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Home Owners Loan
KankuRatan.co.uk brings a easy way to get Mortgage with #1 Mortgage Service Provider in UK. Use our Mortgage Quote Form to apply for Mortgage and your will be Contacted by telephone by an FSA Authorized Mortgage
Advisor as quickly as possible
How can we help you?
We brings UK's Top Most Lender Service at your Finger Tips just log on to internet and fill the form and leave rest of us we will see and try to provide you Best mortgage rate from Top UK Mortgage Lenders and yes it's depend on you to accept these offer or Not.
What are the different types of loan?
Just now we only offer Mortgage Loans, but in actual loans are typically offered for a variable term at a fixed rate of interest, and are used mainly for home improvements, car purchases, holidays & debt consolidation. Unsecured personal loans generally have the best rates, but also have the narrowest lending criteria, so that only a minority of those who apply are approved, or receive the rate they applied for.
What lending criteria is considered?
Criteria depends on Lenders/Bank policies and may be varied Bank but in General they look at age, income, existing financial commitments, home status, credit history as well as postcode and purpose of loan.
In majority of cases Banks/lenders will use a matrix to score the various information relating to your application, hence the term credit score. If your SCORE exceeds the target, then you will be approved; if not, then the application will be declined.
Because most financial institutions register a search every time they access a credit reference bureau for your credit history, a declined application may hinder your chances of securing credit elsewhere. Some banks take the view that if one bank refused you credit, they will do the same. So taking the time to apply for the best loan for your individual circumstances not only saves you time in the long run, it also protects your credit history.
To view what Lending Criteria we need pleas see Mortgage Quote Criteria
What happens if I have been refused credit?
The reality is that Banks and financial institutions typically decline more than 50% the applications they receive. Following advertising regulation changes imposed by the Office of Fair Trading in recent years, banks must promote their typical rate, which is the rate that most of their customers receive. In the past they may have been able to approve an application at higher rate, but now some banks with the best rates would rather decline it in order to preserve their typical rate.
Fortunately, there are a number of financial institutions which cater for customers who have been refused credit, and they offer secured loans to homeowners.
Often the rate offered by these financial institutions will reflect the extent of your credit history, so the odd discrepancy should get the best rate available, whereas several months of mortgage arrears or County Court Judgments (CCJs) will attract a less favorable rate to balance the additional risk for the lender. That said, many customers are often surprised at how favorable some of the rates can be given their past credit history.
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