Bad Credit Mortgage - Relaxed Guidelines

Are you 'irregular' or 'non conformist'?

The labels used by traditional mortgage lenders on those customers whose mortgage applications are turned down could be viewed as slightly offensive. 'Irregular people' and 'non conformist' are phrases used to describe those who have a poor credit history or unusual financial circumstances. Even the phrase 'bad credit mortgage' sounds as if there's something wrong or judgemental about it. The fact is, 'irregular' and 'non-conforming' people, or people with bad credit are on the increase and there is nothing bad or wrong about a bad credit mortgage.

Bad credit mortgage - a growing demand

It might feel at times as if you're a second class citizen, the bad credit mortgage market may still be specialized but its growing fast and has almost entered the mainstream mortgage market. If you've experienced debt problems you certainly are not alone, and there is nothing to feel ashamed about. Debt affects everybody from nuclear scientists taking out loans to do a PhD, to professional lawyers taking on oversized mortgages. And taking out a bad credit mortgage could be a positive way to get on or stay on the property ladder.

Seismic demographic shift

There has been a seismic demographic shift in the population in the way people are employed as the 'job for life' culture disappears. As a result, specialist lenders who deal in bad credit mortgages now investigate individual's case histories and if they can afford monthly mortgage repayments regardless of their bad credit past or difficulties, they will be able to get a bad credit mortgage. Before, if you had a black mark against your name whether it was debt or unreliable income, you were instantly refused a mortgage.

Flocking to bad credit mortgage sector

More and more lenders are flocking to the specialist bad credit mortgage sector in the fiercely competitive mortgage market. Although this is great news for you, the rates on your bad credit mortgage will tend to be slightly higher as there are real risks for the lenders who specialise in the bad credit mortgage market. In fact, back in the late eighties when the sector first began, some building societies went under as a result of the financial risks.

Better rates - increased competition

As long as the economy doesn't suffer a recession however, the bad credit mortgage market looks set to grow. This means more competition and lower rates for you - and no matter what your financial situation or history, you could be surprised to find there is a bad credit mortgage out there with your name on it.

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 ideal product for you - call Homebank now on free phone 0800 052 3604.