Bad credit mortgages are especially designed to help people having a poor credit record. Buying a home is no longer a difficult task as the financial market offers its borrowers numerous loans to make their dream of owning a house come true.
Bad credit results from a number of reasons which include:
• Defaults
• County Court Judgments
• Mortgage arrears
• Missed payments
• Bankruptcy
In case of an adverse credit recordit becomes very difficult to get a mortgage loan. But you don’t need to feel dejected as there are many creditors who provide mortgage to bad credit borrowers.
A Bad Credit Mortgage is a kind of secured loan that provides its borrowers certain advantages like:
• Rate of interest charged on such a loan is comparatively low
• Monthly installments are small
• Smaller monthly outgoings
• Rates of interest are competitive
• Flexible repayment options
A Bad Credit Mortgage offers an option of two kinds of interest rates:
• Fixed rate mortgage: the interest rate once fixed is permanent for the whole life span of the loan.
• Variable rate mortgage: the rate of interest fluctuates with the variations in the base rate of Bank of England.
The most advisable way is to search for bad credit mortgage is on Internet. Availing an online loan saves you time and efforts. So, apply online now for a bad credit mortgage and materialise your dreams.
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Bad credit mortgages
