The reality is that it may indeed be possible for you to get a mortgage, but even if you can secure one, you need to understand the reality of obtaining a home loan with a sub-par credit score, as well as the extra steps you’ll need to take to ink the deal.
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You may need a larger deposit if you have bad credit – for example around 20-30%, instead of 5-10%. Low-deposit mortgages often have tighter acceptance criteria, so the more deposit you have, the better chance you have of finding a mortgage you’re eligible for.
You can get most types of mortgage with bad credit, including fixed rate, tracker, variable, cashback and discount mortgages. Many track the london inter-bank offered rate (LIBOR) instead of the Bank of England Base rate.
The Mortgage Link has the Lender Advantage Program in which they work with listing agents to save sellers money. This can.
Getting a mortgage with bad credit. A guide to bad credit mortgages in the UK. Our guide to mortgages for bad credit borrowers will help you get started, but you can call us on 0800 304 7880 or make an enquiry to speak with an expert.
A second mortgage is when you use the equity in your home as collateral for a second home loan. Most allow you to borrow up to 80% of the value of your home. Second mortgage rates are usually much higher than a first mortgage. Many people get a 2nd mortgage to pay off debt, make repairs or renovations. Getting a Second Mortgage with Bad Credit
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This is a good place to look for a bad credit mortgage if you can put at least 15 percent down. The terms offered depend on whether you are a repeat or new home buyer. There are different options available, including open, variable, fixed rate, and special mortgages.
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It’s quite common for one spouse or partner to have a good credit score and the other to have a bad credit rating when they’re planning to apply for a mortgage. If this is the case you may want to speak with a mortgage broker who has experience with this type of situation to discuss [.]