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The bad credit mortgage is often called a sub-prime mortgage and is offered to homebuyers with low credit ratings. Due to the low credit rating, conventional mortgages are not offered because the lender sees this as the homebuyer having a larger-than-average risk of not following through with the terms of the loan. Lenders often charger higher interest rates on sub-prime mortgages in order to compensate for the higher loan default risk that they are taking.

 

A bad credit mortgage is a large loan to buy a house to live in aimed at those who have poor credit scores but still wish to buy a home.

 

For example anyone missed a few credit card payments, had a County Court Judgment or has previously been made bankrupt.

 

Typically a bad-credit mortgage doesn’t work in conjunction with any government scheme (ie Help to buy or Shared Ownership) and it’s unlikely to be available to anyone who’s been made bankrupt in the past six years – unless their credit file is now clean.

 

Although all lenders do things slightly differently, all will take your credit file into account. This is a history of your credit, recording how much you paid back, how often, and whether you ever missed any repayments.
 

Your credit file covers all kinds of repayments, from the big ones like mortgages, car loans and credit cards, to smaller forms of credit like mobile phone contracts.

 

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