These days, may people have poor credit. With the explosion of cheap and easy credit, more people have been landed with a poor credit rating. This has led to the phenomenon of the sub-prime mortgage.
However, simply because you have an adverse credit history does not guarantee that you will qualify for an adverse credit mortgage.
The reason for this is the lender must first weigh the risks a particular applicant poses and then make a decision to approve the application or not. In some cases, the risk is too high and the application is denied.
In other cases, the risk is moderate and the lending company simply increases the interest rate to account for this. There are many things a lending institution or sub-prime lender might do in order to account for an adverse credit history yet still approve the mortgage loan application.
The first step towards buying your property is to find out exactly how much money you can borrow. In the United Kingdom, this is worked out according to your income, usually three times your annual salary before Tax and National Insurance are taken away i.e. your real income, not the one on your paycheck.
Some lenders...
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