Robot banks

Banks have become increasingly strict when applicants knock on their door for a mortgage with many of them being shown the door due to minor financial defaults. Many people are finding that their applications are being refused due to such issues as missing a single payment on a credit card, being overdrawn by £30 and even by having an unpaid parking ticket.

This has led many to believe that banks are becoming less human and more robotic. Many use automated credit checking tools so they can let the machine decide whether a buyer will in fact buy.

The recent actions are a complete u turn from how the banks were acting 12 months ago when it was almost a guarantee that you would be accepted with a half decent credit score. Now, even people with great scores are being refused due to minor issues.

The situation is not looking good for 2009 when the situation is predicted to worsen with their lending criteria becoming even harsher.

One of the simplest methods to increase your chances of being accepted is to improve your credit score. This can be done by obtaining a copy of your credit report, once obtained you should look for any errors which may occur such as mistakes from your bank. You should also pay any outstanding debts and not miss any payments on your mobile phone, gym or any other financial commitments you have. These will go down as a black mark and will see your chances of being rejected increased. A good score will also lower the amount you have to pay back.

You can compare a number of mortgages online using comparison sites; you will be able to search a number or remortgage and mortgagedeals instantly.