TOP SIX CREDIT MYTHS BUSTED !!!

1 - Previous occupants of your home affect your credit rating

Don't be conned by a mate in a pub into this one it's totally untrue. Lenders are only interested in your ability to repay and not anybody elses. This is also true for any problem remortgage.

2 - Family and friends living at the same address affect my credit rating

Again, untrue. Your credit report shows only you and any associates you have shared or joint dealings with, not previous residents. Residents are shown on the electoral role.

3 - Credit reference agencies decide your credit rating

Untrue. They only hold data on your financial dealings. It's lenders who make that decision based upon your ability to repay, risk, previous record etc. That's why someone like The Big Loan Company has a more flexible attitude to lending. Try us for your problem remortgage today !

4 - Your credit rating is poor because you are on a "blacklist"

A classic pub myth. There is no such thing as a blacklist. Certain industries may share specific information, but each one decides individually who to do business with. Red-lining, black-listing by streets, post codes etc does not exist.

5 - You only have one credit rating

You can have different ratings depending upon the product you are applying for and who you apply to. Each company takes your credit file and uses it in a different way. They all have their own calculation methods. Your credit rating may also change if your circumstances or credit history change too.

6 - Past debts don't count

Unfortunately they do. Even if you are financially fit today, past poor credit or a previous problem remortgage history is taken into consideration. Missed payments sit on your credit file for 36 months, whilst CCJ's sit there for 6 years and a bankruptcy order can be there for as long as 15 years. An IVA is also held on your credit file.

Don't panic you can ask to review your credit file and add notes to it if you feel some of the circumstances (eg. poor health) warrant an explanation. People viewing your file will see these and take them into account.

1. WHAT LOANS ARE AVAILABLE FROM US?

Problem Remortgage And Adverse Secured Loans

• any purpose including consolidation
• any amount cash raise between £8,000 and £250,000
• no up front fees
• repayable between 3 and 25 years
• remortgage and self employed schemes - no income proof plans available
• plans for mortgage arrears, ccj's or defaults
• plans to borrow up to 115% of house value

Unsecured Loans

• available to tennants and homeowners
• fast completion times
• loans can be for any purpose
• any amount between £500 and £25,000
• repayable between 1 and 15 years
• no upfront fees
• pay off existing debts, cards and loans
• no security required

WE ALSO DO GREAT DEALS FOR:

• bridging loans
• commercial loans
• first time buyer mortgages
• right-to-buy mortgages
• buy-to-let mortgages

Email us here with your requirements and one of our specialist mortgage team will call you back. Please make sure you put "remortgage enquiry" in the email subject header.

info@bigloanco.co.uk

2. HOW LONG DOES IT TAKE TO GET MY MONEY?

In most cases 3-4 weeks. If your application is complete it can be quicker.

3. DO YOU CARRY OUT A CREDIT CHECK?

Our partners are authorised by the Financial Services Authority and are bound by a code of conduct which includes lending sensibly. To do this they must carry out a credit check on all applicants to ensure they meet this code.

4. WHY DO YOU NOT PUBLISH SPECIFIC RATES ON YOUR SITE?

Once we receive your application our Underwriters search the marketplace for the best deal to suit your needs. Even for a problem remortgage some other companies will give you one low "blanket" rate and once they receive your application adjust the rate (normally higher). We like to find you the best rate first and then present it to you.

5. I HAVE A POOR CREDIT HISTORY, WILL THIS MEAN I WILL BE TURNED DOWN?

Not necessarily. Unlike some lenders our partners realise life can sometimes take a turn for the worst and have a more flexible attitiude to lending. Having slight adverse credit will not necessarily mean you will be declined. They have products that take into consideration arrears, ccj's, and missed payments. 

The one fable in lending is the existance of a "black list". In reality this does not exist. All lenders take each case individually. Your problem remortgage may not be such a problem after all !

6. I HAVE BEEN DECLINED BUT THINK I HAVE A GOOD CREDIT HISTORY?

You can contact Experian who hold your credit details. For a small fee they will send you a copy of your credit file. If you believe it is incorrect, you can ask for this to be amended.

Experian PO Box 7710, Nottingham, NG80 7WE

Telephone: 0800 656 9000 (Mon-Fri 9am-6pm and Sat 9am-1pm)

+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++

Typical loan example APR 10.0%. Example £10,000 X 60 months @£214.58 per month. Total cost of credit £12,874.80.

+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++

BACK TO HOME PAGE