A mortgage lender for bad credit is just what you need if you have had credit problems but not every mortgage lender is a mortgage lender for bad credit. In fact, some mortgage lenders stay well out of the area of bankruptcy bad credit mortgage deals, preferring to stick to lending to prime borrowers. Those are borrowers without credit problems who may be seen as less risky for mortgage lenders. However, there are also plenty of lenders who specialise in bad credit refinance, so finding a mortgage lender for bad credit may not be too difficult.
So what exactly is a mortgage lender for bad credit and why might you need one? Simply put, a mortgage lender for bad credit is a lender who specialises in mortgage loans to people with a history of debt bankruptcy and other financial problems. These days this applies to a lot of people in the UK so every mortgage lender for bad credit is in demand. That’s because the level of debt problems in the UK is increasing. Many people are carrying huge amounts of credit card and consumer debt, with recent figures suggesting that the UK has a high rate of credit card debt compared with many western European nations. In addition, UK consumer debt totals more than £1 trillion, a fact that worries many debt charities and organisations.
Bad Credit History Mortgage
So there is increased demand for a mortgage lender for bad credit. One place to start is on the high street as many well known lenders also offer products aimed at the adverse credit mortgage market. Some of these products are offered through a subsidiary mortgage lender for bad credit rather than through the main company. There are also many companies that specialise in adverse credit lending, so it won’t be difficult to find a mortgage lender for bad credit.
One thing that makes the task easier is the presence of brokers to help you source a mortgage lender for bad credit. The advantage of using a broker is that the broker has access to almost every mortgage lender for bad credit and can weed out the ones that are not suitable before you make an application. This cuts down on the legwork and reduces the chances that your application will be refused. Remember that every application that is refused will result in an entry on your credit report, so avoid making unnecessary mortgage applications.
That aside, you don’t need to worry about your mortgage application. By the time you have discussed your needs with a broker, you can be reasonably sure that the mortgage lender for bad credit that has been selected will accept your application. That’s provided you have been honest about your adverse credit circumstances. And there are plenty of deals to choose from. Every mortgage lender for bad credit has several mortgage deals for people with different levels of adverse credit. In fact, the Council of Mortgage Lenders estimates that there are more than 2,000 deals in the adverse credit mortgage market. That’s a lot of deals from each mortgage lender for bad credit.