Mortgages

Bad credit mortgages and remortgages for buyers with a poor credit history

Today in the UK many more people that apply for a mortgage are refused a standard mortgage. As such there has been an enormous growth in the bad credit / adverse market.

There are three different forms of bad credit including light, medium and heavy adverse. This means that whatever your circumstances there is sure to be a product out there for you and then you can rebuild your credit history and in time as long as you make your regular monthly repayments will be able to apply for a standard mortgage product with lower interest rates.

At Best UK Mortgages we specialise in bad credit mortgages and remortgages. We have expert advisors in this field who are very understanding and will search the whole of the market to help find the right mortgage for you. We have relationships with all the adverse lenders in the UK and often have semi-exclusive deals with some lenders. specialise in bad credit mortgagesIf you are new to the property market or unsure whether you have what constitutes bad credit then we have put together a useful collection of information for you below.

However you may know exactly what you have in mind and would like to have a bad credit mortgage expert offer you a Free, No Obligation, Quotation. Then all you need do is click the mortgage quote button above or below and complete some brief details or call us on 0845 458 2633.

Information for Mortgages for those with a bad credit history

An increasing number of UK applicants are turned down for a standard mortgage and in the main this is due to the potential borrower having a bad credit history. Having a bad credit history could mean that you have a CCJ - County Court Judgments, mortgage or loan arrears or defaults or even been declared bankruptcy in the past or it could just be that you have in the past made a late payment (s) on a credit card or mortgage that at the time you didn't even realise was significant for gaining future credit. If this is the case you may well fall into the category of bad credit history.

 

IF YOU HAVE A MINIMUM DEPOSIT OF 5%
WE CAN HELP YOU

At Grovelawn Financial Services we have helped many people with a history of bad debts secure a fair mortgage product. Our fully experienced advisors can speak to a whole range of lenders and are not tied to a panel like many advisors. Our lenders include some companies who specialise only in credit repair mortgages and remortgages. Together we can help.

WE DO NOT CHARGE BROKER FEES
This alone can save you thousands of pounds.

 

adverse credit mortgage Before a lender decides to offer you a mortgage or loan they do a credit check on you. This credit check will show any of the above situations but even if you are found to have a bad credit history you could still qualify for a mortgage whether it is through a high street lender or sub prime lender.

You may have a bad credit history if you have one of the following:-

(CCJ) County Court Judgements, IVA, Bankruptcy, Mortgage arrears or any late payments on other credit arrangements including loans and credit cards.

Is a bad debt mortgage different to a standard mortgage?

Yes it is known as a sub prime mortgage and as such incurs higher interest rates because of the added risk the lender is taking. However this market has become more competitive over the last couple of years and with our relationship with these specialist lenders we are able to offer very competitive fixed rate deals even though you have a poor credit history.

Will my credit history improve after taking a bad credit mortgage?

As long as you continue to make your regular monthly repayments on time then after normally two years history of this we can then look to finding you a standard mortgage at lower interest rates.

Will I need a deposit?

When applying for a bad credit mortgage a small deposit is normally required.

What if I have existing debts?

Some lenders will look at debt consolidation if you have existing debts and as such may include these debts within your mortgage offer.

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