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Bad Credit Mortgages

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  • Bad Credit Mortgages

    Has anyone been successful with a mortgage or loan with terrible credit history? I am not into payday loans, however are credit unions for people with bad credit do they do credit checks?
    Tags: None

  • #2
    Re: Bad Credit Mortgages

    There are lenders who will consider those with poor credit records, but you will probably only be able to access them via a broker.
    Just be careful!!

    Comment


    • #3
      Re: Bad Credit Mortgages

      what happens if you default on them same process as a normal bank or creditor?

      Comment


      • #4
        Re: Bad Credit Mortgages

        Yep!, only harder if you are using sub prime lender.
        They will charge more in interest, and do you like a kipper if you default.
        If you are already, before even applying, considering defaulting, DON'T GO THERE.

        Comment


        • #5
          Re: Bad Credit Mortgages

          It's not that I am considering defaulting what if you fall ill or unemployed how do they treat you?

          Comment


          • #6
            Re: Bad Credit Mortgages

            Badly.
            If you are concernecd about that, effect an appropriate credit protection policy (now a days referred to as PPI)

            Comment


            • #7
              Re: Bad Credit Mortgages

              are PPI worth the paper they are written on after the scandal?

              Comment


              • #8
                Re: Bad Credit Mortgages

                Yes but go to an independent broker for one

                Comment


                • #9
                  Re: Bad Credit Mortgages

                  why a broker i found them more expensive in the past rather than going direct.

                  Comment


                  • #10
                    Re: Bad Credit Mortgages

                    They were before the scandal erupted, and if they suit your circumstances they still may be.
                    Household insurance is worth having, but only if you have a house.
                    Credit insurance can be worth having, but only if it suits you, and you understand what you are buying.

                    Believe me I know
                    , I had a house burn down and the insurance was worthwhile.
                    I also once had credit insurance back in the early 90s with Barclays and (after a slight tussle through the courts!) they paid the interest for 2.5 years while I was ill. (I think you'll only get 12 months now)


                    Use a reputable broker, or do you reckon the seller of finance will be best, or are you going to review the market by yourself?
                    If the latter what experience do you have of insurance, and can you read a policy?
                    Sorry to be blunt but peeps buy insurance without knowing what it really covers.
                    As an ex broker and a regular on this forum I've seen it all too often,

                    Comment

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