Bad Credit Mortgage

A bad credit mortgage does not sound like a product that you would want to shout about, but it is also not immediately clear what a bad credit mortgage is!

Well, this product is for those who have had some sort of financial problems in the past and therefore may find it difficult getting a mortgage of the conventional sorts, such as interest only or variable rate mortgage.

If you have had a bad credit history for any reason, then this will no doubt appear on your records which are always checked when you take out something like a mortgage. Therefore if you have problems with a standard mortgage, or simply anticipate that you will, then a bad credit mortgage could be worth considering.

First of all speak to a mortgage broker to find out if the problems on your record will prevent you in all likelihood getting a mainstream mortgage, and if yes, then don't dispair. Particularly if you have CCJs against you then it will be very tough to get a high street mortgage.

There are specialists out there who will offer a mortgage to someone with bad credit in most cases, but of course they think there is a greater risk to them, and this means that the rates you have to pay it back at are higher than normally, and there may be a larger than ideal fee attached too.

The bottom line is that this sort of product will mean that you have to pay more than on a normal mortgae and you need to go through a mortgage broker in order to set up the mortgage, but it will enable some people who have a bad credit history for whatever reason to get a mortgage which otherwise might not have been possible at all.

Incidentally if you want to check your credit record there are a few companies that will be able to give you access to your credit record, and sometimes this is free and sometimes there is a small charge attached. One company that you may have heard on that will allow you a credit record check is experian.

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