Looking at bad credit mortgages in the UK? You've come to the right place. Most enquiries to TigerTom.Com are from people with bad credit.
You'd be surprised at the deals on offer. It depends on what kind of a credit risk you are. Since your loan is ultimately secured against a valuable property, there are loans available, even to people with bad credit.
Some lenders will offer up a mortgage up to seven times your salary. They're not doing you a favour. A mortgage is a big loan that has to be paid back.
Some people think they can declare bankruptcy to get out of paying off debts. This is a false hope. Go bankrupt, and you may find it impossible to get credit of any kind, except at loanshark rates.
Your rate is partly calculated on the basis of the risk of non-payment; a good risk attracts a lower rate, a bad risk, a higher one. It's like a bookmaker calculating the odds, and laying off bets.
The best thing for you to do when applying for bad credit mortgages UK is to talk to a loan officer regarding the types of mortgages available and the options you qualify for. You'll have a better idea of what is available to you and can then make an informed decision.
TIP: Find out the true value of the property you want to buy. Get more than one independent valuation. Compare it with the prices of similar-sized properties in the same area. Be like mortgage companies and estate agents, and use the market data comparison approach.
Need bad credit mortgages UK advice? All the mortgage information on this site is provided free for you to use, however if you'd prefer to get professional mortgage assistance do get in touch.
Total costs should amount to as much as 3-4% of the purchase price. In some cases the costs are based on a fixed scale; in others they are variable. Fees can include:-
- Mortgage Indemnity Guarantee Premium;
- Arrangement Fees;
- Valuation Fee (For Basic Valuation Only);
- Booking Fees.
NOTES: Your property is at risk if you do not keep up payments on a mortgage or other loan secured on it. Written quotes are available on request. Loans subject to status and ability to repay.
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