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Bad credit mortgage - the principles

What is a bad credit mortgage? Does it work for everyone? Find out more about bad credit mortgages here.

What is a bad credit mortgage?

A bad credit mortgage is a type of loan that's been developed to let people with debt problems buy their own home. High street lenders rarely have a product that suits your circumstances and bad credit mortgages meet the increasing demand for mortgages by people in this position.

How do bad credit mortgages work?

In exactly the same way as traditional mortgages. A loan is granted by the lender based on a percentage of the purchase price of the property you want to buy. You make a monthly payment to the lender at an agreed interest rate.

What about interest rates?

Interest rates are usually slightly higher for bad credit mortgages than for traditional products. This is because lenders see people with bad credit as a higher risk. The competition for these products in the mortgage market, however, has meant that interest rates are lower for bad credit mortgages now than they have been in the past.

Are there any other penalties?

Depending on your current financial situation, the lender may have additional conditions or requirements. These are just to ensure that they limit their risks and as long as you keep up the monthly repayments, you shouldn't have any reason to incur additional penalties.

How do I get a bad credit mortgage?

If you have had trouble getting a mortgage because you are in debt, you need to talk to a specialist mortgage advisor. Companies like Leybridge Limited are committed to finding the best product for their clients and have a wide-ranging knowledge of the market. Make sure that your advisor is authorised by the Financial Services Authority (FSA) - it's illegal for anyone to give you mortgage advice if they're not authorised.

How do I get started?

Call Leybridge Limited now on 0800 977 7587 to talk to an advisor. All of our advisors are fully qualified and are happy to talk about your current circumstances and how a bad credit mortgage can help you. In addition, we take the time to keep in touch and make sure that the products we recommend are still working well for you.

Get on the way to a bad credit mortgage now by calling us on 0800 977 7587 to speak to an advisor

Rates from 6.5% APR. The overall cost for comparison is 9.2% APR. This means that 66% of our customers qualify for this rate or less. A broker fee of up to 1.5% of the total amount borrowed may be payable. The actual rate available will depend upon your circumstances. Ask for a personalised illustration. Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage. How competitive are our fees?

This website is wholly owned and maintained by:
Leybridge Limited of The Garden Suite. Pine Grange. Bath Road. Bournemouth. Dorset. BH1 2PF.
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Consumer Credit License Number: 541607
Leybridge Limited is a company registered in England and Wales with company number: 04831398
Leybridge Limited is registered with the Financial Services Authority registration No. 313790

OUR REGULATION AND PERMITTED BUSINESS
The Financial Services Authority is the independent watchdog that regulates financial services. Leybridge Limited is authorised and regulated by the Financial Services Authority (FSA) to give advice and is bound by their rules. Our FSA Register number is 313790. Our permitted business is to advise on and arrange regulated mortgage contracts and Non-investment insurance contracts. You can check this on the FSA Register by visiting the FSA web site www.fsa.gov.uk/register or by contacting the FSA consumer helpline on 0845 606 1234.

NON FSA REGULATED BUSINESS
Certain products that we advise on are not regulated by the Financial Services Authority these products include but are not limited to; commercial mortgages and second charge secured loans.