Fortunately, it is still possible to
find a mortgage lender for bad credit these days. Whereas in the past just a handful of specialist bad credit mortgage lenders
catered for this section of the market, now almost every bank or building society has a division specialising in
bad credit mortgages (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 a full range of fixed, capped, discounted, tracker and
flexible bad credit mortgages and bad credit remortgages should be available to you.
As there is a wide range 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.
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'.
FTBs to 95% LTV
