A poor credit rating often means that people are unable to get credit cards, loans and mortgages. They are simply considered too high-risk for a financial institution to deal with. However, with an increasing population accruing a poor credit rating, there has been a subsequent shift in policy and a branch of financial institutions are now offering such facilities as mortgages and loans to those with a poor credit report.

If you find that you wish to release some of the equity within your own home but are worried that a negative credit background will act as a barrier then do not despair. As the amount that you release will be against a secured equitable interest in your own home it is still possible to get accepted onto an equity release scheme.

As the scheme will be tailored towards your status as high-risk it may be that the interest rates are higher than they would be for those with a good credit rating.

Do not feel that because you have a negative credit rating you must take whatever is offered. It is important that you shop around to find the best scheme for your needs and one with the utmost protection. This fact does not change because a financial institution considers you high-risk.

Contacting the Safe Home Protection Plan (SHIP) for a list of reputable equity release providers will give you the utmost protection and rights. It is always advisable that you seek independent and professional advice before signing any contract. Whilst you may be classed as high-risk it is also important that you are wary of financial providers – not all care about your interests. There are a number of providers offering schemes for those with a poor credit rating therefore you can afford to shop around.