Poor Credit Mortgages

Poor Credit Mortgages

If you have poor credit you might still be accepted for a mortgage. 

Poor credit mortgages are designed to help people with an adverse credit rating get a mortgage. You may also have heard of sub-prime mortgages or adverse credit mortgages, these terms all refer to the same thing and can be considered interchangeable.

Although the interest rates charged on bad credit mortgages will be higher than they would have been if you took out a normal mortgage, they can help you in the long run. This is because over time they have the ability to improve your credit rating if you stay on top of payments.

If you’ve had CCJs, Defaults, Missed Payments or any other credit issues – we may be able to help.

Our experts can access a large number of different mortgage products from high street and specialist lenders.

One thing that you should be aware of when taking out a mortgage with bad credit, is that interest rates will be higher than they are on standard mortgages. This type of mortgage will also require a larger deposit or equity than other forms of mortgage.

Another thing that is worth noting is the fact that if you have bad credit, you may not be eligible for help from government schemes such as Help to Buy or Shared Ownership.

It should be noted that if you are looking to raise capital to repay short term debts this could increase the term over which they are paid and therefore increase the overall amount payable.

You may have to pay an early repayment charge to your existing lender if you re-mortgage.