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Bad Credit

There is a lot of information to be said about mortgages to be taken out with bad credit, this is something that can be done, but isn’t your standard prime lenders such as your high street banks. There are specialist mortgage lenders which will look at clients with bad credit and will give a mortgage based on their circumstances.

These mortgage lenders will look at your situation and previous circumstances and the main difference is that the interest rate on the mortgage will be significantly higher than prime lenders. Sub-prime lenders will look at these cases and are specialist in providing this for the client.

It can be very difficult to find any broker who is able to assist you with finding a mortgage lender, only a select few can find these rates for clients by being directly authorised.

Additionally, mortgage lenders, most of the time would want clients to provide a deposit of 15% rather than the standard 10%. They will be more inclined to give a mortgage if the deposit is much higher.

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