Although not as many Lenders as there were,
it is still possible, in some circumstances, to find a mortgage lender for bad credit. There maybe just
a handful of specialist bad credit mortgage lenders who cater for this section of the market, but we will make every
effort to resolve your situation where possible. (Also known as non-conforming or credit-averse mortgages).
The downside is that you may have to pay a
slightly higher interest rate than you would otherwise be charged for a regular mortgage.
But the good news is that generally there is a full range of fixed, capped, discounted,
tracker and flexible bad credit mortgages and bad credit remortgages should be available to you from selected mortgage lenders.
Due to the limited availablilty of bad
credit mortgage lenders available, it is more important than ever to shop around for a deal and a rate that suits you, and
thats where Taylor Made Mortgages can help. Please do not just accept the first bad credit mortgage you are offered.
Bankruptcy and Mortgage Arrears
If you have a bad credit rating, if
your requirements are out of the ordinary or if you are self-employed you may fall into this category. You may have a bad
credit rating if you have experienced bankruptcy or mortgage arrears in the past. But you may also have a bad credit rating
if you have never had a bank account or if you have lived at lots of differerent addresses, or simply have a County Court
Judgement (CCJ).
Usually,
once you have been with a sub prime lender for three years, as long as you keep up your mortgage payments you will have established
a new credit rating and can return to the mainstream market with a new deal at a lower rate. Non-standard sub prime borrowers
may also be referred to as 'sub-prime', 'complex prime' and 'credit impaired'.
