Credit Rating

A credit rating is made up from numerous factors including payment history on past and existing finance, employment status & history, your age, whether you are a homeowner and if you are on the electoral role. All these things and more are taken into account to determine your credit rating.

When you apply for a home owner loan your credit rating will be used by the lender to determine whether they grant you finance or not, and if accepted what rate of interest you may receive on your loan. Each lender will calculate your credit rating slightly differently putting more or less emphasis on different factors depending upon there own lending criteria. Just because you are declined for a loan by one lender does not always mean you will be declined by other available lenders.

When you apply for a loan through wise buy you will be helped through the loan application process by an experienced underwriter who has specialised knowledge on what loan plans are available to help you find a loan that suits your individual requirements.

As well as your credit rating another two large factors that could effect the rate you may receive on your home owner loan are the amount you wish to borrow and the term over which you wish to borrow, your loan underwriter will be happy to talk you through the different options you have available to you..

Bad Credit Rating

If you have a bad credit rating you may find it more difficult arranging finance as many lenders may not have plans to suit your needs and many others will charge you higher rates,.. Wise Buy could help give you access to lenders with specialised bad credit loan plans for people with a bad credit history.

Lender Plan Rate Typical APR Product Details 16.3% APR Typical 15.9% APR 16.3% APR Typical 15.9% APR Loan Amount Range (£) 5,000 - 100,000 Loan Type Fixed for Term Maximum Loan To Value 80% Minimum Property Value 60,000 Plan rate based on 26,000 over 120 months 50% LTV typical broker fee 8% Total (only if loan runs full term) 120 x £422.58 Total amount payable £50,709.60 Term (months) 36 - 360 Minimum Age 18 Loan must complete by age n/a Self employed with Accounts? Yes Self Cert for Self Employed? Yes Parent company Ocean Finance and Mortgages Ltd. ' 16.95% APR Typical 18.7% APR 16.95% APR Typical 18.7% APR Loan Amount Range (£) 5,000 - 100,000 Loan Type Variable Maximum Loan To Value 80% Minimum Property Value 75,000 Plan rate based on 26,000 over 120 months 70% LTV typical broker fee 8% Total (only if loan runs full term) 120 x £431.69 Total amount payable £51,802.80 Term (months) 36 - 360 Minimum Age 18 Loan must complete by age n/a Self employed with Accounts? Yes Self Cert for Self Employed? Yes Parent company Blemain Group ' 19.8% APR Typical 16.9% APR 19.8% APR Typical 16.9% APR Loan Amount Range (£) 1,000 - 25,000 Loan Type Variable Maximum Loan To Value 70% Minimum Property Value 50,000 Plan rate based on 25,000 over 120 months 50% LTV typical broker fee 8% Total (only if loan runs full term) 120 x £453.70 Total amount payable £54,444.00 Term (months) 12 - 180 Minimum Age 18 Loan must complete by age n/a Self employed with Accounts? Yes Self Cert for Self Employed? Yes Parent company Norton Finance (UK) Ltd. '

Please use the loans tables above to find a secured loan deal to help you raise some extra money for a newer car, to improve your home or take a holiday in the sunshine. Maybe it is time to take control of your finances and reduce your monthly outgoings by consolidating your existing debts into one manageable monthly repayment.

The secured loans table is split into ‘Good’, ‘Fair’ and ‘Poor’ credit profiles and you should use the credit rating which closest relates to your credit history. Remember that many people have a much better credit profile than they think, but don't worry, if you're not sure we will offer the best plan that we can for your individual circumstances, in any case.

OUR TYPICAL, VARIABLE RATE IS 17.9% APR. RATES RANGE FROM 11.9% to 29.9% APR THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT. Loans Secured On Your Home