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When you attempt to get a mortgage loan, it is not a simple case of the mortgage company deciding 'yes' or 'no' on the spur of the moment - it is all about your credit scoring.
Your credit rating is a financial indicator of the credit risk you present - ie. whether a mortgage company should give you credit or not, all established from whether or not you are regarded as a reasonable or unreasonable risk.
Your credit record - which is on file with all the main credit referencing agencies such as Experian and Equifax - discloses any type of credit you have had before (as far back as six years) and also current commitments.
When you fill out an application for a loan, the mortgage lender will do a credit search - and will allocate you a credit score or rating calculated from the info within your file. If you have too many of debts - and notably if you have neglected repayments or have paid them late - you will be assigned a poor credit rating.
The smaller your rating, the less chance you have of being granted credit because a poor credit score indicates there is a higher risk of you failing to pay off your debt on time.
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It also confirms if you are on the electoral roll (which, in the event you are not, can have an impact on your prospects of getting credit seeing that your home address isn't 'proved') and any financial associations. A financial association is someone that you have been financially linked with currently or in the past. It could possibly be an ex-partner, your mum or dad or even anyone who lived at your place of residence before you did and has not been deleted from your credit file.
Should the individual or people mentioned as a financial link are in no way associated with you - ie. you have no joint financial commitments and they are no longer living with you - then you should request that the credit reference agency correct the information. Get access to extra info - MSN Live.com the keyphrase 'mortgages 5 income'.
Keeping them on your record - particularly if they have experienced financial troubles in the past - can have a harmful affect on you getting any credit.
When looking at approving a mortgage product, mortgage providers will also examine how much you are repaying on other existing debts - if you have lots, they might say no to a mortgage home loan even when your score is not so bad. This is as they could deem you to be financially overstretched with an additional debt to repay.
Author: Joanne Ortiz has a lot of experience writing good and useful articles not just about 100% mortgage but also in some manner about Lloyds TSB Scotland mortgages and about remortgages.
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