Bad Credit Mortgages so many names.

Impaired, sub prime, adverse & non conforming. These are the different names that are banded around by brokers and lenders to describe bad credit mortgages.

They may have a bad credit mortgage because of problems in the past due to defaults, county court judgements (CCJ’s) mortgage arrears an individual voluntary arrangement (IVA) or even bankruptcy.

How ever you name its whats happend to your credit file that matters. If you are applying for a bad credit mortgage you need the facts. Check your credit file see what is on it. Then get a broker to explain what your best options are. 

Bad credit mortgages are classified as a higher risk to the lender. Now days there are plenty of options to independent brokers. Many deals are not too dissimilar to the high street rates dependent on credit rating and nature of bad credit.

Then we have light, medium & heavy adverse the terminology used to split bad credit mortgages into risk categories.