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bad credit
Bad Credit Mortgages - How To Find The Best Deal For You
By IC
The term bad credit mortgages is never music to a borrowers’ ears, yet for a variety of reasons, it might be that they find themselves falling into the mortgages camp. It would appear that, these days, having a score is not a problem when it comes to funding your home – after all, mortgages are advertised everywhere.
But, while it might be easy to secure this type of borrowing, consumers need to be especially careful about the deal they end up with; after all, once you start paying for mortgages is too late to understand the steep interest rates and tie-ins involved. That’s why it is imperative that you seek advice from an independent broker that specialises in mortgages first, like The Mortgage Broker Limited (TMBL).
What exactly are mortgages?
As they say on the tin, mortgages – also known as adverse credit, impaired credit or subprime mortgages – are designed to cater for borrowers with a low credit score on their personal credit file. This file is held (but not determined) by one of three credit reference agencies in the UK; namely Experian, Equifax and CallCredit. There are three primary levels of mortgages, light, adverse and heavy with several ‘shades of grey’ in between – but fundamentally, where you fall on this scale will determine the cost of mortgages.
Why would I need to look at mortgages?
At the end of the day, mortgages are loans of last resort – so why would your credit score be bad enough to warrant one? The straightforward reason is because you have either defaulted or been late in paying any debt. This could be any agreement from a mobile phone to a credit card to your Council Tax payment. Each of these ‘mistakes’ will appear on your credit score and can result in a County Court Judgment (CCJ) against you. The number of these CCJs you have on your file, with other information, will affect your credit score and, in turn, what level of mortgages you will need to opt for.
If I have to apply for mortgages, is it always my fault?
Consumers can often be left having to apply for mortgages through no fault of their own. Life changing circumstances such as a divorce, illness in the family or the collapse of a business can often result in mortgages.
What’s the difference between standard and mortgages?
The main point of difference between standard and mortgages is their cost. Depending on your circumstances, mortgages
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can be 100 per cent more expensive that the most competitive standard deals on the market – and even almost the same price if you only have a spattering of bad credit. But as the borrower poses a higher risk in the eyes of the lender, mortgages of any level can require a larger deposit than on mainstream deals. mortgages can also come with some hefty upfront fees and restrictive tie-ins.
How can I get rid of mortgages?
The good news is that you will not have to stick with mortgages for ever. Having shown you can repay the loan successfully for a period of up to three years, you will then be eligible for a cheaper ‘high street’ mortgage again. That’s why you should never look at mortgages that carry tie-ins for more than three years.
How do I apply for mortgages?
It’s easy to apply for mortgages but there are an increasing number of pitfalls to navigate. As well as the three-year tie-in rule, the recent credit has meant many providers of mortgages have tightened lending criteria which makes the help of an experienced broker like TMBL more necessary than ever.
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