First off, you'd be surprised the number of requests I get from people with bad credit. I suppose if you have £20,000,000 in the bank, people will be stepping on each other to lend you money; you're a good risk. They won't leave you alone! You don't need to surf the 'net.
If you have a CCJ or have defaulted on your payments, the situation changes. Lenders are like bookies. They calculate the odds of a 'win', and adjust their precentages accordingly.
Most requests I get are from people with bad credit, so you've come to the right place.
Since saving money for a deposit is often the most difficult aspect of buying a property this benefit makes it easy for you to become property owners quickly and easily.
Ask about a bad credit mortgage today!
For instance, you may find a lot of bad credit mortgage companies offering very low initial rates, but hiding high additional costs within the small print. Ask them to explain all additional costs, variable rates and payment conditions, do not only read the small print yourself.
If you still have doubts, or if you have a feeling that this particular lender is hiding something from you, just go away and continue looking for a better bad credit mortgage quote.
So, donít be afraid to ask for what you want. You just might be surprised and be approved for the perfect bad credit mortgage for you.
The first step towards buying your property is to find out exactly how much money you can borrow. This is worked out according to your income, usually three times your annual salary before Tax and National Insurance are taken away.
Some lenders will offer up to seven times your salary! They're not doing you a favour. A mortgage is a fat loan that has to be paid back. Default on it, then go bankrupt, and you may find it impossible to get credit of any kind.
Your rate is partly calculated on the basis of the risk of default; a good risk attracts a lower rate, a bad risk, a higher one. It's like a bookie calculating the odds, and laying off bets.
If it's a joint loan, the lender is likely to offer you either three times the annual income of the higher earner plus the total second income, or two-and-a-half times the total joint income. You can add your savings to the amount offered by your lender in order to estimate the range of house prices available to you.