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Residential Mortgages > Adverse Credit Mortgages

A mortgage is a necessity for most people looking to buy a property, it provides the capital needed to make the purchase and is secured against the house being bought. For most people arranging a mortgage will be fairly straightforward, however if you have an adverse credit rating you may find difficulty in being approved by the mainstream mortgage lenders. Having a poor credit rating needn’t be a problem, we at Loans UK can help you to get the mortgage that you need, use our free mortgage enquiry service and our brokers will search the mortgage market to bring you the best deals.

Our service is designed to take the hassle out of finding a mortgage, all you need to do is provide us with some simple details about you and we’ll do the leg work. One of our experts will then contact you with the best deals that suit your needs, and you are under no obligation to commit to any of the mortgages suggested.

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Of all of the forms of finance and money lending, mortgages are the easiest for those with an adverse credit rating to be accepted for, this is because the mortgage requires that the person is a homeowner, and that they put their house up as security on the loan. Due to the secured nature of adverse credit mortgages, the risk exposure of non-payment that the lender is facing is far less than for an unsecured loan, and as such they are more willing to take on the loan.

The interest rates on these types of mortgages will be higher than on a comparable mortgage offered in normal circumstances, however the difference in most cases will not be large. Perhaps the biggest difference is the amount of deposit required, whereas many standard mortgages require as little as five percent, adverse credit mortgages generally demand around fifteen to twenty percent depending on the circumstances.

Having an adverse credit rating is by no means a permanent thing, and in fact having a mortgage in place can help significantly in improving or even repairing your rating completely, giving you access to the full range of financial products such as credit cards and chequebook accounts. When lenders assess your suitability for a financial product, one of the major factors they look at is your history and so having a mortgage in place that they can see you are meeting the payments on regularly will be a very good thing in your favour.

Regaining a clean credit rating can have many benefits, such as allowing you to switch to a regular mortgage and save on interest rates, and also opens up a number of other financial options that would have been closed to you before.

Having a poor credit rating needn’t prevent you from getting the mortgage that you need, we can help you to find one that meets your needs and offers a competitive rate of interest. If you wish to save yourself time and effort then make use of our free mortgage enquiry service, or if you prefer to do the searching yourself then be sure to visit our recommended lenders featured on this page.