If you've experienced credit problems such as County Court Judgements, arrears and defaults you may be finding it difficult to get information on bad credit mortgages and to obtain a mortgage or remortgage - especially at a competitive rate of interest. But with reliable information and the right advice you will normally be able to find a lender - even a mainstream one - prepared to offer a product for a variety of poor credit history situations including:
Mortgages for people with a poor credit history - what's on offer
Personal debt has risen sharply in recent years, but as well as people actively overstretching themselves, much of it is triggered by events such as divorce, redundancy or ill-health. In this climate, lenders have become much more sympathetic to those with previous or existing credit problems and you may have more choice than you expect.
If an applicant's credit history is clear, their case is considered to be 'prime' lending. If it's not clear, then it is considered to be 'adverse'. Many lenders have developed an approach which involves categorising the seriousness of an 'adverse' credit rating and charging an interest rate on a sliding scale to reflect the relative risks in lending to the applicant.
Each lender will consider your situation differently and they may look at a number of factors. If your credit history is judged to be poor, some lenders may be willing to lend to you, but at a higher-than-normal interest rate. Others may be prepared to ignore minor credit problems in the past if all other aspects of your application, such as your employment history, income and record of making mortgage or rental payments are good.
Mortgage Dimensions makes finding a mortgage with a poor credit history easier for you...At Mortgage Dimensions we have access to these schemes, some of which will not be found on the high street, and can advise you on the options available. It makes sense to take advantage of our expertise and inside knowledge of the mortgage market, so contact us to discuss your situation without obligation. Not only can we recommend the mortgage product most appropriate to your needs, but we'll look after your application throughout the whole process, from beginning to end, ensuring that everything goes smoothly, with the minimum of fuss and no delay....and there's no fee for our service!
Enquire online or call to talk to us on
0845 021 0212
The overall cost for comparison is 6.3% APR. The actual rate will depend on your circumstances. Please ask for a personalised illustration.
