Refinancing with poor credit

Whatever the government press release farms (newspapers) might be saying, those who have tried to refinance with poor credit will know that the economic crisis is alive and well currently. The news from the UK is frankly shocking at the moment, and any suggestion of a house price recovery should be taken with a very large pinch of salt.

Issues surrounding poor credit refinancing abound, and this is a selection of recent “news” reports suggesting the UK’s problems are  a long way from over. The banks and mortgage companies (with the possible exception of HSBC) are still in dire straights and the likelihood of finding financing slim to none.

The ex-Midland bank headquarters in the City of London have just been repossessed and placed up for sale after the owner defaulted on his payments. James Bond building for sale

The UK economy shrank by 2.4 per cent in the first quarter at the fastest rate in more than 50 years and far worse than expected, according to official figures today. The Times

At the same time, the Telegraph - not known for their accuracy are claiming, "UK house prices rise for second month," despite the fact that they actually fell, according to the land registry figures. Still, a headline is a headline I suppose. The Telegraph.

A wander through the other articles on the same page are full of negative headlines such as : "profits slump as consumers stop spending," "FTSE100 goes into deep freeze," "Bankers warn of long road to UK financial system," and "UK economy shrinks most since 1958," so I would be taking this "rise in UK house prices," for what it really is - a miniscule rise in the median value of mortgages written by the Nationwide Building Society in June.