Adverse Credit Mortgages | Adverse Mortgage
Adverse credit mortgages
If you have suffered County Court Judgements (CCJs), defaults, convictions, bankruptcy or for any other reason you have a poor credit record, then your mortgage may be considered an Adverse Credit Mortgage.
Interest rates on adverse credit mortgages can be higher than the normal rates as the lenders perceive that there is a higher risk by lending in such cases. Interest rates will reduce as the "loan to value" (LTV) ratio reduces.
Lenders will typically consider lending up to 90% of the value of your property - depending upon your particular circumstances.
If you have been unfortunate enough to have suffered CCJ's or any kind of bad
credit you may find it difficult to find a lender who is willing to accept you.
There are a selection of bad credit mortgages available for people who have
a bad credit history or CCJ's. An adverse credit mortgage may incur a higher
than normal interest rate as these types of mortgage are considered to be far
more risky to the lender. Most providers of bad credit mortgages or bad credit
home loans will consider lending you up to 90% of the value of your property.
Some lenders will decrease the amount of interest on your adverse credit mortgage
as you pay off more of the total debt. It is also very important to realise
that adverse credit mortgages can place your home at risk if you don't keep
on top of payments.
For more information on adverse credit mortgages or to apply for bad
credit remortgages please follow the link - Adverse
Credit Mortgages >
- Your home may be repossessed if you do not keep up repayments on your mortgage.
- Changes in the exchange rate may increase the sterling equivalent of your debt.
- The FSA do not regulate certain mortgages.
- The advice and/or guidance contained within this site is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK.