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Bad Credit Mortgage UK

What is a Bad Credit Mortgage?

A bad credit mortgage is a product that has been specifically designed by mortgage lenders to help people with credit problems buy a home. Many people have a bad credit mortgage rating perhaps due to one of the following:-

  • County Court Judgment
  • Bankrupt
  • Individual Voluntary Arrangement (IVA)
  • Arrears on mortgage payments
  • Defaults on other debts

You may even be recommended a bad credit mortgage because you have never had any credit before and therefore no credit history. Whatever the circumstances if you have been refused a standard mortgage and approximately one in four people do ,don' t worry as Mortgages Expert can help find the best bad credit mortgage for your circumstances

Check Your Credit Rating

To help us find the best bad credit mortgage for you it is imperative that we know the extent of your bad credit. This can be acquired from one of the credit referencing agencies such as:-

  • Experian ( click banner on the right)
  • Equifax
  • Checkmyfile

Some credit maybe repairable such as paying County Court Judgments so they are market 'satisfied'. We will advise if there is anyway of improving your situation and then look to get you the best bad credit mortgage.

What's the Difference between a Bad Credit Mortgage and a Standard Mortgage?

A bad credit mortgage is very similar to a standard mortgage and can include fixed rates , trackers etc. The main difference is that the mortgage lender will generally charge a higher rate of interest to reflect the perceived additional risk and may ask for a larger deposit. There are many lenders of bad credit mortgages and we have access to them all including many that are not accessable by the general public.

How long must I have a bad credit mortgage ?

Generally after 3 years of having a clean payment record and with all other credit arrangements duly paid on time you can re approach the standard mortgage market. Mortgages Expert will conitually offer support when this occurs as part of our customer commitment

Bad Credit Mortgage Rate Table




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