We can help you get the mortgage you need for the home that you want

Frequently Asked Questions

All your popular questions answered: what is a mortgage?, how much can I borrow?, etc

Which mortgage?

Products and solutions include remortgage, purchase, self cert, debt consolidation

Great Mortgage News For Those With Bad Credit Ratings

High Street lenders are now taking a far more relaxed view to granting mortgages to those with less than perfect credit ratings. This is great news because for so long people with bad credit ratings were either shown the door straight away or forced into paying scandalously high interest rates.

Credit Impaired Mortgages
'Credit Impaired Mortgages' are aimed at those who have previously defaulted on loan or credit agreements, have County Court Judgements (CCJs) against them or have previously been a bankrupt.

Most companies offering them do so on varying rates depending how bad your credit rating actually is, for example light, medium or heavily credit impaired. Industry experts suggest that somebody with a CCJ against them with no further debts would be classed as 'light'.

Use Specialist Mortgage Brokers
For those with a bad credit rating looking to get a mortgage then it's a very good idea to use a specialist mortgage broker who hopefully has experience of the market and can scan for the latest deals and offers.

However finding a good mortgage broker is often not that easy - Read these two articles for further information -

  • Which! Says Watch Those Mortgage Advisors
  • Why You Should Always Consider Using a Mortgage Broker

The advantages of using a mortgage broker especially for those with bad credit is that he most probably understands the market place far better than you do. However the problem lies with 'impartibility', will the broker actually give you good advice rather than suggesting the product that pays him the most commission.

This is a problem that most people have to go through but it is easy to avoid. Just go and talk to a few different brokers to get your own feel of the markets, services offered and especially fees charged.

Some brokers will try and stuff you up using the excuse that because you're credit impaired you'll have to always pay more, and while this is certainly the case with interest rates it's not always with fees/charged levied, so beware.

Of course the more you know about what you're buying and what type of fees should be charged the easier it will be to spot whether you're being taken for a ride.

Credit To The Banks
This website is often critical of the games that banks and other financial institutions plays but will always give credit where it's due. So well done to firms like Chelsea and the others who in our view are doing the definition of good business, ie where both sides get a fair deal.

Yes, the mortgage lenders are charging a higher interest rate because the clients with bad credit ratings are more of a risk, but then the clients themselves are also getting a fair deal especially if you look at the APRs which many of them were being forced to pay in the past, indeed if they could actually get a mortgage at all.

Further this , the banks are always open to negotiation over the long run as to refinancing the interest rate. For example, get a mortgage at a relatively high rate and after a year or two of paying the agreed amount every month on time your credit rating will naturally improve and you therefore have some basis for getting a lower rate.

Summary
Those with credit reference problems have really been taken advantage of over the years so it's excellent news that the mortgage lenders are looking at them in a different light. Sure, many of them only have themselves to blame for their past financial mistakes but then many have since worked hard to improve their credit rating, and deserve to be treated with more financial respect.

The important thing to note for the credit impaired is do your own research alongside visiting some mortgage brokers and lenders directly. The more work you do, the more you'll understand and the better financial deal you'll get.

Finally, as a rule of thumb try and do business with 'brand name' lenders such as Chelsea BS or Birmingham Midshires and not some back street operation that specialises in 'Adverse Credit' Mortgages. The back street firms are generally very expensive to deal with and will often suggest that they and their prices are the only option available to people with bad credit ratings. This now is certainly not the case.

Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.

No Obligation Mortgage Enquiry Form

The first step to understanding your mortgage requirements is to simply fill in your details above and click the submit button. There is no obligation and no credit search will take place at this stage. Alternatively, you can call us on 0800 345 7550 (free phone). Please complete all fields marked with an asterisk*.

STATEMENT

Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.

DISCLAIMER

Please read these terms and conditions carefully as it is essential that you recognise the nature of the contractual relationships entered into when you use products / services promoted on the Find That Mortgage website.

Find That Mortgage is a trading style of Blue Egg Ltd.

  • Blue Egg Ltd is, for the purposes of these products and services, acting as an agent for third party suppliers. This means that you and the supplier enter into a direct contract and Blue Egg Ltd has no contractual liability to you in relation to that product.
  • Each supplier has their own terms and conditions relating to a product or service and it is vital that you familiarise yourself with those terms and conditions before proceeding to transaction completion.
  • As you are entering into a contractual relationship with the supplier you should address your queries and concerns with them directly. The contact details are provided on the website. Representatives of Blue Egg Ltd are unable to advise you on any products offered by third party suppliers.
  • Material relating to third party information, products and services is provided 'as is' without any representation or endorsement made and without warranty of any kind whether express or implied, including but not limited to the implied warranties of satisfactory quality, fitness for particular purpose, non-infringement of compatibility, security and accuracy.
  • In no event will Blue Egg Ltd be liable for any loss or damage including, without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from use or loss of use of, data, or profits, arising out of or in connection with the use of this web site and any material found upon it.