Graham Hill Explains Credit Underwriting Difficulties

Sunday, 1. February 2009

Underwriting is becoming a bit of a nightmare with lenders seemingly running out of money. It’s all very frustrating as I have loads of enquiries and proposals but far too many are being declined for credit, a situation that will only get worse. Applicants need to take more care over their credit and avoid any adverse or suffer the very severe consequences. Also consider the amount you are prepared to pay up front in order to reduce the monthly payments and subsequently the risk to the lender. Also consider a shorter term in order again to reduce the risk. And if you are replacing a current commitment make sure that the lender knows, all of this adds strength to an application that might otherwise be a little on the weak side. I will do all I can to help you get credit but it isn’t very easy these days. By Graham Hill