With all the changes in the lending world lately, it's possible
for nearly anyone to get a cheap home loan in the UK. There are dozens
of lending firms these days who offer homeowner loans,
and every one of them has different standards for acceptance of a loan
application. There are even many that specialise in making a cheap home
loan product available to those with bad credit or no credit. With all
the options available to homeowners looking for a cheap home loan, the
chances of finding a loan that meets your needs are very good.
You may have been told that you can't get a cheap home loan
because you have no credit history or because your credit record shows
some difficulties with finances in the past. That may have been true
when the only ones making loans were the banks and building societies,
but with the number of lenders in the market who will give you a cheap
home loan now, even those with county court judgments and discharged
bankruptcies on their credit record can find a cheap home loan.
In general, if you own a home and have been making payments on
your home mortgage for at least six months, you will qualify for a cheap
home loan from one of the many lenders who offer homeowner loans. The
amount that you can borrow and the interest rate that you are offered
will depend on your recent credit history. The better your credit, the
better the terms that you can expect and the more options will be
available to you.
You can increase your chances of being offered a low interest rate
on a cheap home loan by doing a little work before you apply for a
loan. If possible, clear up any outstanding charged off accounts or
unpaid bills. If there are special circumstances that explain a period
of time when you were unable to meet your financial obligations, make
sure that your lender knows them and knows that they have been resolved.
If your credit report contains inaccuracies, have them cleared up. Even
though it is possible to get a cheap home loan
even if your credit record is badly marred, you'll get better terms if
you clean your credit record up a bit before applying for homeowner
loans. No matter how bad your credit is, you can find a cheap home loan.
Rachael Gallant has worked for the UK financial services
market for a number of years specialising in secured loan applications
for UK home owners. She understands how time consuming it can be trying
to interpret the associated jargon which is why she writes clear, easy
to understand guides exclusively for "Secured Loans Centre".
