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It is estimated that a quarter of the UK population experience problems when applying for a mortgage because of impairments to their credit files. The term “bad credit” is a general term that refers to a number of situations in which an individual’s credit history may be deemed imperfect. This can happen through a variety of situations, including CCJs, defaults, arrears, bankruptcy, and IVAs.
These days, however, there are various mortgage products available that are designed to help people with bad credit get a foot on the property ladder or refinance their home. Due to the large number of people who suffer from credit impairments the bad credit mortgage market now caters for a variety of situations.
Exactly which home loan products are available on the market at any given time is constantly changing so it is important to seek out professional advice to ensure there is a product that matches your personal situation when you are ready to apply for finance.
If you suffer from bad credit please contact us today to discuss your options with an independent mortgage adviser.