Buying a home requires mortgage applicants to have a good credit rating before they will be considered by most lenders. However, just a small negative entry on a credit file can result in disaster for borrowers.
One family from West Yorkshire lost their dream home, when their credit rating had dropped from ‘good’ to ‘poor’, due to a £24 mobile phone bill. James and Nichola Bell had been searching for the perfect home for six months, only to find out a week after submitting their mortgage application that they had been refused a mortgage due to their credit rating.
According to the Bells, Talk mobile, owned by Vodafone, had put black marks on their credit record for two missed payments, although the Bells say that they weren’t even aware that the money was owed. The family are unable to move to another house due to their credit record, and unfortunately, they aren’t the only ones affected by incorrect marks on credit records.
Due to the Mortgage https://www.beaconfinancialtraining.co.uk/wp-content/uploads/2020/06/cemap-online-and-classroom-training-uk.jpget Review, obtaining a mortgage is much more difficult than previously. However, a CeMAP qualified mortgage adviser will be able to help most borrowers to find a suitable deal. As all lenders have varying mortgage criteria, an adviser will be able to help you choose the lender which is most likely to approve a mortgage application. It is also worth checking a credit file months before you intend to apply for a mortgage, so that any errors can be corrected.
