Adverse credit mortgage

Questions and Answers

Where in the UK can I get 100% adverse credit mortgage?

A) there are many companies out there now who specialise in adverse credit mortgages. i would not feel negative about your credit history when looking for a mortgage. to be honest, many companies specialise with people who have poor or no credit history, all they are concerned with his whether you can pay now or future.........obviously the interest rates will be alot higher. use yahoo search engine and just type in poor credit mortgages... one good one wud be guaranteed mortgages, or portfield mortgages.... play around with words in the search engine.... if u have outtsanind ccj's u may have to pay 3-5% deposit, but shop around.

i have adverse credit, and have just got a mortgage. can i get a home loan to consolidate all my other debts?

A) If you have any equity in your house, then you can borrow money against that.

adverse credit mortgage?

Q) do they realy work? almost all mortgage brokers advertise they do adverse credit mortgages. what are the real chances to get a mortgage having adverse credit? is a mortgage guaranteed? what are disadvantages of such mortgage apart higher interest rate? (i'm in UK)

A) The chances depend in large part on your income (s), & how confident the lender is in how secure you are in your ability to continue earning that level of income, as well as how much other debt you are presently carrying & how much of your income is necessary to maintain those payments. Another key factor involves the house you are trying to finance. Questions such as how desireable is the property, could it be resold relatively quickly if you were to default, & is the property going to require an exceptional amount of maintenance which might also strain your ability to pay the mortgage.....especially if the interest rate were to jump in later years. And of course, as you state; the rate you receive will not be the most attractive , & you can expect a larger than usual down payment to give the lender some breathing room if foreclosure occurred. Still, it generally beats renting!! Get a second opinion from another mortgage broker just to protect yourself. Good Luck!!