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Bad Credit? Is A Bad Credit Mortgage A Good Option?

The availability of bad credit mortgages is on the rise with over 800 mortgage products now available according to moneyfacts. If you’ve defaulted on a loan payment in the past or have had a CCJ should you consider a bad credit mortgage? Below we explore what they are: How Do They Work? These mortgages are specifically designed to help those with poor credit scores get moving or to take the first step onto the property ladder. These mortgages are aimed at the extreme end of adverse credit such as CCJs or IVAs (Individual Voluntary Agreements) or bankruptcies, opposed to those who’ve missed the odd utility payment or those who haven’t built up much of a credit history. Mortgages for bad credit tend to come with a higher interest rate to reflect the increased risk to the lender. On average the rate for a mortgage of this type is 4.52% which when compared to the average rate of a fixed-rate mortgage at just 2.54% it is significantly higher.

Who Will Lend Bad Credit Mortgages? Whilst the number of lenders for bad credit mortgages is increasing, every case will be based on individual circumstances. It may be that a high street lender will consider a standard residential mortgage if you have a less than perfect credit history. For example, if a divorce or bereavement have led to a blip in your credit score lenders may look at your circumstances more favourably. If you are concerned that your credit history may affect your ability to obtain a mortgage, contact us today and will be happy to discuss your individual circumstances.

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We would like to take this opportunity to thank you for your efforts in making it possible for us to purchase our first property.  You have been brilliant and your services have been friendly, helpful, swift and professional.  We cannot thank you enough and it has been an absolute pleasure working with you.  What is known to be a stressful time has been very smooth and I have yourselves to thank for this.


Miss Knight

2016-03-22T17:24:36+00:00

Miss Knight

We would like to take this opportunity to thank you for your efforts in making it possible for us to purchase our first property.  You have been brilliant and your services have been friendly, helpful, swift and professional.  We cannot thank you enough and it has been an absolute pleasure... Read the full article

Mr L hadn’t sold his house but had found the house of his dreams, we arranged a mortgage that allowed him to buy his new house without selling and a mortgage that was flexible enough for him to pay a large amount off when he sells his house.

2016-09-13T12:38:09+00:00
Mr L hadn’t sold his house but had found the house of his dreams, we arranged a mortgage that allowed him to buy his new house without selling and a mortgage that was flexible enough for him to pay a large amount off when he sells his house.

Miss G sold her house and had found a new house, it all looked straight forward but she had a historical bankruptcy which meant lots of lenders were declining her. We found her a mainstream high street lender that would offer a mortgage even with her previous bankruptcy.

2016-09-13T12:43:22+00:00
Miss G sold her house and had found a new house, it all looked straight forward but she had a historical bankruptcy which meant lots of lenders were declining her. We found her a mainstream high street lender that would offer a mortgage even with her previous bankruptcy.

Mr W works abroad but wanted to buy a buy to let property, most lenders will require him to own and live in in a mortgaged property in the UK, however we found a lender that would lend at sensible interest rates for a new buy to let purchase.

2016-09-13T12:48:10+00:00
Mr W works abroad but wanted to buy a buy to let property, most lenders will require him to own and live in in a mortgaged property in the UK, however we found a lender that would lend at sensible interest rates for a new buy to let purchase.

Mr C wanted to buy a student house in Lincoln via a limited company to take advantage of the income tax benefits of this. He spoke with other brokers and high street lenders all of which said it wasn’t possible. We found a building society who specialise in this with sensible fees and interest rates.

2016-09-13T12:49:06+00:00
Mr C wanted to buy a student house in Lincoln via a limited company to take advantage of the income tax benefits of this. He spoke with other brokers and high street lenders all of which said it wasn’t possible. We found a building society who specialise in this with... Read the full article

2 months ago

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Is your credit score less than perfect? If you are concerned about your credit rating and looking to buy your first home - then talk to us!! We've helped customers just like you achieve their dream of owning their first home.
www.bbmortgages.co.uk/mortgages/help-to-buy/

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