Bad Credit Mortgage

Having a bad credit mortgage might no longer be such a big setback. There are many people affected by this and it is often due to circumstances beyond their control. Harrington Brooks have a specialist team of debt advisors who are here to help you secure a mortgage.

A bad credit mortgage, also known as an impaired credit mortgage, might benefit you if you have been previously declared bankrupt, had arrears on a mortgage, or if you have suffered any other debt problems. Some of these problems may simply be that you have a County Court Judgement (CCJ) against your name. CCJs are the result of non-payment of a utility bill, for example, and it may influence your ability to buy a property negatively.

A few years back, there were only a handful of specialist bad credit mortgage lenders. This has changed over the years and finding a mortgage lender who is willing to deal with someone who has bad credit has become much easier. Now there are specialist divisions within banks and building societies that deal with such mortgages. There are a range of mortgage options for you too. Lenders can offer fixed, capped, discounted, tracking and flexible bad credit mortgages and re-mortgages. Our best advice is to shop around for a deal and a rate that will suit your financial situation and the payments you can afford to make each month. We would advise you to consult a bad credit mortgage broker on this. They have access to all the adverse credit mortgage deals available, many of which may not be available directly to the public.

Should you qualify for such a mortgage, also known as non-conforming or adverse credit mortgages, you might find that the interest rate is slightly higher than that of a normal mortgage however, be rest assured that help is available to those who would normally be declined a mortgage.