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Getting a Bad Credit Home Loan in the UK

A bad credit home loan is a loan given to a person who has a poor credit history. This credit history may include small defaults to private companies or large amounts of debt owing to financial institutions such as banks and finance companies. People who have been declared bankrupt will also need a bad credit home loan if they wish to own property before they have rebuilt their credit.

Firstly it is important to note that the majority of lenders will not give applicants a quote on a mortgage over the internet. This is because lenders will want to speak to applicants and determine the nature of their bad credit. Some defaults can be overlooked while others cannot. For example a small default over losing library book is something that could happen to anybody. Banks are more likely to overlook this than a bankruptcy of thousands of dollars.

Applicants should be prepared to face some rejection. Many people will find that they have to contact numerous lenders before they find one who is prepared to take them on as a customer. The best way to find the names of bad credit lenders and the interest rates that they charge is to go to comparison websites such as Moneysupermarket.com and Fool.co.uk.

These websites list mortgage providers such as Woolwich and Accord. Once the applicant has found a provider who is offering a reasonable interest rate for bad credit customers, they can contact the company and discuss their personal circumstances. If the lender thinks they may be a suitable customer for their company, an application for a home loan can be filled out.

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