Credit scoring for low doc loans

Don't let a bad credit score get you downMost lenders credit score your loan application to assess the risk of the loan. The score is based on many factors, including your income, employment stability and credit history. This is equally applicable to low doc loans. Equity release without evidence can negatively affect your credit score.

Other things that may have a detrimental effect on your credit score are:

  • Refinancing
  • If your loan is to be used for construction purposes
  • The number of enquiries on your credit file in the last 6-12 months.

If you have recently applied with more than 2 lenders you will greatly reduce your chances of approval with a lender.

What if I have a low credit score?

Although it may seem difficult to get approval if your credit score is low, it is still possible to get a mortgage! Whilst major banks may be reluctant to lend, our brokers are experts in credit scoring and know a variety of non-conforming lenders that will still consider your application.

If you’re looking to refinance, but have a bad credit score contact us today to speak to a broker who can help you get approval!