Bad Credit Mortgages
Bad credit mortgages generally have a higher interest rate than other mortgages. Typical bad credit mortgage rates are higher than the Bank of England Base Rate so you could be looking for rates of 6% and higher depending on your level of bad credit.
Another factor to consider when looking for a bad credit mortgage is how much the arrangement fee is. Bad credit mortgages arrangement fees can vary considerable so always check the bad credit mortgage deal details carefully.
Arrange your mortgage online through NationwideBeware of really cheap bad credit mortgage rates
Of course it is wise to shop around when looking for a bad credit mortgage deal, but be cautious. Don't be drawn in by really low interest rates as the adverse mortgage lender or broker may be charging high arrangement fees or increasing the mortgage rate over time. This is why it is important to always check the APR (Annual Percentage Rate) which is a true indicator of whether you have found a cheap bad credit mortgage deal as it includes the rate as well as any extra charges or fees.
Where to find bad credit mortgages
The best place to start when looking for bad credit mortgages is a popular mortgage broker who specialises in bad credit mortgages, such as Alexander Hall.