Situations may arise when some borrowers, as a result of missed or late payments on such as mortgages, personal loans, credit cards or other financial commitments find themselves in a position where recognised High Street lenders are unwilling or refuse to lend on a property.

However, there are those who will and it is the role of the adviser in such circumstances to find the most appropriate route for the applicant at that time. Lenders will base their product range on the severity of the situation with interest rates and associated fees being typically higher for the more severe cases.

In recent years, whilst being a growing market, it has also become a more responsible market with many lenders offering a credit repair facility which will allow borrowers to move onto more advantageous rates as their credit situation improves.

It is therefore very important to understand your credit rating at any time and in particular when you are looking to arrange finance for a house purchase or re-mortgage. If you are in any doubt you can gain access to your personal credit file at

• www.equifax.co.uk
  or
  
• www.experian.co.uk