Bad credit mortgage is one of the preferred choices today, as a vast number of people are falling into bad credit.
Bad credit mortgage gives you ample opportunity to become a homeowner and start afresh by re-establishing your credit score. It is best suited to people with insufficient savings and limited income. It takes a lot to buy a new house, but with bad credit mortgage you may rest assured. So be it County Court Judgements, bankruptcy, arrears, default or missed payments, you still have the prospect to make your credit score better.
Bad credit mortgage is a kind of secured loan. The amount of money that you would be permitted to borrow depends upon the value of the house that you plan to buy. This type of mortgage is secured against the home that you are planning to buy. Therefore, the interest rate is low and monthly instalments are affordable.
If it happens that you fail to continue the repayments, your home may be repossessed by the lender. He would then further sell it off to retrieve his loss. So it's better to survey the market before you apply for a bad credit mortgage. You can get the quotes online to get a favourable deal.
About the Author
The author is a business writer specializing in finance and credit products and has written authoritative articles on the finance industry. He has done his masters in Business Administration and is currently assisting Debt Consolidation Park as a finance specialist. For more information please visit: http://www.bad-credit-mortgage-choice.co.uk
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