Very Bad Credit Can’t Get A Mortgage
More and more people are complaining they have very bad credit and can’t get a mortgage. This is hardly surprising given the past twelve months we’ve been looking at a situation of worsening arrears and repossessions with higher interest rates feeding through from the previous rate increases. The situation has been further agravated by the credit crunch.
But how does this help those who want to get on the property ladder but can’t, because of very bad credit they can’t get a mortgage? The simple fact is, it doesn’t.
However, all is not lost. If you are a first time buyer and in the fortunate situation of having a quite large deposit (for whatever reason eg an inheritance) but have historicaly acquired a bad credit rating it may still be possible to help.
For those people looking to re mortgage their current home options are still available if you have decent equity in the property. Help is available in these circumstances even if you’ve got bad credit such as mortgage arrears, ccjs, defaults or a discharged bankrupt. Support for the self employed and others with no proof of income is also possible.
However, the bad credit mortgage sector is very fuid and the products available are literally changing on a daily basis, so it’s best to call for up to date info on whats possible and whats not.
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