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Credit Rating And Your Property Repossession

Property repossession seriously damages your credit rating - FACT!

Every time you apply for a mortgage, loan, credit card or even a store card the company issuing you with credit will need to assess your credit-worthiness before they accept your application. Normally, this is done instantaneously by electronic means. The credit issuer checks your credit rating against their loan criteria. If you meet or exceed their criteria your application for credit is accepted.

Credit checks in the UK are made mainly with two credit agencies - Experian and Equifax. Between them they hold your entire credit history on file. They reveal to anyone who looks at your record what loans you have now or have held in the past, and how efficient you were at repaying those loans. Your history is credit scored, and it is this score that loan companies look at when assessing any loan applications that you make.

Should you have suffered a property repossession you can be sure that this fact will be clearly noted on your credit file. A County Court Judgement (CCJ) ordering a property repossession has a huge negative impact on your credit score. Even if you manage to stop repossession before it gets to a court hearing, the fact that you have had mortgage arrears with your home loan company will count against you, and will be recorded on your file. Together, CCJs and arrears can make it very difficult for you to obtain credit in the future for a period of about 6 years.

More on how to stop house repossession....

Risk Warning: If you enter into a sale and rent back agreement you are unlikely to get the market value of your home and, as a tenant, may only be able to remain there for a limited period. There may be other options available. Please ask for a Key Terms Statement.

We do NOT offer the sale and rent back arrangements anymore. These arrangements are no longer authorised by the Financial Services Authority. No company can legally offer you a sale with a rent back. However, if you’re interested in selling without renting back, please get in touch with us today as we will be able to make you an offer.

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