Bad Credit Mortgages In The UK

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Author: blueboy

Article source: http://www.articledeshboard.com/. Used with author's permission.

The amount of people with bad credit in the UK is increasing! The Bank of England base rate is continuously increasing and showing no signs of stopping, which has the affect of many people not being able to meet their monthly mortgage payments and therefore going into arrears on their mortgage, having arrears on your mortgage causes your credit rating to worsen.

The amount of debt in the UK is also at an all time high, and the amount of debt coupled with peoples ever growing mortgages due to the influx in the housing market mean that more and more people are missing payments, having defaults, CCJs etc and therefore obtaining a bad credit history.

People who have a bad credit history may find it hard obtaining a mortgage as a lot of the banks and high street lenders will not offer people who have adverse credit the facility to borrow money in order to purchase or remortgage their property.

So, can people who have bad credit history still obtain a mortgage?

Then answer is yes they can!

Although having bad credit means that you will not be eligible for a ¡prime rate¢ offered by the major banks and high street lenders, there are many lenders out there who specialise in providing people who have a bad credit history with a mortgage arrangement. One disadvantage of having a poor credit rating is that the rate applicable to you will be higher than what you could get if you had a clean credit history, however we are all in very different circumstances so if you do have bad credit, don¢t worry as you will still be able to obtain a mortgage to meet your requirements.

What do I do and where do I go to arrange a bad credit mortgage?

My advice to you would be to contact a mortgage broker or mortgage introducer who specialise in arranging mortgages for people who have a bad credit history. This way they will be able to shop around and obtain you the best possible deal based on your circumstances, and hopefully this can be the start to you repairing your credit rating so next time you need a mortgage you will be able to get a prime rate!

Stephen Hill runs The How To Stop Stammering Centre, he has a number of websites including: stuttering mortgages for people with a bad credit history debt specialist in the West Midlands