Bad Credit Home Mortgage Financing | Free Professional Advice

Bad Credit Home Mortgage Financing: Light, Medium Or Heavy?

When it comes to obtaining bad credit home mortgage financing, one of the key issues is the level of adverse credit you have. This is the most important factors determining the interest rate you will get and just how good the overall deal is. With bad credit home mortgage financing lenders divide adverse credit into three main categories, light, medium and heavy. While individual lenders vary in the way they apply these labels, with bad credit home mortgage financing light adverse usually means a single or low value. County Court Judgement (CCJ).

In contrast, medium adverse usually means a couple of CCJs of higher value, while heavy adverse indicates that the applicant has had difficulty in meeting a number of payments, including an existing mortgage, if there is one. The level of adversity makes a considerable difference to the deals that are available. Here are some examples of bad credit home mortgage financing to illustrate this point. To start with, here are two light adverse deals.

West Bromwich Building Society offers a bad credit home mortgage financing loan through intermediaries. This is a two year fixed rate until April 2009. Next time buyers have their legal fees paid. Early repayment charges of five per cent apply during the fixed rate period. This bad credit home mortgage financing is available up to 90 per cent loan to value. Mansfield Building Society has a three year discount bad credit home mortgage financing available up to 75 per cent loan to value. There is a free mortgage valuation up to £400 and an early repayment charge applies within the first three years.(www.westbrom.co.uk)

Medium Adverse Bad Credit Loans

Next there are two medium adverse bad credit home mortgage financing products. Stroud and Swindon offers a fixed rate until November 2008. Next time buyers have their legal fees paid. Early redemption charges apply to this bad credit home mortgage financing loan on a sliding scale over the two year period. Allied Irish Bank offers bad credit home mortgage financing with a one year discount deal. The maximum loan to value is 95 per cent and early repayment charges apply to this bad credit home mortgage financing (www.ssbsmortgage.co.uk).

Finally, in the heavy adverse category is bad credit home mortgage financing from BM Solutions, the specialist lender of Birmingham Midshires. Birmingham Midshires is well known in the buy to let sector in which it was a pioneer. This heavy adverse bad credit home mortgage financing deal is a three year base rate tracker, with early repayment charges on a sliding scale during the three year period. The valuation is paid up to £490 and there is £250 cash back on completion of this bad credit home mortgage financing loan (www.bmsolutions.co.uk).

Remember that there is a lot more to bad credit mortgage financing than the deals listed here, so be sure to check around to see what else is available. Financial comparison sites and bad credit mortgage brokers will be able to inform you about the latest deals on bad credit home mortgage financing.

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