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Bad Credit Loans

A secured loan may also offer an alternative solution if you are in debt or in arrears with your existing mortgage or loans. The market for home owners with bad credit history is significant and it is advised that you research the market to make sure you are getting the best possible deal as most of these loans will include a broker fee or a proc fee which is paid to the introducing broker by the lender for your business.

This type of loan is invariably offered at a higher interest rate as risk is always reflected in the interest rate charged. This type of loan is used specifically to provide you with enough funds to clear any adverse credit or arrears on other forms of credit and help ‘clean up’ your credit rating.

As with all second charge lending the lender will take into consideration the value of your property as this is their security against you failing to repay the loan. As the lender will be taking a second charge, meaning they will get their money after your mortgage provider, they tend to take a more pessimistic view on the valuation of a property. An open market valuation is a valuation provided by an Estate Agent for sale purposes. The job of the Estate Agent is to get you the best possible price for your property, the calculation of the value is led by market forces such as supply and demand. You should not expect the valuation for lending purposes to be as high as the lenders are looking at what value the property will have if they are forced to sell it should you default on the loan and they repossess it.

This website is provided as an independent marketing website.

We are neither a mortgage lender nor an independent financial adviser and, as such are unable to offer financial advice

Enquiries generated via this website are passed on to independent financial advisers and mortgage/loan brokers.

Think carefully before securing other debts against your home.

Your home may be repossessed if you do not keep up repayments on your mortgage

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