You are certainly not alone if you have experienced financial difficulties at some point in your life. This could cover anything from missing a credit card repayment to filing for bankruptcy. Unfortunately, this will almost certainly affect your ability to access a competitive mortgage deal. In fact, since the credit crunch hit the UK mortgage market, any black spots on your financial history could prevent you from finding a mortgage full stop.
Bad credit mortgages (also known as impaired credit, or sub-prime mortgages) have, until recently, been widely available to UK borrowers. In recent years, many lenders decided to offer special mortgages to those classed as sub-prime borrowers (typically at a higher rate than standard deals). This included anyone who had ever been declared bankrupt, who had fallen into arrears on a mortgage or who had suffered other debt problems in the past. Bad credit mortgages are also available to those with County Court Judgements (CCJs).
If you think you may fall into this category type of borrower or are unsure, please contact Interfinancial as we may be able to assist you in sourcing and arranging an appropriate mortgage.