Bad Credit Mortgage - Easier than You Think

More mortgage lenders in the UK are lending to people with poor credit history than ever before. Although many of these products have higher interest rates, 'non conformist' borrowers are on the increase. One of the reasons for the increase in the bad credit mortgage market is down to the fact that many of the big lenders have been squeezed by competition in the mainstream mortgage market. And so, more lenders are hoping to capitalize from the specialist market of bad credit mortgages.

What does this mean for you

It's good news if you have experienced a poor credit history and have been refused a traditional mortgage. Now, if you contact a specialist mortgage consultant with expertise in this specialist field, it's never been easier to get a bad credit mortgage. If you're in unusual circumstances or have a poor credit history this is great news for you, although the risk to lenders could be high as profits rely on buoyancy in the UK economy.

Non conformists turn to bad credit mortgage

It has been estimated that something like 23% of the population were at one time turned down for traditional mortgages from mainstream lenders. So what are the reasons why some people are denied a mortgage and have to turn to a bad credit mortgage instead? Who are classed as 'non conformists'?

• If you have had a history of debt
• If you've missed payments in the past six years
• Bankruptcy
• If you have an income relying on benefits
• If you've had a county court judgement
• If you are self employed

You can own a property with a bad credit mortgage

If you can prove you can make your monthly mortgage repayments, you may be turned down for a traditional mortgage for reasons stated above, but you could still be eligible for a bad credit mortgage. This means you could still get your mortgage and own your own property, despite difficulties in the past.

Bad credit mortgages on the rise

The fact that bad credit mortgages are more competitive is because 'irregular people' are on the rise. More people are self employed or work on a short term basis and more people are experiencing debt in their lifetime - especially with the growing problem of student debt.

Homebank have qualified mortgage consultants ready to advise you with your mortgage and insurance needs. For informative and insightful bad credit mortgage advice, call us to arrange a no obligation appointment to suit you. Homebank are the 'people's mortgage broker' with over 2900 mortgage products to choose from, including products that are not readily available on the High Street. Homebank's experienced consultants could find the best product for you - call Homebank now on free phone 0800 052 3604.