Compare bad credit mortgages
Not everyone has a good credit history because people have different personal or financial histories. When things don't go according to plan, your credit score can deteriorate rapidly. A poor credit history might not even be your fault - it may have resulted from circumstances out of your control. That's where bad credit mortgages come in.
What is a bad credit mortgage?
People with poor payment histories on their credit report (and that's one out of every three people in the UK) sometimes find that high street lenders do not offer certain products to them. If your credit history shows late payments, it's not the end of the world, there may be mortgage products designed for you.
If I spend time improving my credit score will I be able to apply for a normal mortgage?
While it's possible to recover from a bad credit history eventually, it may take some time for late payments to be removed. You could try using Experian's CreditExpert service to access your credit report online. You might be able to amend or correct information on your credit report for it contains errors, which could help improve your credit history, if the information on it needs updating. However, when you need to purchase a home, it may be the case that you still have a late payment history showing on your credit report.
Bills that remain unpaid can result in default notices that appear on your credit report. Lenders want to ensure the products that have the best interest rates, such as a cheap low rate mortgage, are made available only to creditworthy customers. If you use LowerMyBills to help you find a bad credit mortgage now, your own money could go further and make it easier to ensure you don’t miss payments and fall into default.
Can anyone get a bad credit mortgage?
Bad credit mortgage lenders have a range of mortgage products designed to offer people with a late payment history the opportunity to secure finance against their home. Compare mortgages now and LowerMyBills will show you the products that could be right for you. The more late payments on your credit report, the more likely it is you’ll have to pay a higher interest rate. As a bad credit mortgage is a long term commitment, you should give some thought to accessing your credit report online via CreditExpert and looking into what would be involved in clearing up your credit report.
Experian® - the company behind LowerMyBills - also provides CreditExpert, which gives you access to your credit report and score enabling you to see what lenders see about you when they make a decision about which financial products or services are available to you.
The LowerMyBills.co.uk mortgage service is provided by BeatThatQuote.com Ltd, an appointed representative firm of Best Value Financial Services Ltd which is authorised and regulated by the Financial Services Authority.
YOUR HOME OR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
You might also be interested in...
Back to Top