Mortgages, Remortgages, Secured Loans and Personal Home Loans
28. Deals on bad credit mortgages
There are increasing numbers of lenders who are happy to offer all sorts of deals on bad credit mortgages and bad credit loans to people with adverse credit and many providers of Individual Voluntary Arrangements (IVA). The debt consolidation area is a booming market. When looking into these financial products try to keep a level head.
You may be offered repair credit deals. This usually entails a higher interest rate then normal and you may have to put down a 10% deposit. But if you manage to keep up your repayments for a sufficiently long period of time then you could be able to rid yourself of your bad credit rating and wave goodbye to adverse credit.
Each debt consolidation financial product specialises in an area of the market. You may want to buy a house and are unable to get one from a high street provider so a bad credit mortgage might be the answer for you. If you need to borrow more money but most lenders don’t seem to see beyond your bad credit rating then get a bad credit loan.
Individual Voluntary Arrangement (IVA) is a formalised process of getting your creditors to agree to how much they will be paid and how long for. Once started they will not be allowed to put the interest rates up though the annual review by your insolvency practioner may indicate you can pay more through your repayments.
Individual Voluntary Arrangements (IVA) are not for everyone and you may prefer to reverse your adverse credit through a bad credit loan or a bad credit mortgage. Whichever form of debt consolidation you choose make sure you can keep up with the repayments. You don’t want to risk falling deeper into the spiral of debt. Try to put your repayments first before spending any more.
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