Bad Credit Mortgage Solutions - Free Online Discussons

A bad credit mortgage is specifically designed for individuals with poor credit histories, including late payments, defaults, CCJs, or bankruptcy. These mortgages are offered by lenders willing to consider applicants who might not qualify for standard mortgages due to their credit issues.

Yes, it's possible to get a mortgage with a poor credit score. While your options may be more limited, there are lenders who specialize in bad credit mortgages. Working with a specialized advisor can help you find the right lender for your situation.

Lenders will look at the severity of your credit issues, how long ago they occurred, and your current financial situation. They'll also consider your income, employment status, and the amount of deposit you can provide. Each lender has its own criteria for assessing applications.

Interest rates for bad credit mortgages are typically higher than standard mortgages due to the perceived higher risk. However, rates vary widely between lenders, and shopping around can help you find a more competitive rate.

The required deposit for a bad credit mortgage is usually higher than for a standard mortgage. It's common for lenders to require at least a 15-20% deposit, although this can vary based on your specific credit issues and the lender's criteria.

Generally, you can purchase most types of residential properties with a bad credit mortgage. However, some lenders may have restrictions on certain types of properties, such as high-rise apartments or non-standard construction homes, due to perceived higher risks.

Yes, you can remortgage your home with bad credit, potentially to consolidate debts or secure a better interest rate. The process and options available will depend on your current credit status, equity in your home, and individual circumstances.

Improving your credit score, saving a larger deposit, reducing your debt-to-income ratio, and demonstrating stable employment can all improve your chances. Working with a specialist advisor can also help identify lenders more likely to accept your application.

Like any mortgage application, a hard credit check will be conducted and can affect your score. However, working with an advisor can minimize the number of applications made by targeting lenders more likely to approve your mortgage, thus reducing the impact on your credit score.

Most credit issues will remain on your credit report for six years, affecting your ability to get a mortgage during this time. However, the impact decreases over time, especially if you take steps to improve your financial situation and build a positive credit history post-issue.