Mortgages For People With Bad Credit
Mortgages for people with bad credit rating are getting rarer and rarer. This is causing a pretty desperate situation in the market place especially as it’s estimated that as many as one in five people in Britain don’t meet the general high street lending criteria. As a result getting mortgages for people with bad credit is currently difficult to achieve in many situations.
The reason for this lies in the fact that the number of lenders who provide remortgages and mortgages for people with credit problems is decreasing month by month. Today there are just a handful of lenders who will provide people with CCJs, defaults, mortgage arrears, discharged bankrupts and individuals with a poor credit score or bad credit rating.
Whether you want to call it the adverse, sub-prime or bad credit mortgage industry as it’s often known has certainly come into its own over the last five years or so.
Until the credit crunch there was a much more competitively priced and broader product range, which was less punitive and more creative in terms of the deals lenders put together.
However over the past year the bad credit mortgage market has changed again and lenders have become very wary about lending to individuals with an imperfect credit history. Having a poor credit rating can be a stressful and distressing experience, whatever the cause of it.
But, don’t despair, there may be deals out there for you. The Bad Credit Mortgage Centre uses specialist brokers who will source the requisite lender that offers what are known as a credit repair mortgage deal.
It’s a solution, but the downside is you’ll have to pay a higher interest rate than you would with a conventional mortgage product and put down a sizeable deposit.
However, once you have maintained your payments on one of these mortgage products for an adequate period (usually about three years) your credit history is likely to be in a better position to re mortgage back on to a high street product and you’ll then reap the benefits of more competitive rates to get you back on the straight and narrow.
The Bad Credit Mortgage Centre deals with each enquiry in a friendly, constructive and sympathetic manner. So if you have County Court Judgements (CCJ’s), mortgage or rent arrears, credit card defaults, loan defaults, bankruptcy, IVA, are self-employed or have problems proving your income, there could be a suitable product available to you.
It costs nothing to call The Bad Credit Mortgage Centre so why not pick up the phone and tell us about your situation, and let us do the hard work and research for you…
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