Mortgages, Remortgages, Secured Loans and Personal Home Loans
11. Bad credit mortgage
If you have adverse credit you may still be able to get what is called a bad credit mortgage or a bad credit loan as a form of debt consolidation to pay off your debt. There is also the option of an individual voluntary arrangement (IVA). This is used to pay off as much debt as you are able over a fixed term before the rest of your debt is written off. But if you are looking for a mortgage and your credit rating is bad you should look into bad credit mortgages.
It is very important that you do not apply to mortgage lenders who will automatically turn you down because every time you are rejected, whatever the reason , this will count against you. It will show up on your credit rating and damage your chance to get credit even for a bad credit loan or individual voluntary arrangement (IVA). For debt consolidation of your adverse credit you should investigate the best lender for you.
Even if you have a bad credit history you should be able to get a mortgage. You will however, have to pay higher interest on your mortgage payments. But if you determined you will find a suitable lender for you.
You may think its simpler to get a bad credit loan. The application process for these also includes a credit ratings check. If you have adverse credit, it will be found out. An individual voluntary arrangement (IVA) is a formalised way of debt consolidation and ensures that your home is protected and your job is not at risk. It does require you to make a regular monthly repayment over a number of years. All these forms of debt consolidation including bad credit mortgages need you to pay a regular amount back each month.
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