bad credit mortgages

The availability of bad credit mortgages, or adverse mortgages, has increased in recent years to reflect the growing number of people in the UK with bad credit history. This product has been created to help people buy a property, refinance or pay off other debts.

Adverse credit can be attributed to previous missed payments, County Court Judgments against you or declaration of bankruptcy. If you fit this profile or have had a mortgage application declined in the past, you should look into a bad credit mortgage.

A bad credit mortgage is essentially very similar to a standard mortgage. You can still choose between a fixed or variable interest rate. However, the interest rate may be higher than normal and there may be stricter requirements on the amounts and regularity of your repayments.

If you have a bad credit history you will likely find that your mortgage deal will be more expensive than is standard. However, the good news is there are plenty of lenders in the UK who may be willing to offer you a mortgage, as long as you are able to show you can make the agreed payments.

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