Bad credit mortgage uk

Bad credit is to do mainly with your history of pervious credits that have not been paid/late repayments etc.. Basically you get a negative score for a non repayment of a previous mortgage, credit card, loan etc… If your credit is bad enough your be looking for a “bad credit mortgage” and not a standard mortgage.

Well nothing apart from one thing.. Its going to cost you more.. The mortgage lenders will offer any borrower a mortgage dependant on income, credit score and alike, then offer the interest rate. As someone with bad credit your rate will be higher due to being of a higher risk. After a set amount of time (lets say 3 years as it seems most company say around that) you might be able to re-mortgage with your present company or another company at a far lower rate due to the fact that you have proven yourself(s) over that period of time as a lower risk than first thought.