What are bad credit mortgage rates?

Bad mortgage rates are very similar to normal interest rates from most lenders. They are higher rates but what we mean is you can get fixed rate and variable rate or tracker rate mortgages from these lenders and they are explained below
The rates available to these customers are:
1. Fixed rate mortgage – these are rates which are fixed for a given period typically 2, 3 or 5 years. In most cases 2-year fixed rates are lower than 3 years fixed and obviously the 5-year fixed rates are the highest.
2. Variable rates – these rates are set by the lenders themselves and they can vary as and when the lender s=feels it wishes to increase or lower the rate
3. LIBOR tracker rates – LIBOR (the London Inter Banking Offer Rate is the rate at which the banks charge each other to borrow money. It is reviewed every 3 months and can up or down. If your rate tracks this rate and the rate goes up, then your rate and monthly payment will increase as well. If the rate goes down, then your mortgage interest rate and your monthly payment will also go down