Expert Bad Credit Mortgage Advice & The Best Deals For You

If you have a history of bad credit, then you will inevitably have run into problems securing a mortgage. The positive news for you is there are lenders out there who can help those looking to borrow money to buy a property, even when their credit rating is not great.

Finding a favourable mortgage deal is not impossible, but it will depend on a number of factors, including the severity of your credit problems, how long ago your financial difficulties were, and how affordable the mortgage is likely to be to you.

Even if your credit history is really bad, there are some specialist lenders who may still lend to you. We can help introduce you to a broker who has access to some of the best bad credit mortgage deals to suit you, even if you are someone who had been turned away for a mortgage in the past.

Having a bad credit record can make things difficult when it comes to securing a mortgage, but we want to make sure that people are not prevented from ever owning a property. A bad credit mortgage can sometimes be the only option for people when they have experienced financial difficulties leading to County Court Judgements (CCJs), defaults, or missed payments.

Equally, those who have been declared bankrupt, are currently in an Individual voluntary arrangement (IVA) or debt management plan or have previously had a home repossessed or been declared bankrupt, will also face difficulties when trying to secure a mortgage.

A bad credit mortgage gives people who are, or have been in these situations, an opportunity to secure a mortgage when they have adverse credit and no high street lenders will generally go near them. Through specialist lenders, who are usually more flexible, allows people with bad credit to get a good mortgage deal for them in the circumstances.

Specialist lenders who provide mortgages to people in bad credit are more flexible compared to high street lenders, but they still want to ensure that the risk is balanced. Any bad credit mortgage deal you get will take into account the age, severity and cause of any credit issues, and consider the risk of them occurring again.

While the terms of any mortgage might be less favourable than standard mortgage (e.g higher interest rates the higher the considered risk), some lenders will include options such as interest rate cuts after a set period of time if borrowers have shown they can consistently keep up with payments.

Bad credit issues such as missed payments will be treated less harshly by a lender than say someone with a recent discharged bankruptcy or a repossession in the last few years. The older the adverse credit history, the more likely a borrower would be to get better mortgage terms.