Adverse Credit Mortgage Lenders

Where Can I Find An Adverse Credit Mortgage Lender and how should I approach an adverse credit mortgage lender? I have very clear that not all mortgage lenders have the expertise to advise on adverse credit mortgages. So I need one that can really help me.

asked by Rogen in Personal Finance | 2574 views | 01-07-2010 at 07:04 PM

Adverse credit mortgage lenders are specialists who have developed products for your market, but still you should always do a lot of research before applying for one.

An adverse credit mortgage lender is a financial institution that lends money to people with bad credit histories to allow them to buy property.

A number of lenders offer adverse credit mortgages. You can find information on the internet, in the personal finance pages of a newspaper or through mortgage magazines sold in newsagents. Some lenders only offer adverse credit mortgages through a mortgage intermediary or mortgage broker. As there are lots of different mortgages designed to suit individual circumstances, you may wish to use a mortgage broker who gives advice and who will be able to recommend a suitable product for you.

They will also be able to sort out any problems direct with their contact at the adverse credit mortgage lender, which reduces the stress for you.

You should check that you understand if the lender is able to change the interest on your mortgage and if so by how much and how often. The interest rate may be fixed for an initial period. The interest rate on adverse credit mortgages is often linked to either the bank base rate which is set by the Bank of England or something called LIBOR (the London Inter Bank Offer Rate) which is the interest rate at which banks will lend money to each other.

answered by Tucker | 01-07-2010 at 07:56 PM

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