Bad credit mortgage

You could have gained a bad credit history in a period of time during which unforeseen circumstances made it difficult for you maintain your regular monthly commitments, such as a loss, illness, or sudden unexpected unemployment.

Having a poor credit history could mean you have a record of CCJ’s (County Court Judgements), mortgage arrears, and possibly bankruptcy, or the omissions could be minor such as a few missed payments to credit or utility bills.

A bad credit history will not stop you from obtaining a mortgage contrary to popular belief, and indeed it has been estimated that one in four people don’t qualify for a standard mortgage from a high street lender.

Fortunately bad credit mortgages are a growing product offered by many lenders who will consider lending despite any past problems you may have experienced with debt.

A bad credit mortgage in no way differs to a standard mortgage, but is marketed at people who have suffered debt problems; they often offer competitive interest rates and fees in the same way a standard mortgage off any of the high street lenders would.