Bad credit mortgages and remortgages are designed for home owners who suffer from at least one form of bad credit. Different mortgages have been designed for borrowers who fit into the various categories meaning that it can be difficult to know which products you are eligible to apply for unless you receive independent advice.

Mortgage products specifically designed for borrowers who suffer from bad credit have been brought to the UK market to cater for the growing number of people who have an impaired credit file. No matter what your impairment, it is likely that at least one mortgage product exists to cater for your individual circumstances, particularly if you already have title to your property and have some equity in your home.

It is estimated that a quarter of the UK population suffer from at least one form of bad credit and are therefore ineligible to apply for traditional high street mortgage products. While this already includes a significant portion of the population the number of people who have an impaired credit file is growing. Because of this, the bad credit mortgage market has become mainstream and many lenders now specialise in this type of home loan product.

The wide availability of bad credit mortgages is good news for individuals who suffer from credit impairments however applicants should be aware that this type of home loan may come with heavy charges. This includes application fees and early repayment charges and should be considered along with the headline interest rate and APR when assessing whether to apply for a specific product.

If you suffer from bad credit and wish to discuss your borrowing needs please contact Bad Credit Mortgage Source through the online form provided. Your details will be passed to an independent mortgage broker who will be able to offer expert advice on bad credit mortgages.