Bad Credit Mortgages


You may need a mortgage or home loan - to buy somewhere to live, to consolidate your debts, or to finance a lifestyle change?  A poor credit history or possible a lack of evidence about your current circumstances may prevent you from obtaining the mortgage you need.  A Bad Credit Mortgages may be your solution.

What are Bad Credit Mortgages? Some companies specialize in providing Bad Credit Mortgages (also know as Poor Credit or Adverse Credit Mortgages) to people with a poor credit rating.  Because these mortgages are seen as high risk by the lenders, they will typically be at higher rates of interest, or require larger deposits, than mortgages available to people with a better credit rating.

Do you have a Poor Credit Rating?  Finding a mortgage can be particularly difficult if you have a poor credit rating.  A poor credit rating may be due to a number of reasons, for instance:  a poor credit history (a bad record of payment from previous debts); a past bankruptcy declaration, no established employment or regular income, recent lifestyle changes (such as a divorce or recent immigration), no home or assets for security.

Finding the best Bad Credit Mortgage.  Poor Credit Mortgages are available for new and existing homeowners for a variety of purposes such as debt consolidation, home improvements, car purchases, and holidays.  The market is very competitive and the best rates available to you may depend upon your personal circumstances.  The more evidence that you can provide that the lender accepts as indicating  that you are a "lower risk", the more likely you are to obtain a lower interest rate.  Compare a number of loan suppliers (online links will allow you to get quick quotes before you make any commitments) to find the best deal for you.

Use online mortgage calculators to check that you can afford the repayments - if you borrow more than you can afford to pay back, then your credit rating will only get worse.

How to Improve Your Credit Rating.  You need to establish a track record of sound financial management. 
  • Make sure your credit record is accurate with a Personal Credit Check.
  • Demonstrate that debts are repaid and all bills are paid on time, every time. 
  • Demonstrate a source of income and, if possible a regular savings habit. 
  • Manage your spending budget to be within your income - this may need a lifestyle change to reduce your spending or to increase your income.

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