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Veterans, in general, and those who have been affected by the recent recession and consequent downgrading of credit score are bound to be a downcast lot. Recent developments should bring good cheer to them. The good news for them is lenders have started taking a more liberal view of providing loans to people with low credit score. It has helped people from having to go for loans from lenders who would charge very high interest rates, causing more hardship.
The new program in the UK is termed “Credit Impaired Mortgages”. It covers a large segment of low credit score veterans, including those who have defaulted on loans, have CCJs against them, or have had to file for bankruptcy. The rate of interest for the loan offered will depend on the present credit rating, which again is classified as heavy, medium or light. As guidance, experts classify you as light, if you have no further debts after the CCJs. Since taking further loans is a tricky business, it is advisable you use the services of a good mortgage broker.
Apart from being good, the broker has to be reliable as well. Spending a little extra time on the internet for locating the correct mortgage broker will be worth the effort. Mortgage brokers have experience with different types of lenders, and different modes of loans that are given to people with low credit score. A reputed broker is supposed to give you good advice to approach a good lender, from whom you can get the best terms rather than suggesting the lender who will give more commission.
This problem is best tackled by having an open and frank discussion with a number of brokers chosen by you. You are not going by what the broker says about your credit being impaired and not being eligible for better terms. If you are planning a direct approach, it is always better that you try to locate a few banks and financial institutions that play the game by the rule book. If you manage to locate the right bank, you can feel safe that you are not being taken for a ride.
Most importantly, some hard work, both in browsing the internet, and personal visits to lenders and reputed brokers is necessary. The inputs gained from this work, will enable you to understand clearly how you stand in the matter of getting a loan with the best terms and conditions. Like buying any product, you can go by brand name as well.