mortgages...............?

Question

is it possible to get a mortgage with quite bad credit rating, i have a joint mortgage but am being bought out and would like my own but have bad credit rating

Answer 1

We got a mortgage from Kensington who provide "bad credit" mortgages. It was a "bad credit" mortgage as I'd missed two payments on a mobile phone contract and on a credit card (yeah shocking I know, LOL!) and my partner had a bad credit rating due to taking out a loan when he was 18 to buy a car for his disabled mum. He couldn't keep the repayments up and it was repossessed.

The only problem with bad credit mortgages is the HUGE interest rate! We're paying £400 a month on an interest-only mortgage! But its still cheaper than renting - its about £550 pcm to rent around here and thats just dead money going into a landlord's pocket. A high street bank would have a much better rate of interest - but then if you have so much as a speck on your credit rating they won't touch you so are not much use really. Also bad credit mortgages trend not to offer repayment holidays and all the other nice little "Perks" the high street banks offer.

But hey, if it would end up cheaper to pay a mortgage than to rent (which it usually does) then go for it!

Get in touch with a mortgage broker - they should be able to hunt around and find someone who will accept you and lend to you.

Answer 2

The term “Mortgage”is known to everybody. Generally, a mortgage is a legal agreement which is done by a borrower and lender on a property inherited by the borrower (The mortgagor). In French language, it is called as “Death Pledge. A mortgage contains some conditions which should be taken care by the both sides. When an owner of any property or land wants to get some loan by mortgaging their property to some lenders, they should have to go through the conditions which will be applied legally and then if the borrower becomes unable to pay the loan in time, the property will legally be transferred to lender.
Usually a mortgage takes place between a bank and a borrower. It is said that people can mortgage their legally owned property but most of the time they actually mortgage their land or buildings. But if sometimes they mortgage their personal property like cars, jewelry etc which is known as chattel mortgage. The borrower is called a mortgagor and who lends him the loan on mortgage is called mortgagee. The right of possession is very necessary while doing this business. A mortgagee can take his possession against the mortgagor if he is not paid in time. He also can appoint a receiver to take care of the property and obtain a foreclosure through him from the court to sell the property.

Answer 3

It is, but your interest rates are liable to be higher.
Have a look at www.thehighstreetweb.com site and type in Mortgage in the search bar.
They will give you a list of lenders including those for self employed and poor credit rating

Answer 4

A mortgage loan, also referred to as a mortgage, is used by purchasers of real property to raise money to buy the property to be purchased or by existing property owners to raise funds for any purpose. The loan is "secured" on the borrower's property.
This definition will give you a better answer.

Answer 5

Probably not. If you are being "bought out" then of course you will have a small amount of cash to work with (your half of the property of which someone is buying you out) but to be honest, if your credit rating is that bad and you have a lot of outstanding debt, then you can forget it!