There is no need to let past credit problems or what may seem like uncontrollable debts get in the way of sorting your financial troubles. Nor does it need to get in the way of applying for a loan in order to ease your financial worries.
If you have been repeatedly been turned down for a loan application because of your poor credit rating?
We can help you or anyone suffering from bad credit find the right mortgage loan so that you can be well on your way up the property ladder.
A bad credit mortgage is specifically designed for the purpose of helping people with poor credit score. In that sense it is no different than any other mortgage loan. A bad credit mortgage is a way of a lender saying that they do want to give you another chance.
A bad credit history could have happened due to late repayment, bankruptcy, black marks from credit agencies or credit court judgements.
Most popular high street lenders have a tendency to shy away from people with bad credit. However with the increase in debt across the nation it appears that the majority of the country are now in an average of $30,000 worth of debt. This means there is most likely to be a high percentage of people in some sort of financial difficulty, which could lead to credit rating problems.
In turn bad credit mortgage companies have sprung up everywhere offering people the chance to improve their credit rating and give them the money required to get on to the property ladder. With so many companies competing for you custom, bad credit mortgages have just a marginal difference in interest rates to that of a normal mortgage loan.
Can you apply for a bad credit mortgage?
Bad credit mortgages are aimed specifically at people who have bad credit, which may have been obtained through late credit repayments, an inability to pay off debts in time due to unforeseen circumstances, bankruptcy, CCJ’s, criminal cases or a black mark on your credit file from a credit agency.
Should you be unfortunate enough to have any of these statements charged against you then you are eligible to apply for a bad credit mortgage. For those who are self-employed and do not have the required details to prove their financial status you can apply for a non status mortgage which is equal to that of a normal mortgage.
Bad credit mortgages have evolved since their birth. The interest rates for home equity loans with bad credit have drastically decreased making them almost similar to a normal mortgage.
If you have been labelled as someone with a bad credit history it was probably due to a combination of a lending company offering you poor advice, more money than you could afford to pay back and a lack of financial understanding from yourself.
We cannot decide whether or not you need a loan, but we can help you to make sure you’re choosing the right mortgage from the right people.
Note: Bad credit mortgage is also referred to as adverse credit mortgage, sub prime mortgage, non standard mortgage, poor credit mortgage or credit impaired mortgage.