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It seems like nobody is willing to offer you credit. You've tried the high street lenders, and have seen the unbelievably low rates on offer. Why won't they offer you these same great rates? The answer is simple, it's likely that you have a poor (otherwise know as adverse) credit rating. Remortgage lenders need to know that you are in the position to repay any credit (with the added interest). Put in a crude way they are effectively evaluating you to see if you are a safe bet. As part of any credit application a remortgage provider will request a detailed background credit check.

These credit records are in effect a detailed report of your financial credit history.

' What loans \ mortgage do you currently have?
' What is the history making repayments?
' Have any payments been missed in the last 12 months?
' And so on and so on?

In addition to the above, each and every lender will set their own criteria to 'score" a persons credit worthiness. Typical factors taken into consideration are:

' How old is the person apply for credit?
' Does the applicant own their own home? How long have they lived at this address?
' Are you in full-time employment? What is your annual salary? (If you have a variable income then you might be labeled has a higher credit risk).
So why do you have a bad credit rating?

It may not seem fair to you but the reality is that lenders have to analyse the risk of lending to you. Here are some factors that may contribute to your poor credit rating which in turn results in you getting turned down by lenders.

' You are facing bankruptcy or have already been declared Bankrupt.
' You are recently self employed with no accounts to prove your income.
' You are currently committed to an Individual Voluntary Arrangement (IVA).
' You are too old or you only have pension income.
' You have County Court Judgments (CCJs).
' You have mortgage payment arrears.
Can you get a remortgage with bad credit?

You're trying to resolve your money worries but lenders are not even considering you. Don't worry, you are not alone. Firstly there are lenders who are willing to arrange remortgages for people with a bad credit rating. However bear in mind that the rates that they offer may be higher than those offered by other lenders. This is entirely down to their higher perceived risk of lending to you.