The amount of money borrowed in the UK, including mortgages, has just passed the £1.2 trillion mark.
The old proverb neither a borrower nor a lender be has fallen out of favour as we borrow for things we want now instead of waiting to save up for it first.
Mortgages and loans secured on property make up the vast majority of these loans 83 per cent and the credit meltdown many have been predicting hasnt come yet.
But the fact is, with more people carrying heavier debt levels than ever before, the numbers of people refused a home loan by high street lenders is on the rise.
Click here for more information on specialist mortgages
When you apply for a mortgage or any other type of borrowing credit card, loan – you will be credit scored by the lender.
The lender will make a judgement on your creditworthiness by looking at your credit history. But getting turned down for credit isnt the end of the world.
There are a number of things you can do to help improve your creditworthiness. And if its a mortgage you are applying for there are several specialist lenders who can help you out.
Although with so many different mortgage products to choose from, enlisting a specialist mortgage adviser such as blackandwhite.co.uk can help you find the right home loan and oversee it to completion.
You can also be comforted by the fact that they wont judge you on your circumstances as they specialise in helping people in these situations all the time. Also, interest rates and charges can be higher on these loans and an adviser may also be able to find you a cheaper loan from a mainstream lender.
Next: Top 10 tips
