Things such as County Court Judgements (CCJ’s) or a poor credit history can scupper the chances of you getting a personal mortgage because mortgage companies deem you a high risk.
If you are self-employed, and even have a pristine credit history, you may find it just as difficult to get a mortgage due to your circumstances, which is unfair.
However, there are more and more specialist mortgage companies that are sympathetic and able to offer bad credit mortgages to people – as well as mortgages for the self employed.
Many of these companies do not charge excessively high interest rates as they have done in the past, meaning that you should be able to get a mortgage and pay a fairly realistic interest rate.
Apart from the obvious benefit of taking out a mortgage for whatever purpose you need it for, having a mortgage can actually improve your credit scoring – making it easier for you to borrow money and get credit in the future! However, you will need to make your monthly repayments on time, and this will help improve your credit score over time.
Of course, when choosing a bad credit mortgage, do shop around. While there are...
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