In spite of the recent performance of the home mortgage market in this country, the market remains busy. And this is all good for people who need bad credit loans.
Homes are always being bought and sold. Most months there are well over 40,000 mortgages approved for customers who want to buy a home. Late last year, for example, some 44,000 of these approvals were going through every month.
And in the re-mortgage part of the market there is the same volume of transactions, perhaps even more.
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Huge numbers of mortgages arranged
With our population this means that even the relatively few people forced in to a sale still form a sizable group. So there are mortgages being given every day, at all points in the market, and this adds up to a lot transactions and a large total value. In the last half of last year, for example, almost £20 billion worth of mortgages were approved.
These numbers show that the lending market is active. Since the law of averages makes it certain that a proportion of the approved mortgages were given to borrowers with a less-than-perfect lending history, this is a good time to apply for a loan even if you have had repayment problems in the past and now have a bad record of credit history.
There are a couple of things to consider when we talk about a poor credit history.
Repayment lapses are recorded
First, your credit applications and repayments are recorded. Notes are taken whenever you apply or sign up for a mortgage on a house, or open a credit card account at your bank, or look for a small loan so you can go out and buy that new car or be admitted to that private hospital for an operation. These things are put into the databases of the finance industry. Some of them are shared between commercial companies. This means that each time you were late with a repayment, a note is made in your record.
As we know there are many reasons why it is sometimes difficult to meet a repayment deadline. But even if you miss for a perfectly good reason the miss is noted in the file. So, while there are things you can do to paper over these blots on your copy book, and a good broker can help you do this, it is important to realize that the banks will learn about your repayment difficulties. You might have had a perfectly valid reason for the delay. You may have made the repayment a very short time after the missed payment. No matter... the lapsed payment will be noted.
For this reason, if you do have a blighted record of repayment take a professional's help when you go to your lender and ask for another loan. He will need to be persuaded.
However, as we noted earlier, loans are being made. And people with bad credit histories are getting their fair share of them.
Lenders willing to advance loans
Now, there is another thing here. There are lenders who are willing to work around the fact of the bad credit record of their clients. Lenders who will, at the very least, lend to people who have equity in a home they can put up as security. These lenders are secured by the property, and boosted by the slightly higher fees and interest they have traditionally charged as a reflection of the greater risk they are running. So, if you are in the position to be able to meet the repayments on time (this time!) you will be able to manage a bad credit loan, regardless of the interest rate or fees schedule. And with your home as security, you will find a lender.
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