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Is it better to have a loan or credit card debt when applying for a mortgage?

Personal_Finance / Debt & Loans Mar 31, 2020 - 09:06 AM GMT

By: Submissions

Personal_Finance

Unpaid loans and credit card debts can significantly influence your credit score in the UK. Low credit scores limit your ability to qualify for other loans and mortgages. Unfortunately, financial emergencies may force you to borrow money even when you have other debts. Lenders prefer lending mortgage loans because of the security associated with them. However, having a bad credit score ranging from 629 to 300 on the FICO scale can present numerous challenges, especially if you want to secure a mortgage.


Is it better to have a loan or credit card debt when applying for a mortgage?

When you apply for a mortgage, financial lending institutions look into your credit history so that they can determine how much you have and how much you are using. These institutions also look at your credit score and your current debts to establish whether you can pay back the loan. Securing a mortgage if you have a loan or credit card debt is hard and complicated because you will go through various processes to prove that you are eligible. Additionally, applying for a mortgage when you have obligations that can strain your finances might hinder you from completing the payments on time, which will put you at risk of losing your house. Even though it is not advisable to secure a mortgage when you have many loans and credit card debts, it does not mean that it is impossible.

How can you secure a mortgage if you have a loan or credit card debt?

There are numerous options that you can rely on to secure a mortgage with bad credit. Personal loans are available in many financial institutions like community banks, credit unions, national banks, and online lenders. Banks have strict lending standards, while credit unions have more favorable eligibility requirements, which may simplify the lending process. Alternatively, you can seek assistance from NowLoan, who will help you to secure your mortgage quickly, even if you have bad credit.

NowLoan is a financial service broker in the UK who assist distressed individuals in obtaining loans quickly from a group of willing lending organizations. As long as you provide a short application with your information, we will help you to get a lender who will cater to your needs. Applying for a loan from numerous lenders can be stressful, costly, and time-consuming. NowLoan will help you to save a lot of your time and effort because it takes care of the whole process in a single step.

By Jordan Gilliard

© 2020 Jordan Gilliard - All Rights Reserved

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


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