses, helping lenders verify your stability.
Credit Accounts: Your credit report compiles a detailed list of your credit accounts, which may encompass bank accounts, credit cards, and loans. It also reveals your repayment history, highlighting whether you've consistently met your payment obligations on time and in full. It's important to note that late or missed payments can have a lasting impact, remaining on your credit report for at least six years.
CCJs, Bankruptcies, and IVAs: Any County Court Judgments (CCJs), bankruptcies, or Individual Voluntary Arrangements (IVAs) will be prominently displayed on your credit report for a period of six years. These red flags can affect your mortgage eligibility with certain lenders.
Electoral Roll Registration: Whether you're registered on the electoral roll is another aspect lenders consider when assessing your creditworthiness.
It's worth noting that some lenders may completely rule out mortgage applicants with CCJs. However, there are others who are more willing to work with individuals who have had past debt issues. At Yes Financial, we specialize in Right to Buy mortgages and possess the expertise to quickly determine which lenders are likely to accept your application based on your credit report. This saves you valuable time and effort.
To get started, simply send us a copy of your credit report via email at firstname.lastname@example.org. Our team of fully qualified mortgage advisers will diligently analyze your report and strive to identify a mortgage lender with terms that suit your unique circumstances.