Bad credit mortgages are mortgages for people who have had or current have bad credit. Bad credit can mean a whole host of things like missed payments on credit cards, loans or mortgages. It could be for people who have County Court Judgements (CCJs, Defaults, Debt Management Plans, IVAs, Bankruptcies or even have been repossessed by a lender in the past.
The lenders who offer mortgages to people with these credit problems will:
1. Charge you a higher interest rate than other banks or building societies and
2. Need you to have a bigger deposit or more equity in the property you are buying or remortgaging
3. In most cases the lender will ask you to use an Independent mortgage adviser
Why not contact one of our mortgage experts to see if you are eligible?