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Bad Credit Mortgage Advice
Bad credit mortgages are for borrowers who have a poor credit history. They are provided by sub prime mortgage lenders who look sympathetically at these cases, since they recognise that many people have had financial difficulties in the past, often through no fault of their own.
Bad credit mortgages are no different to a standard mortgage, but are intended for people with an bad or poor credit history. Sometimes referred to as a sub prime or non-status mortgage, a bad credit mortgage is designed to help people get on the property ladder if they have made mistakes in the past such as late mortgage payments, credit defaults or county court judgements.
Here are some of the other names people associate with bad credit mortgages:
- Sub prime mortgage
- Adverse credit mortgage
- Non status mortgage
- Non standard mortgage
- Poor credit mortgage
- Credit impaired mortgage
Having an bad credit history in the uk could mean that you have one or more of the following:
- County Court Judgements (CCJ's)
- Loan / credit defaults
- Mortgage,Rent or Loan arrears
- Decrees (Scotland)
Changes that have come about as a result of the current squeeze on credit facilities means that sub-prime mortgage lenders will now only consider lending up to 75% of the value of the property as a standard, and in a small number of cases 80% to 85% depending upon the particular circumstances. There are no 90% - 100% bad credit mortgages in the UK at present.
If you have a bad or poor credit history and wish to obtain a mortgage to buy your own home or remortgage your existing one we can help.
Bad credit mortgages or poor credit mortgages are available, and maybe easier than you think to organise. Interest rates for adverse credit mortgages are likely to be significantly lower than the rates on your existing unsecured debts such as credit cards and personal loans.
Depending upon your circumstances, the interest rates on an adverse credit mortgage may be higher than standard mortgage rates. However, this need not necessarily be the case. For example, the interest rate may be reduced if the loan required is 60% or less than the value of your property.
To find out more about bad credit mortgages, poor credit histroy, adverse credit mortgages and poor credit mortgages , simply complete the Bad Credit Mortgage Quote form above.