What are my options if I have a poor credit history?
Fri, 26 Oct 2007
Alternative lenders can help with a commercial mortgage or bridging loan if you have a poor credit history.
The mainstream banks' lending criteria are conservative and they generally do not lend to businesses with adverse credit history, County Court Judgements, Company Voluntary Arrangements or missed mortgage payments.
However there are lenders who will do so albeit that you will be charged a higher interest rate than on a mainstream loan.
Many of the lenders who provide this type of loan also have high redemption penalties for the first 5 or 6 years as they expect those borrowers whose ability to borrow improves to seek to remortgage once they are able to do so. Some of these redemption penalties can be reduced by paying an additional upfront fee at the time of taking out the mortgage.
To see which lender meets your requirements use the loan finder service on this site.
