Bad Credit Mortgages

Bad credit mortgages are hard to find with the recent credit crunch — it's effects are very much still evident in the difficulty in obtaining bad credit mortgages. Anyone searching for a mortgage with bad credit should seek the help of an impartial mortgage advisor who will search the for the best available bad credit mortgage deal. Our experienced advisors have years of experience helping people with bad credit mortgages. — Contact Us Today!

* Bad credit mortgages are a specialist mortgages and their availability is currently very limited through Openwork.  Therefore it may be necessary to source your mortgage elsewhere and if so, Openwork Limited accept no responsibility for this aspect of our business.

Certainly a bad credit history could mean a record of county court judgements CCJs bounced cheques mishandled debts and bailiffs on the doorstep. Equally it could mean nothing more than the fact that you have never previously applied for credit and therefore have no credit track record at all! In between we may add in the self-employed who dont have a long enough record of accounts to satisfy standard lenders and those who have moved more frequently than the norm in the last couple of years.

Bad Credit Mortgages

A bad credit mortgage is a mortgage designed specifically for borrowers with impaired credit ratings.  If you have a low credit rating, caused by current or previous substantial credit problems in the past such as County Court Judgments, IVA or bankruptcy, , a bad credit mortgage may be your only option. We would caution you though that badd credit mortgage lenders tend to charge quite high rates and restrict the maximum loan to value LTV on Bad Credit Mortgages - i.e. you may need a much larger deposit or if remortgaging your ability to borrow may be restricted.

Whatever your circumstances we will not judge you, we will listen and offer help wherever we can as to which if any bad credit mortgage is suitable for you, we will explain all the costs involved in the bad credit mortgage before proceeding.

We can help also people obtain bad credit mortgages if they are looking for:

• IVA MORTGAGES
• IVA REMORTGAGE
• PREVIOUS IVA MORTGAGES
• CCJ MORTGAGES
• EX BANKRUPT MORTGAGES

 

Enquire now about Bad Credit Mortgages

 

Why People may need a bad credit mortgage

There are many reasons why people may end up with a bad credit rating. Divorce, a medical emergency and loss of a job are just a few. In many of these situations, the circumstances were beyond one's control. However, that doesn't make a difference for many lenders, who will turn down loan applications like these simply on the basis of the credit report. The good news is that there are mortgage options for people with less than stellar credit.

Equally you may have no adverse credit history at all, but the absence of having any existing or previous credit facilities may mean your credit rating is low and could push you towards a bad credit mortgage simply because the lender doesn't have enough information to class you as a good risk.

 

Bad credit mortgages after the credit crunch

Recent credit crunches have reduced the number of bad credit mortgages available. Banks are not as willing to assume risk associated with these products as they once were. The reduction in products also means less competitive rates available. However, while customers don't have as many choices in a bad credit mortgage as they once did, they can still find financing allowing them to reestablish good credit so more options eventually open up for them.

Today, bad credit mortgages are still available to many customers with questionable credit today. Most require at least a 70% loan to value to qualify. The rates are not as competitive as they were just a few years before. However, for those with poor credit due to circumstances beyond their control, a bad credit mortgage is the perfect choice for getting back on track with their financial future.

To determine whether you qualify for a bad credit mortgage, there are factors to take into consideration. First, determine why your credit is bad in the first place. If it is due to reasons beyond your control, this may positively affect your ability to borrow. Companies that specialize in bad credit mortgages usually take reasons for the poor credit under advisement, as well as the level of adverse credit history (some are worse than others). Applicants who have a significant deposit to put down on the loan will also benefit with a lower rate on a bad credit mortgage.

To avoid too many inquiries on an already borderline credit rating, you should use a broker to shop for rates rather than applying to companies directly. This allows us to find the lowest rate for their individual circumstance with the help of a single resource.

 

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